ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 09910124

GRAVIS ADVISORY LTD

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2026

GRAVIS ADVISORY LTD

COMPANY INFORMATION

Directors	Mr W H Macleod
	Mr N S Parker
	Mr P W Kent
	Mr D Franci


Registered number	09910124


Registered office	24 Savile Row
	London
	United Kingdom
	W1S 2ES


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

GRAVIS ADVISORY LTD

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Income and Retained Earnings	7
Balance Sheet	8
Notes to the Financial Statements	9 - 17

GRAVIS ADVISORY LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The Directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of providing investment management services.

Results and dividends

The profit for the year, after taxation, amounted to £9,000 (2025 - £783,000).

Dividends of £144,000 (2025 - £1,580,000) were paid during the year.

Directors

The Directors who served during the year were:

Mr W H Macleod

Mr N S Parker

Mr P W Kent

Mr D Franci

Qualifying third-party indemnity provisions

The Company has an insurance policy in place which covers Directors and Officers claims.

Page 1

GRAVIS ADVISORY LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr P W Kent

Director

Date: 23 July 2026

Page 2

GRAVIS ADVISORY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS ADVISORY LTD

Opinion

We have audited the financial statements of Gravis Advisory Ltd (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

GRAVIS ADVISORY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS ADVISORY LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

GRAVIS ADVISORY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS ADVISORY LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, UK company tax law, Financial Conduct Authority regulation, employee legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur;

∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations;

∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance;

∙Performing audit work over the risk of timing and recognition of income, including testing of internal controls over income reconciliation and recognition, analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 5

GRAVIS ADVISORY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS ADVISORY LTD (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

24 July 2026

Page 6

GRAVIS ADVISORY LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£000	£000


Turnover	4	6,189	7,460
Cost of sales		(1,040)	(1,078)
Gross profit		5,149	6,382
Administrative expenses		(5,244)	(5,472)
Operating (loss)/profit		(95)	910
Interest receivable and similar income	8	112	141
Profit before tax		17	1,051
Tax on profit	9	(8)	(268)
Profit after tax		9	783



Retained earnings at the beginning of the year	3,028	3,825
Profit for the year	9	783
Dividends declared and paid	(144)	(1,580)
Retained earnings at the end of the year	2,893	3,028

There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of income and retained earnings.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

GRAVIS ADVISORY LTD

REGISTERED NUMBER: 09910124

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£000		£000


Current assets
Debtors: amounts falling due within one year	11	818		718
Bank and cash balances	12	4,009		3,828
		4,827		4,546
Current liabilities
Creditors: amounts falling due within one year	13	(1,934)		(1,518)
Net current assets			2,893		3,028
Total assets less current liabilities			2,893		3,028

Net assets			2,893		3,028

Capital and reserves
Called up share capital	15	-	-
Profit and loss account	16	2,893	3,028
		2,893	3,028

The Company's financial statements have been prepared in accordance with the 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:

Mr P W Kent

Director

Date: 23 July 2026

The notes on pages 9 to 17 form part of these financial statements.

Page 8

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Gravis Advisory Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 09910124. The registered office address is 24 Savile Row, London, W1S 2ES.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Gravis Capital Management Ltd as at 31 March 2026 and these financial statements may be obtained from Companies House.

2.4

Going concern

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business. In doing so the Directors have considered the Company’s business model and availability of cash resources. The Company principally earns income from the provision of investment advisory services, linked directly to the value of managed funds. Although the value of managed funds may fluctuate as a result of the current market conditions, the Directors are comfortable that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.

Page 9

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Revenue

Revenue comprises the fair value of the consideration received or receivable, and consists of management fees and recharge income.

Revenue from management fees are recognised in the accounting period in which the services are provided. Income earned not invoiced is included within accrued income.

Recharge income is invoiced periodically after the related expenses are incurred. Income is accrued when expenses have been incurred at the period end but not invoiced.

Outstanding payments at the year end are included within trade debtors.

2.6

Interest income

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

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in the profit and loss.

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.

2.9

Debtors

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

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price.

Page 10

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.13

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 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.

Basic 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.

Page 11

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.13

Financial instruments (continued)

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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.

Management does not consider the Company to have any key judgements or significant sources of estimation uncertainty in the preparation of these financial statements.

Investment advisory fees	5,613	6,826
Recharged expenses	576	634
	6,189	7,460

All turnover arose within the United Kingdom.

