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Registered number: 13172931










GRAVITA AUDIT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
GRAVITA AUDIT LIMITED
REGISTERED NUMBER: 13172931

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed asset investments
 4 
5,111,313
7,787,736

Current assets
  

Debtors: amounts falling due within one year
 5 
617,755
1,480,367

Cash at bank and in hand
  
74,627
552

  
692,382
1,480,919

Creditors: amounts falling due within one year
 6 
(6,491,877)
(5,692,201)

Net current liabilities
  
 
 
(5,799,495)
 
 
(4,211,282)

Total assets less current liabilities
  
(688,182)
3,576,454

Creditors: amounts falling due after more than one year
  
(1,250,000)
(2,500,000)

  

Net (liabilities)/assets
  
(1,938,182)
1,076,454


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,938,282)
1,076,354

  
(1,938,182)
1,076,454


Page 1

 
GRAVITA AUDIT LIMITED
REGISTERED NUMBER: 13172931

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Paul Berlyn
Director

Date: 17 October 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
GRAVITA AUDIT LIMITED
 

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

1.


General information

Gravita Audit Limited is a private company limited by shares, incorporated in England and Wales. The registered office of the company is Aldgate Tower, 2 Leman Street, London, E1 8FA.
The comparative figures reflect a long accounting period and are therefore not comparable. The change in period was made to align the Company's year end with that of the associated companies. 
The financial statements are prepared in pounds sterling which is the functional currency of the Company and rounded to the nearest pound.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss of £3,014,636 in the year ended 30 April 2023 and at 30 April 2023, had net liabilities of £1,938,182.
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 Audit Limited 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 directors consider it appropriate to prepare the financial statements on the going concern basis. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

Page 3

 
GRAVITA AUDIT LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Associates

Associates are held at cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 8).  


4.


Fixed asset investments





Investments in associates

£



Cost


At 1 May 2022
7,787,736


Share of (loss)
(2,676,423)



At 30 April 2023
5,111,313




Page 4

 
GRAVITA AUDIT LIMITED
 

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

5.


Debtors

2023
2022
£
£


Trade debtors
207,722
-

Amounts owed by related undertakings
284,282
1,459,378

Other debtors
57,667
17,493

Called up share capital not paid
51
51

Prepayments and accrued income
1,250
3,445

Amounts recoverable on contracts
66,783
-

617,755
1,480,367



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
56,685
3,445

Amounts owed to other participating interests
4,850,777
4,119,023

Corporation tax
314,232
314,232

Other taxation and social security
16,198
5,501

Deferred consideration
1,250,000
1,250,000

Accruals
3,985
-

6,491,877
5,692,201



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Deferred consideration
1,250,000
2,500,000



8.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 5