i

Vantage Airport Group (UK) Limited

(formerly YVR Airport Services (UK) Limited)
Directors' report and fmancial
statements
Registered number 07268418
For the year ended 31 December 2011
A12
28/09/2012
COMPANIES HOUSE
ll
#69
Contents
Drrectors' report
Vantage Atrport Group (UK) Ltmtted
(fonnerly YVR Atrport Servtces (UK) Ltmtted)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
Regtstered number 07268418
Statement of Dtrectors' responstbthttes m respect of the Drrectors' report and the financtal statements
Independent Audttors' report to the members of Vantage Atrporl Group (UK) Lumted
Profit and loss account
Balance sheet
Reconcthatton of movements m shareholder's funds
Notes to the financtal statements
3
4
5
6
7
8
Directors' report
Vantage Airport Group (UK) Limited
(formerly YVR Airport S e r v ~ c e s (UK) Limited)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
Registered number 07268418
The dtrectors present therr annual report and the audtted financtal statements for the year ended 31 December
2011
Prmcipal activities
The Company was mcorporated on 28 May 2010 On 23 February 2012, the company's name was changed from
YVR Airport Servtces (UK) Lmnted to Vantage Airport Group (UK) Ltmtted
The pnnctpal actlVIty of the company ts the mvestment m atrports The company has mvested m the three
atrports m the Umted Kmgdom, Ltverpool John Lennon Airport, Robm Hood Airport Doncaster-Sheffield and
Durham Tees Valley Airport Subsequent to the year end, Durham Tees Valley Airport, for whtch the Company
has an mdrrect shareholdmg, was dtsposed of
Business reVIew
The pnnctpal actlVIty of the company ts that of a holdmg company The drrectors expect the current level of
acttvtty to contmue mto the foreseeable future As shown m the profit and loss account, retamed profit for the
year to 31 December 2011 was 6,061,113 (7 months to 3/ December 2010 2,771,914), wtth net assets at that
date of 69,248,055 (2010 59,057, 742)
Principal risks and uncertainties
The company acts as an mtennedtate holdmg company and the pnnctpal nsks and uncertamttes he wtthm the
substdtanes and tins has been dtsclosed m the substdtary fmanctal statements
Dividends
The drrectors do not recommend the payment of a dtvtdend
Directors
The drrectors who held office dunng the penod were as follows
Amtt Rtkhy
George Ca;ey
Nevtlle Wetr (restgned 8 June 2012)
Cratg Rtchmond
Matthew Thomas
Post balance sheet events
On 10 February 2012 the Company's substdtary, Peel Atrports Ltmtted, sold tts stake m Durham Tees Valley
Airport Ltmtted for 1 The Company had an mdtrect shareholdmg m Durham Tees Valley Atrport Ltmtted
of48 75% at 31 December 2011
On 9 May 2012, the Company mcreased tts ordmary share capttal from 60,415,028 to 61,065,028 by
tssumg 650,000 new shares wtth a par value of 1
Directors' report (continued)
Disclosure of mformation to auditors
Vantage Airport Group (UK) L1m1ted
(formerly YVR A1rport (UK) Limited)
Directors' report and financml statements
For the year ended 31 December 2011
RegiStered number 07268418
The who held office at (he date of approval of tlus report confirm that, so far as they are
each aware, there IS no relevant audit mformatton of which the company's audttors are unaware, and each
has taken all the steps (hat he ought to have taken as a d1rector to make h1mself aware of any relevant
aud1t mfonnahon and to estabhsh that the company's auditors are aware of that mfonnat10n
Auditors
Pursuant to SectiOn 487 of fue Comparues Act 2006, the auditors will be deemed to be reappomted and KPMG
LLP Will fuerefore contmue m office
On behalf of the Board
Dlrector
Registered office
Eversheds House
70 Great Bndgewater Street
Manchester
Umted Kmgdom
M15ES
2
Vantage Airport Group (UK) L1m1ted
(fonnerly YVR Airport S e r v ~ c e s (UK) Limited)
D1rectors' report and financml statements
For the year ended 31 December 2011
Registered number 07268418
Statement of Directors' responsibilities in respect of the Directors' report and
the financial statements
The drrectors are responsible for prepanng the Drrectors' Report and the financial statements m accordance With
applicable law and regulatiOns
Company law requires the directors to prepare fmanc1al statements for each financial penod Under that law
they have elected to prepare the financial statements m accordance With UK Accountmg Standards and
applicable law (UK Generally Accepted Accountmg Practice)
Under company law the drrectors must not approve the financial statements unless they are satisfied that they