Page 12

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Audit of the Company's financial statements

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	2,690	2,416
Social security costs	396	340
Cost of defined contribution scheme	103	109
	3,189	2,865

The average monthly number of employees, including the Directors, during the year was as follows:

	2026	2025
	No.	No.

Directors	4	3
Employees	12	13

	16	16

7.	Directors' remuneration
		2026	2025
		£000	£000

Directors' emoluments	120	60
Company contributions to defined contribution pension schemes	9	5
	129	65

Page 13

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.	Interest receivable
		2026	2025
		£000	£000

Bank interest receivable

112

141

Corporation tax
Current tax on profits for the year	8	268

Profit on ordinary activities before tax

1,051

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	4	263
Effects of:
Expenses not deductible for tax purposes	4	5
Total tax charge for the year	8	268

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

10.	Dividends
		2026	2025
		£000	£000


Ordinary shares	-	1,282
Preference shares	144	298
	144	1,580

Page 14

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.

Debtors

					2026	2025
					£000	£000


Trade debtors	386	436
Other debtors	99	20
Prepayments and accrued income	333	262
	818	718

12.	Cash and cash equivalents
		2026	2025
		£000	£000

	Cash at bank and in hand	4,009	3,828

13.	Creditors: Amounts falling due within one year
		2026	2025
		£000	£000

Trade creditors	148	179
Corporation tax	-	7
Other taxation and social security	76	68
Other creditors	3	5
Accruals and deferred income	1,707	1,259
	1,934	1,518

Page 15

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Financial instruments
		2026	2025
		£000	£000

	Financial assets
	Financial assets measured at amortised cost	4,397	4,266

	Financial liabilities
	Financial liabilities measured at amortised cost	1,735	1,316

	Financial assets measured at amortised cost comprise trade debtors, related accrued income and cash and cash equivalents.
	Financial liabilities measured at amortised cost comprise trade creditors, related accruals and other taxation and social security.

15.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

100 (2025 - 100) Ordinary shares of £1.00 each	100	100
1 (2025 - 1) Preference share of £1.00	1	1

	101	101

16.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

17.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £103,000 (2025 - £109,000). No contributions were payable to the fund at the balance sheet date in either the current or prior periods.

Page 16

GRAVIS ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.

Related party transactions

Transactions with entities to whom the Company provides key management personnel services

Gravis Advisory Limited is delegated fund manager to four open ended investment funds. As a result of the responsibilities and services delegated by the Authorised Corporate Directors (ACD) under the relevant investment management agreements, the Company is considered to provide key management personnel services to the funds and the entities through which they invest.

During the year, the following transactions took place between the Company and these entities:

∙The Company generated income of £5.6 million (2025 - £6.8 million)

∙The Company repaid fund expenses of £0.4million (2025 - £0.5million)

At the balance sheet date an amount of £0.4 million (2025 - £0.4 million) was owed by and an amount of £0.3 million (2025 – Nil) owed to the entities for which the Company provides key management personnel services. These amounts are included in trade debtors and accruals.

Transactions with parent undertaking

During the year the following transactions took place between the Company and its parent undertaking, Gravis Capital Management Ltd:

∙Recharged costs £587,000 (2025 - £649,000);

∙Purchases of £1,561,000 (2025 - £1,862,000); and

∙Paid dividends of £Nil (2025 - £1,025,000).

At the balance sheet date an amount of £343,000 (2025 - £365,000) was owed to and an amount of £150,000 (2025 - £107,000) owed by Gravis Capital Management Ltd. These amounts are presented in trade creditors and accruals and trade debtors and accrued income respectively.

Transactions with Directors

During the year the following transactions took place between the Company and the Directors:

∙Paid remuneration as disclosed in note 7;

∙Reimbursed expenses totalling £382 (2025 - £1,000); and

∙Paid dividends to companies controlled by the Directors totalling £144,000 (2025 - £554,000).

19.	Controlling party

The Company's immediate controlling party is Gravis Capital Management Ltd, a company incorporated in England and Wales, registered office address 24 Savile Row, London, W1S 2ES.

The ultimate controlling party is ORIX Corporation, a company incorporated in Japan, registered office address World Trade Center Building, 2-4-1, Hamamatsu-cho, Minato-ku, Tokyo, 1056135, Japan.

The smallest group of undertakings into which the results of the Company are consolidated is headed by Gravis Capital Management Ltd. The consolidated financial statements are available from Companies House. The largest group of undertakings into which the results of the Company are consolidated is headed by ORIX Corporation. The consolidated financial statements are available on their website: www.orix.co.jp.

Page 17