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Registered number: 14554527









GRAVIS SOLAR EV LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 DECEMBER 2023
 






 



 






 
GRAVIS SOLAR EV LIMITED
 

COMPANY INFORMATION


Directors
Ms A L Bath (appointed 8 December 2023)
MS C Marlow (appointed 2 August 2024)
Mr M Quatraro (appointed 8 December 2023)
Mr P A White (appointed 2 August 2024)
Mrs S Johnston (appointed 22 December 2022, resigned 8 December 2023)
Mr P W Kent (appointed 22 December 2022, resigned 2 August 2024)
Mr N S Parker (appointed 22 December 2022, resigned 8 December 2023)
Mr R A J Wright (appointed 22 December 2022, resigned 8 December 2023)
Ms A K Yoon (appointed 8 December 2023, resigned 2 August 2024)




Registered number
14554527



Registered office
24 Saville Row

London

United Kingdom

W1S 2ES




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

KT10 9FQ





 
GRAVIS SOLAR EV LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Statement of Changes in Equity
 
 
2
Notes to the Financial Statements
 
 
3 - 7


 
GRAVIS SOLAR EV LIMITED
REGISTERED NUMBER: 14554527

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Investments
  
-

  
-

Current assets
  

Debtors: amounts falling due after more than one year
 6 
806

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(834)

Net current liabilities
  
 
 
(28)

Total assets less current liabilities
  
(28)

  

Net liabilities
  
(28)


Capital and reserves
  

Called up share capital 
 8 
-

Profit and loss account
 9 
(28)

  
(28)


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 comprehensive income 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: 




Ms A L Bath
Director

Date: 23 December 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
GRAVIS SOLAR EV LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 22 December 2022
-
-
-



Loss for the period
-
(28)
(28)

Shares issued during the period
-
-
-


At 31 December 2023
-
(28)
(28)

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GRAVIS SOLAR EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Gravis Solar EV Limited is a private company, limited by shares and incorporated in England and Wales, registration number 14554527. The registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. 
The Company was incorporated on 22 December 2022. The current period financial statements cover the period from 22 December 2022 to 31 December 2023.

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 judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £'000 unless otherwise stated.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The Company was loss making in the period and is in a net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business  as well as the Company’s business model and the availability of cash resources.
In preparing this assessment the Directors cite the ability of the Company to currently generate sufficient cash to meet its liabilities as they fall due. Further the Directors cite the ongoing support of fellow group companies and the Company’s parent to not call its debt to the detriment of the Company. On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue comprises interest receivable from the provision of loan financing. Interest receivable is recognised over the loan period using the effective interest method, which takes into account related fees and transaction costs.

Page 3

 
GRAVIS SOLAR EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

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 income 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.


 
2.7

Investment in Associates

Investment in Associates is measured at cost less impairment.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 4

 
GRAVIS SOLAR EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The Directors do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.

Page 5

 
GRAVIS SOLAR EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Employees




The Company has no employees other than the Directors, who did not receive any remuneration.


5.


Fixed asset investments

During the period the Company invested in an associate undertaking. At the period end date the carrying value of the investment  was £68.


6.


Debtors

2023
£

Due after more than one year

Loans to associate undertakings
806


Loans to associate undertakings comprise secured loan notes accounted for at amortised cost.
Turnover is represented, in entirety, by interest receivable on loans to associate undertakings.





7.


Creditors: Amounts falling due within one year

2023
£

Loans from a group undertaking
822

Accruals and deferred income
12

834


Loans from a group undertaking are unsecured, interest bearing and repayable on demand.
Cost of sales is represented, in its entirety, by interest payable on the Company's borrowings.


8.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1




During the period the Company issued one ordinary share at par.

Page 6

 
GRAVIS SOLAR EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses net of dividends and other adjustments.


10.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


11.


Controlling party

The Company's immediate and ultimate parent undertaking is Gravis Asset Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by Gravis Asset Holdings Limited
The registered office address of Gravis Asset Holdings Limited is 24 Saville Row, London, United Kingdom, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 23 December 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7