give a true and fair v1ew of the state of affairs of the company and of the profit or loss of the company for that
penod In prepanng these financml statements, the directors are reqmred to
select suitable accountmg policies and then apply them consistently,
make judgements and estimates that are reasonable and prudent,
state whether applicable UK Accountmg Standards have been followed, subject to any matenal
departures disclosed and explamed m the financial statements, and
prepare the financial statements on the gomg concern basis unless 11 ts mappropnate to presume that
the company wtll contmue m busmess
The drrectors are responsible for keepmg adequate accountmg records that are sufficient to show and explam
the company's transactiOns and disclose wtth reasonable accuracy at any ttme the fmanctal posttlon of the
company and enable them to ensure that the fmancial statements comply w1th the Comparues Act 2006 They
have general responsibility for takmg such steps as are reasonably open to them to safeguard the assets of the
company and to prevent and detect fraud and other trregulanttes
3
Independent Auditors' report to the members of Vantage Airport Group (UK)
Limited (formerly YVR Airport Services (UK) Limited)
We have aud1ted the financ1al statements of Vantage A1rport Group (UK) L1011ted for the penod ended 31
December 2011 set out on pages 5 to 13 The financml report10g framework that has been applied 10 thm
preparatiOn IS applicable law and UK Accounting Standards (UK Generally Accepted Account10g Pract1ce)
Th1s report IS made solely to the company's members, as a body, 10 accordance with Chapter 3 of Part 16 of
the Compames Act 2006 Our aud1t work has been undertaken so that we m1ght state to the company's
members those matters we are reqmred to state to them m an auditor's report and for no other purpose To the
fullest extent permitted by law, we do not accept or assume responstbiltty to anyone other than the company
and the company's members, as a body, for our audit work, for th1s report, or for the optmons we have formed
Respective responsibilities of directors and auditor
As explamed more fully m the Directors' ResponsJbilttJes Statement set out on page 3, the dtrectors are
responsible for the preparation of the financ1al statements and for be10g satiSfied that they g1ve a true and f31r
vtew Our responsJbihty ts to audit, and express an optmon on, the financtal statements m accordance wtth
applicable law and Internatwnal Standards on Aud1tmg (UK and Ireland) Those standards reqmre us to
comply with the Aud1t10g Practices Board's (APB's) Eth1cal Standards for Auditors
Scope of the audit of the financial statements
A descnptwn of the scope of an aud1t of financ1al statements IS prov1ded on the APB's websue at -
www frc org uk/apb/scope/pnvate cfm
Opinion on financial statements
In our opmwn the financtal statements
g1ve a true and fmr v1ew of the state of the company's affa1rs as at 31 December 2011 and of us
profit for the penod then ended,
have been properly prepared m accordance with UK Generally Accepted Accountmg Pract1ce, and
have been prepa,red m accordance with the reqmrements of the Compames Act 2006
Opmion on other matter prescribed by the Companies Act 2006
In our optmon the mformauon gtven m the Dtrectors' Report for the financtal penod for whtch the
statements are prepared ts consJstent wtth the financtal statements
Matters on wh1ch we are required to report by exception
We have nothmg to report m respect of the followmg matters where the Compames Act 2006 reqmres us to
report to you tf, m our opmwn
adequate accountmg records have not been kept, or returns adequate for our audtt have not been
received from branches not vtsned by us, or
the financtal statements are not m agreement wtth the accountmg records and returns, or
certam dtsclosures of darectors' remuneration specified by law are not made, or
we have not recetved all the mformatmn and explanatiOns we require for our audit
HP Jones (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
8 Pnnces Parade,
Liverpool,
L31QH
2'- \4a..r '2. .
4
Profit and loss account
for the year ended 31 December 2011
Turnover
Cost of sales
Gross profit
Admmtstratlve expenses
Operatmg loss
Other mterest recetvable and stmtlar mcome
Profit on ordmary activities before taxation
Tax on profit on ordmary achvttles
Profit for the financial penod
Note
5
2
6
11
Vantage A1rport Group (UK) L1m1ted
(formerly YVR A1rport S e r v ~ c e s (UK) L1m1ted)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
RegiStered number 07268418
Year ended
31 December
2011

