Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-30No description of principal activity2022-05-01false6877truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC391394 2022-05-01 2023-04-30 OC391394 2021-07-01 2022-04-30 OC391394 2023-04-30 OC391394 2022-04-30 OC391394 c:Buildings c:LongLeaseholdAssets 2022-05-01 2023-04-30 OC391394 c:Buildings c:LongLeaseholdAssets 2023-04-30 OC391394 c:Buildings c:LongLeaseholdAssets 2022-04-30 OC391394 c:FurnitureFittings 2022-05-01 2023-04-30 OC391394 c:FurnitureFittings 2023-04-30 OC391394 c:FurnitureFittings 2022-04-30 OC391394 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC391394 c:ComputerEquipment 2022-05-01 2023-04-30 OC391394 c:ComputerEquipment 2023-04-30 OC391394 c:ComputerEquipment 2022-04-30 OC391394 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC391394 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC391394 c:CurrentFinancialInstruments 2023-04-30 OC391394 c:CurrentFinancialInstruments 2022-04-30 OC391394 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC391394 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC391394 d:FRS102 2022-05-01 2023-04-30 OC391394 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC391394 d:FullAccounts 2022-05-01 2023-04-30 OC391394 d:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC391394 c:WithinOneYear 2023-04-30 OC391394 c:WithinOneYear 2022-04-30 OC391394 c:BetweenOneFiveYears 2023-04-30 OC391394 c:BetweenOneFiveYears 2022-04-30 OC391394 2 2022-05-01 2023-04-30 OC391394 6 2022-05-01 2023-04-30 OC391394 d:PartnerLLP1 2022-05-01 2023-04-30 OC391394 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-30 OC391394 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-30 OC391394 c:FurtherSpecificReserve2ComponentTotalEquity 2023-04-30 OC391394 c:FurtherSpecificReserve2ComponentTotalEquity 2022-04-30 OC391394 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC391394 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-30 OC391394 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure
Registered number: OC391394









GRAVITA II LLP
(formerley known as Gravita ABG LLP)

UNAUDITED

MEMBERS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
GRAVITA II LLP
 
(formerley known as Gravita ABG LLP)
REGISTERED NUMBER: OC391394

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,212
54,511

Investments
 5 
750
750

  
18,962
55,261

Current assets
  

Debtors: amounts falling due within one year
 6 
3,297,582
3,315,575

Cash at bank and in hand
  
372,966
1,562,649

  
3,670,548
4,878,224

Creditors: amounts falling due within one year
 7 
(4,577,127)
(3,094,272)

Net current (liabilities)/assets
  
 
 
(906,579)
 
 
1,783,952

Total assets less current liabilities
  
(887,617)
1,839,213

  

Net (liabilities)/assets
  
(887,617)
1,839,213


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
1,635,206
1,685,613

  
1,635,206
1,685,613

Members' other interests
  

Members' capital classified as equity
  
153,600
153,600

Other reserves classified as equity
  
(2,676,423)
-

  
 
(2,522,823)
 
153,600

  
(887,617)
1,839,213


Total members' interests
  

Loans and other debts due to members
 8 
1,635,206
1,685,613

Members' other interests
  
(2,522,823)
153,600

  
(887,617)
1,839,213


Page 1

 
GRAVITA II LLP
 
(formerley known as Gravita ABG LLP)
REGISTERED NUMBER: OC391394

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 17 October 2024.




................................................
Paul Berlyn
Designated member

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Gravita II LLP is a limited liability partnership incorporated in England and Wales. The registered office of the LLP and its principal place of business is Aldgate Tower, 2 Leman Street, London, E1 8FA. The registered number is OC391394.
The comparative figures reflect a short accounting period and are therefore not comparable. The change in period was made to align the LLP's year end with that of the associated companies. 
The financial statements are prepared in sterling which is the functional currency of the LLP and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Gravita II LLP made a loss of £2,676,423 in the year ended 30 April 2023 and at 30 April 2023, had net liabilities of £887,617.
 
Tenzing PE II GP LLP (as nominee for Tenzing Private Equity II LP) the ultimate shareholder of the group, has confirmed that should further funding be required it is the intention to make available, subject to investment committee approval additional funds to the group including its subsidiaries and associates, of which Gravita II LLP is an associate, to ensure it can meet its past and future obligations for a period of at least 12 months from the date of approval of these financial statements. 
 
Having regard for this, the members consider it appropriate to prepare the financial statements on the going concern basis.

Page 3

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 4

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense debited to an Other Reserve. 

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the length of the lease
Fixtures and fittings
-
15%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including members, during the year was 68 (2022 - 77).

Page 6

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2022
31,237
64,610
276,753
372,600


Additions
-
4,703
3,427
8,130



At 30 April 2023

31,237
69,313
280,180
380,730



Depreciation


At 1 May 2022
31,237
63,361
223,491
318,089


Charge for the year on owned assets
-
4,950
39,479
44,429



At 30 April 2023

31,237
68,311
262,970
362,518



Net book value



At 30 April 2023
-
1,002
17,210
18,212



At 30 April 2022
-
1,249
53,262
54,511


5.


Fixed asset investments





Investments

£



Cost or valuation


At 1 May 2022
750



At 30 April 2023
750




Page 7

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,241,904
1,871,149

Amounts owed by related undertakings
1,476
102

Other debtors
79,266
65,501

Prepayments and accrued income
364,972
398,796

Amounts recoverable on contracts
609,964
980,027

3,297,582
3,315,575



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
526,992
993,333

Amounts owed to related undertakings
3,174,444
-

Other taxation and social security
154,064
668,696

Other creditors
28,920
985,052

Accruals
692,707
447,191

4,577,127
3,094,272


Page 8

 
GRAVITA II LLP

(formerley known as Gravita ABG LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
1,635,206
1,685,613

1,635,206
1,685,613

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
1,635,206
1,685,613

1,635,206
1,685,613

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


9.


Commitments under operating leases

At 30 April 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
375,000
500,000

Later than 1 year and not later than 5 years
-
375,000

375,000
875,000

Page 9