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Registered number: 04346520
Graham Packaging European Services Limited
Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Alexander Myerson & Co Limited
Alexander House
61 Rodney Street
Liverpool
Merseyside
L1 9ER
Contents
Page
Directors' Report 1—2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Notes to the Financial Statements 10—13
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The principal activity of the company is to provide employee services to other group companies. The directors do not expect this to change.
Directors
The directors who held office during the year were as follows:
Mr F Afarian
Mr D L Cassel
Review of Developments, Future Prospects
Details of the company's performance are given in the profit and loss account on page 8.
The profit for the financial year of £13,332 (2023 : £12,803) has been transferred to reserves.
The directors expect a satisfactory performance from the company in the coming year. No dividend is proposed (2023 : £Nil).
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Alexander Myerson & Co Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the board
Mr F Afarian
Director
10 June 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Graham Packaging European Services Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 Auditor's 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 UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, 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 entity's ability to continue as a going concern for a period of at least 12 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 auditor's 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. In connection with our audit of the financial statements, 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 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.
Opinions 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 have been prepared in accordance with applicable legal requirements.
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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 or 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.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1—2, 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud.  As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of  journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were in breach of these laws and regulations,  including fraud.
We made enquiries of management with regards to compliance with the above laws and regulations to ensure that there were no breaches.
As part of our audit we performed sample testing, agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud.
We addressed the risk of management override of internal controls including testing journals and evaluation whether
there was evidence of bias by the directors that represented a risk of material misstatement due
to fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 that we are required to state to them in an auditor's 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.
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Paul Burns BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of Alexander Myerson & Co Limited , Statutory Auditor
11 June 2025
Alexander Myerson & Co Limited
61 Rodney Street
Liverpool
Merseyside
L1 9ER
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 1,010,934 967,268
Cost of sales (991,112 ) (948,302 )
GROSS PROFIT 19,822 18,966
Administrative expenses (2,130 ) (2,179 )
OPERATING PROFIT 17,692 16,787
Other interest receivable and similar income 7 84 -
Interest payable and similar charges 8 - (47 )
PROFIT BEFORE TAXATION 17,776 16,740
Tax on Profit 9 (4,444 ) (3,937 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 13,332 12,803
The notes on pages 10 to 13 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 13,332 12,803
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 13,332 12,803
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Balance Sheet
Registered number: 04346520
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 10 241,516 116,302
Cash at bank and in hand 170,342 246,301
411,858 362,603
Creditors: Amounts Falling Due Within One Year 11 (160,431 ) (124,508 )
NET CURRENT ASSETS (LIABILITIES) 251,427 238,095
TOTAL ASSETS LESS CURRENT LIABILITIES 251,427 238,095
NET ASSETS 251,427 238,095
CAPITAL AND RESERVES
Called up share capital 12 300,000 300,000
Profit and Loss Account (48,573 ) (61,905 )
SHAREHOLDERS' FUNDS 251,427 238,095
On behalf of the board
Mr F Afarian
Director
10 June 2025
The notes on pages 10 to 13 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 300,000 (74,708 ) 225,292
Profit for the year and total comprehensive income - 12,803 12,803
As at 31 December 2023 and 1 January 2024 300,000 (61,905 ) 238,095
Profit for the year and total comprehensive income - 13,332 13,332
As at 31 December 2024 300,000 (48,573 ) 251,427
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Notes to the Financial Statements
1. General Information
Graham Packaging European Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04346520 . The registered office is 54 Portland Place, London, W1B 1DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, for sale of services to other group companies in the ordinary nature of the business. The fair value of consideration is stated as inter group recharge of payroll and operating expenses with a 2% margin. Turnover is shown net of Value Added Tax.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.4. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.5. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.6. Creditors
Short term credtors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost dtermined using the effective interest method.
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3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
Europe 1,010,934 967,268
1,010,934 967,268
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 7,000 6,000
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 601,300 536,347
Social security costs 82,505 73,444
Other pension costs 69,261 66,132
753,066 675,923
6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Consultancy 7 7
7 7
7. Interest Receivable and Similar Income
2024 2023
£ £
Other interest receivable 84 -
8. Interest Payable and Similar Charges
2024 2023
£ £
Other finance charges - 47
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9. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 4,444 3,937
Total tax charge for the period 4,444 3,937
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 17,776 16,740
Tax on profit at 25% (UK standard rate) 4,444 3,937
Total tax charge for the period 4,444 3,937
10. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 22,929 21,912
Other debtors 52,715 9,105
Amounts owed by group undertakings 165,872 85,285
241,516 116,302
11. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,150 14,762
Other creditors - 9,687
Corporation tax 4,360 3,937
Taxation and social security 19,507 18,970
Accruals and deferred income 127,414 77,152
160,431 124,508
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
300,000 Ordinary Shares of £ 1.00 each 300,000 300,000
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13. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £69,261 (2023: £66,132).
Contributions payable at the year end was £Nil (2023 : £Nil).
14. Related Party Disclosures
The company has taken advantage of exemption, under Section 33 of the Financial Reporting Standard 102 "Related Party Disclosures" and has not disclosed transactions entered into between two or members of a group, provided that the subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
15. Controlling Parties
The company's immediate shareholder is Graham Packaging Company Inc., an entity registered in the United States. The ultimate parent entity of the company is Packaging Holdings Limited, a New Zealand entity that is wholly owned by Graeme Hart.
16. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
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