(71,416)
(71,416)
6,132,529
6,061,113
6,061,113
7 month penod ended
31 December
2010

(32,850)
(32,850)
2,804,764
2,771,914
2,771,914
All results anse from contmumg acttvthes There were no recogrused gams or losses other than the result for
the penod and therefore no statement of recogmsed gams or losses has been presented m these financial
statements
The notes on pages 8 to 13 form part of the financtal statements
5
Balance sheet
As at 31 December 2011
Note
Fixed assets
Investments 7
Current assets
Cash at bank and m hand
Debtors 8
Creditors amounts falhng due wtthm one year 9
Net current assets
Net assets
Cap1tal and reserves
Called up share capttal 10
Profit and loss account 11
Shareholders' funds
Vantage A1rport Group (UK) L1m1ted
(formerly YVR A1rport Serv1ces (UK) L1m1ted)
Directors' report and financial statements
For the year ended 31 December 2011
RegiStered number 07268418
2011 2010

67,072,318 57,788,092
274,540 1,302,123
2,005,000
2,279,540 1,302,123
(103,803) (32,473)
2,175,737 1,269,650
69,248,055 59,057,742
60,415,028 56,285,828
8,833,027 2,771,914
69,248,055 59,057,742
These financtal statements were approved by the board of dtrectors on 24 September 2012 and were
stgned oq tts a b
Dlrector
The notes on pages 8 to 13 form part of the financtal statements
6
Vantage Anport Group (UK) Limited
(formerly YVR Airport Services (UK) Limited)
Directors' report and financial statements
For the year ended 31 December 2011
RegiStered number 07268418
Reconciliation of Movements in Shareholder's Funds
for the year ended 31 December 2011
Profit for the financaal penod
New share cap1tal subscnbed
Net add1t1on to shareholder's funds
Opcnmg shareholder's funds
Closmg shareholder's funds
The notes on pages 8 to 13 form part of the financial statements
2011

