Company registration number 07113456 (England and Wales)
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
STATEMENT OF FINANCIAL POSITION
AS AT
28 APRIL 2024
28 April 2024
- 1 -
28 April 2024
21 April 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
1,750,000
Tangible assets
4
21,594
36,762
21,594
1,786,762
Current assets
Debtors
5
4,314,695
1,987,740
Cash at bank and in hand
379,190
468,654
4,693,885
2,456,394
Creditors: amounts falling due within one year
6
(2,593,167)
(1,024,355)
Net current assets
2,100,718
1,432,039
Total assets less current liabilities
2,122,312
3,218,801
Provisions for liabilities
(8,001)
(8,001)
Net assets
2,114,311
3,210,800
Capital and reserves
Called up share capital
5,010
5,000
Capital redemption reserve
(113,250)
(113,250)
Profit and loss reserves
2,222,551
3,319,050
Total equity
2,114,311
3,210,800

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

GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 APRIL 2024
28 April 2024
- 2 -

For the financial period ended 28 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
B M Chernoff
Director
Company registration number 07113456 (England and Wales)
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
1
Accounting policies
Company information

Gravita Essex Ltd (formerly Davis Grant Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Treviot House, 186-192 High Road, Ilford, Essex, IG1 1LR.

1.1
Reporting period

This set of accounts represents a long period from 22 April 2023 to 28 April 2024, whereas the previous period reported was a short period from 1 January 2023 to 21 April 2023. This was done as Gravita Essex Ltd became an associate of the Gravita group on 21 April 2023 and now starting to align the accounting period with the rest of the group. Therefore, the comparative amounts presented in these financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
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:

1.4
Intangible fixed assets - goodwill

Goodwill is the difference between amounts paid on the acquisition of parts of a business in 2010 and 2014 and the fair value of the identifiable assets and liabilities. Goodwill is not amortised on the basis that it is considered that the fair value is at least equal to the carrying value. An annual impairment review is undertaken each year.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Computer equipment
25% on cost
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
4
5
3
Intangible fixed assets
Goodwill
£
Cost
At 22 April 2023 and 28 April 2024
1,750,000
Amortisation and impairment
At 22 April 2023
-
0
Impairment losses
1,750,000
At 28 April 2024
1,750,000
Carrying amount
At 28 April 2024
-
0
At 21 April 2023
1,750,000
GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
3
Intangible fixed assets
(Continued)
- 6 -

On the annual impairment review it was deemed that the goodwill should be fully impaired.

4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 22 April 2023
68,518
132,006
200,524
Additions
-
0
695
695
At 28 April 2024
68,518
132,701
201,219
Depreciation and impairment
At 22 April 2023
64,302
99,460
163,762
Depreciation charged in the period
1,827
14,036
15,863
At 28 April 2024
66,129
113,496
179,625
Carrying amount
At 28 April 2024
2,389
19,205
21,594
At 21 April 2023
4,216
32,546
36,762
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
744,344
657,234
Amounts recoverable on contracts
443,657
512,000
Other debtors
3,026,745
703,500
Prepayments and accrued income
99,949
115,006
4,314,695
1,987,740

Included within Other debtors are £3,023,235 (2023 - £nil) owed by related parties.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
82,058
107,735
Taxation and social security
175,856
403,265
Other creditors
2,335,253
513,355
2,593,167
1,024,355

Included within Other creditors is £1,956,595 (2023 - £66,186) owed to related parties.

GRAVITA ESSEX LTD (FORMERLY DAVIS GRANT LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 7 -
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
179,658
257,932
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