Kexby Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09002827 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2018

for

Kexby Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A G Mannix

G Mannix

REGISTERED OFFICE:

The Old Vicarage

Kexby

York

YO41 5LA

REGISTERED NUMBER:

09002827 (England and Wales)

FIXED ASSETS

Investments

4

5,198,005

6,722,742

CURRENT ASSETS

Debtors

5

320,082

-

Cash at bank and in hand

1,498,332

95,397

1,818,414

95,397

CREDITORS

Amounts falling due within one year

6

(529,915

)

(413,524

)

NET CURRENT ASSETS/(LIABILITIES)

1,288,499

(318,127

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,486,504

6,404,615

CAPITAL AND RESERVES

Called up share capital

10

10

Share premium

14,373

14,373

Revaluation reserve

2,982,759

4,130,127

Retained earnings

3,489,362

2,260,105

SHAREHOLDERS' FUNDS

6,486,504

6,404,615

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 February 2019 and were signed on its behalf by:

A G Mannix - Director

1.	STATUTORY INFORMATION

Kexby Investments Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found

on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents dividend and interest income

received in relation to investments made in listed securities and bonds during the year, and

the realised gains from such investments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

All investments are traded on a recognised market. All investments are stated at market

value as at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Clipper Logistics plc

Other Investments

Total

£

£

£

At 1 May 2016

3,668,255

747,248

4,415,503

Net investment during year

-

57,455

57,455

Market value adjustments - credited to revaluation reserve

2,119,436

105,028

2,224,464

Realised gains / (losses) credited to P&L

-

25,320

25,320

At 31 May 2017

5,787,691

935,051

6,722,742

Net investment during year

(2,123,672

)

505,934

(1,617,738

)

Realised gain on disposal - debited to revaluation reserve

(1,472,660

)

-

(1,472,660

)

Market value adjustments - credited to revaluation reserve

316,624

8,668

325,292

Realised gains / (losses) credited to P&L

1,208,841

31,528

1,240,369

At 31 May 2018

3,716,824

1,481,181

5,198,005

Investment in Clipper Logistics plc

Clipper Logistics plc is incorporated in Great Britain and registered in England & Wales.

During the period, the Company sold 498,237 ordinary shares of 0.05p each in Clipper

Logistics plc, representing 36.7% of the Company's investment, for consideration of

£2,123,672.

At 31 May 2017 the Company held 1,358,613 ordinary shares of 0.05p each in Clipper, 1.4%

of the issued share capital. At 31 May 2018 the Company held 860,376 ordinary shares of

0.05p each in Clipper, 0.8% of the issued share capital. Clipper is incorporated in Great

Britain and is registered in England and Wales.

In the year ended 30 April 2018 Clipper had revenue of £400,115,000 (2017: £340,127,000)

and profit before tax of £17,966,000 (2017: £16,052,000).

The balance sheet value of the Company's interest in Clipper Logistics plc is based on the

mid-price at which shares were quoted on the London Stock Exchange. At 31 May 2018, the

price was £4.32 (2017: £4.26).

Other investments

The Company invests in a portfolio of listed securities that represents medium risk. The

portfolio is managed on a discretionary basis by an investment bank. The balance sheet

value of the portfolio reflects market prices at the period end.

Movements in investments during the year due to market price movements are credited or

debited to the revaluation reserve as unrealised gains / losses.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Accrued income

2,303

-

Loan to T Mannix

317,779

-

320,082

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Provision for tax charge

115,391

2,000

Accruals

6,000

3,000

Loan from Knaresborough Investments Ltd

408,524

408,524

529,915

413,524

7.	RELATED PARTY DISCLOSURES