6,061,113
4,129,200
10,190,313
59,057,742
69,248,055
2010

2,771,914
56,285,828
59,057,742
59,057,742
7
Notes to the financial statements
(fomung part ofthefinancwl statements)
I Accounting policies
Vantage Anport Group (UK) L1m1ted
(formerly YVR Anport SerYI<es (UK) L1m1ted)
Dtrectors' report and financial statements
For the year ended 31 December 2011
Registered number 07268418
The followmg accountmg policies have been applied consistently m dealing wtth Items wh1ch are considered
matenal m relation to the company's fmanctal statements
Bas1s of preparation
The fmanc1al statements have been prepared m accordance wtth applicable accountmg standards and under the
htstoncal cost accountmg rules
The Company ts exempt by vtrtue of s40 I of the Compames Act 2006 from the requtrement to prepare group
financtal statements These financtal statements present mformation about the Company as an mdmdual
undertakmg and not about tts group
Under FRS I the Company ts exempt from the requtrement to prepare a cash flow statement on the grounds
that a parent undertakmg mcludes the Company m tts own pubhshed consolidated financtal statements
As the Company ts a wholly owned substdtary of Vantage Atrport Group (formerly YVR Atrport Servtces
Ltmtted), the Company has taken advantage of the exemption contamed m FRS 8 and has therefore not
dtsclosed transactions or balances wtth wholly owned substdtanes whtch form part of the group
Gomg concern
The financtal statements have been prepared on the gomg concern basts whtch the dtrectors beheve that the
Company wtll contmue m operatiOn for the foreseeable future and be able to reahse tts assets and dtscharge tts
habilttles m the normal course of busmess
Fzxed asset investments
In the Company's financtal statements, mvestments 1U subs1d1ary undertak.mgs. assoctates and JOmt ventures
are stated at cost
Fore1gn currencies
TransactiOns m foretgn currencies are recorded usmg the rate of exchange rulmg at the date of the transachon
Monetary assets and habthtles denommated m foretgn currencies are translated usmg the rate of exchange
rulmg at the balance sheet date and the gatns or losses on translatiOn are mcluded m the profit and loss
account
Taxation
The charge for taxation ts based on the profit for the year and takes mto account taxatiOn deferred because of
hmmg differences between the treatment of certam Items for taxatwn and accountmg purposes
Deferred tax ts recogrused, wtthout dtscountmg, m respect of all tlmmg dtfferences between the treatment of
certam Items for taxation and accountmg purposes whtch have ansen but not reversed by the balance sheet
date, except as otherwtse requtred by FRS 19
8
Notes (contmued)
2 Notes to the profit and loss account
Profit on ordmary actJVUles before taxatwn is stated after chargmg:
Auditor's remrmerallOn
Audtt of these f i n a n c ~ a l statements
3 Staff numbers and costs
No persons were employed by the company dunng the penod
4 Remuneration of directors
Vantage Atrport Group (UK) Ltmtted
(fonnerly YVR Atrport Servtces (UK) Ltmtted)
Dtrectors report and financtal statements
For the year ended 31 December 201 I
RegiStered number 072684 I 8
2011 2010

15,000 15,000
No drrectors recetved remuneratiOn m respect of servtces to the company
5 Other interest receivable and similar income
Recetvable from group undertakmgs
Bank Interest recetvable
6 Taxation
Ana/ys1s of charge m the perwd
UK corporallon tax
Current tax on mcome for the penod
Total current tax
Defoffedlax
Ongmataon/reversal of ttmmg differences
AdJustment m respect ofprevmus years
Total deferred tax
Tax on profit on ordmary acttvtttes
Year ended
31 December
2011

Year ended
31 December
2011

6,131,726
803
6,131,726
7 months ended
3 I December
2010

2,804,764
2,804,764
7 months ended
3 I December
2010

9
Notes (contmued)
6 Taxation (contznued)
Factors affectzng the tax charge for the current perwd
Vantage Arport Group (UK) Lmtted
(formerly YVR A1rport Servtces (UK) Limited)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
Registered number 07268418
The current tax charge for the penod IS lower than the standard rate of corporatton tax m the UK (26 49%)
The differences are explamed below
Year ended 7 months ended
31 December 31 December
2011 2010

Current tax reconctliatwn
Profit on ordmary acttvtties before tax 6,061,113 2,771,914
Current tax at 26 49% (2010 28 %)
Effects of
Non-taxable mcome
Total current tax charge (see above)
Factors that may affect future current and total tax charges
1,605,588 776,136
(1,605,588) (776, 136)
The 2012 Budget on 23 March 2012 announced that the UK corporatiOn tax rate will reduce to 22% by 2014
A reductton m the rate from 26% to 25% (effecttve from I Apnl 2012) was substanttvely enacted on 5 July
2011, and further reducttons to 24% (effecttve from I Apnl 2012) and 23% (effective from I Apnl 2013) were
substantively enacted on 26 March 2012 and 3 July 2012 respectively
Thts wtll reduce the company's future current tax charge accordmgly however It has not yet been possible to
quantify the full anticipated effect of the announced further I% rate reduction
10
Notes (contmued)
7 Fixed asset investments
Cost and net book value
At begmnmg of year
Addttlons
At end of year
Vantage Atrport Group (UK) Ltmtted
(formerly YVR Atrport Services (UK) Ltmlled)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
RegiStered number 07268418
Loans to
undertakmgs
m which the
Company has a
partiCipating
mterest

