Hi Seanie,
Don't use yacht varnish. It peels and is a ****** to get off for repainting. The best stuff to use if you have a place to keep the boat dry is an oil based stain like sadolins. It takes a while to dry but is by far the best. You can re apply the stuff with out having to sand the hell out of it.
Another that is used and is very easy to apply but you got to do it more frequently is the water based ronseal stain. A mix of half mahogony and antique pine would be a similar colour to what is on your boat.
Personally I would go with the sadolins if I had a dry place to leave the boat.
Dibbler