Limited Liability Partnership registration number OC345210 (England and Wales)
GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
STATEMENT OF FINANCIAL POSITION
AS AT
28 APRIL 2024
28 April 2024
- 1 -
28 April 2024
21 April 2023
Notes
£
£
£
£
Current assets
Debtors
3
7,538
106,624
Cash at bank and in hand
1,066
11,913
8,604
118,537
Creditors: amounts falling due within one year
4
(1,191)
(118,533)
Net current assets and net assets attributable to members
7,413
4
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
-
4
Other amounts
7,413
-
7,413
4

For the financial period ended 28 April 2024 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

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

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 3 March 2025 and are signed on their behalf by:
03 March 2025
Gravita Bidco II Ltd
Designated member
Limited Liability Partnership registration number OC345210 (England and Wales)
GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Gravita Essex 1 LLP (formerly Davis Grant 1 LLP) is a limited liability partnership incorporated in England and Wales. The registered office is Treviot House, 186-192 High Road, Ilford, Essex, IG1 1LR.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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 1 LLP was acquired by 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 the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. 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 represents net invoiced sales of goods and services, excluding value added tax.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.6
Retirement benefits and post retirement payments to members

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.

GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
17
40
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,538
106,624

Included within Other debtors is £4,552 (2023 - £66,185) owed by associates.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
18,710
Taxation and social security
1,191
91,107
Other creditors
-
8,716
1,191
118,533
5
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

GRAVITA ESSEX 1 LLP (FORMERLY DAVIS GRANT 1 LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 5 -
6
Operating lease commitments
Lessee

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

2024
2023
£
£
875
875
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