57,788,092
9,284,226
67,072,318
The Company holds loan notes m Peel Airports Lumted wluch are repayable on 31 March 2020, and attract an
armual mterest rate of I 0%, all of whtch ts rolled up m to the captta! value outstandmg The addtttons total of
9,284,226 conststs of addttlonal loan captta! (3,152,500) and accrued mterest (6,131,726) The amount
outstandmg at 31 December 2011 ts 67,072,317 (20/0 57,788,092)
The compames m whtch the Company's mterest at the year end ts more than 20% are as follows
Substdiary undertakmgs
D1rect shareholdmgs
Peel Atrports Ltmtted
Indirect sharehold1ngs
Ltverpool Atrport Ltmtted
Doncaster Sheffield Atrport Ltmtted
Durham Tees Valley Atrport L1m1ted*
L1verpool Auport Hotel L1m1ted
L1verpool A1rport Hotel Carpark L1m1ted
Parttcipatmg mterests
Peel Airports Properties L1m1ted
*Dtsposed I 0 February 2012
Country of
mcorporatlon
UK
UK
UK
UK
UK
UK
Prmc1pal
activ1ty
Atrport Management
and operatiOn
Auport operation
Atrport operation
Atrport operation
Property mvestment
Donnant
UK Property mvestment
Class and
percentage
of shares held
65%
65%
65%
48 75%
65%
65%
30%
!I
Notes (contmued)
8 Debtors
Amounts owed from group undcrtakmgs
Vantage Airport Group (UK) Limited
(fonnerly YVR Airport Services (UK) Limited)
Dtrectors' report and financtal statements
For the year ended 31 December 2011
Registered number 07268418
2011

2,005,000
2010

The Company allotted 2,005,000 ordmary shares of I to YVR Atrport ServiCes (Luxembourg) S a r I on 20
December 2012 for whtch payment had not been made at 31 December 2011 The shares were patd m full on
10 February 2012
9 Creditors: amounts falling due within one period
Amounts owed to group undertakmgs
Accruals and deferred mcome
I 0 Called up share capital
Alloned, called up and fully paul
60,415,028 Ordmary shares of1 each
11 Reserves
At begmmng of year
Profit for the year
At end of year
2011

64,553
39,250
103,803
2011

60,415,028
2010

100
32,373
32,473
2010

56,285,828
Profit and loss
account

2,771,914
6,061,113
8,833,027
12
Notes (contmued)
12 Contingent liabilities
Vantage Auport Group (UK) Ltmlted
(formerly YVR Atrport Servtces (UK) Ltmtted)
Directors' report and financml statements
For the year ended 31 December 2011
RegiStered number 07268418
The Company had no contmgent IIabtiit1es as at 31 December 2011 (2010 m/)
13 Related party transactions
The company IS controlled by Immediate and ultimate parent company Vantage Airport Group Limited
(formerly YVR Arrport Services Limited), regtstered number 0778554, a company mcorporated m Canada,
whose registered office IS at Su1te 1410-1200 West 73"' Avenue, Vancouver, BC Canada V6P 6G5
The Company conducted the followmg related party transactiOns dunng the year
Name of party
Peel Atrports Limited
Peel Atrports Ltm1ted
TransactiOn details Value of transactiOn m the
year

Loan advance 3, I 52,500
Loan mterest 6, 131 , 726
Subs1d1ary loans
receivable/(payable)
at31 December 2011

58,135,025
8,937,293
The largest and smallest group m wh1ch the results of the company are consolidated IS head by Vantage
Airport Group Limited (formerly YVR Atrports Services Limited) The consolidated financial statements of
th1s group are available to the public and may be obtamed from the address above
13