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Registration number: 04257001 (England & Wales)

Prepared for the registrar

G M Packaging (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

G M Packaging (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

G M Packaging (UK) Limited

Company Information

Directors

J Abernethie

M W Barter

J T Carruth

K Carruth

P E Deaux

Registered office

Unit 3
Jade Business Park, Spring Road
Murton
Seaham
SR7 9DR

Bankers

Santander UK PLC
2 Triton Square
Regent's Palace
London
NW1 3AN

Auditors

Hazlewoods LLP Staverton Court
Staverton
Cheltenham
GL51 0UX

 

G M Packaging (UK) Limited

(Registration number: 04257001)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

48,382

34,192

Tangible assets

5

144,104

77,254

 

192,486

111,446

Current assets

 

Stocks

691,503

433,908

Debtors

6

1,105,855

945,161

Cash at bank and in hand

 

530,278

922,905

 

2,327,636

2,301,974

Creditors: Amounts falling due within one year

7

(1,349,955)

(1,550,405)

Net current assets

 

977,681

751,569

Total assets less current liabilities

 

1,170,167

863,015

Creditors: Amounts falling due after more than one year

7

-

(11,275)

Deferred tax liabilities

9

(33,054)

(22,242)

Net assets

 

1,137,113

829,498

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,137,112

829,497

Shareholders' funds

 

1,137,113

829,498

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 August 2025 and signed on its behalf by:
 


K Carruth
Director

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Unit 3
Jade Business Park, Spring Road
Murton
Seaham
SR7 9DR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of RG Distributors Limited.

The financial statements of RG Distributors Limited may be obtained from the company's registered office.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when; the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Intangible assets

Goodwill represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Computer software

3-5 years straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 11).

 

4

Intangible assets

Goodwill
 £

Computer software
 £

Total
£

Cost

At 1 January 2024

30,000

44,394

74,394

Additions acquired separately

-

25,805

25,805

At 31 December 2024

30,000

70,199

100,199

Amortisation

At 1 January 2024

30,000

10,202

40,202

Amortisation charge

-

11,615

11,615

At 31 December 2024

30,000

21,817

51,817

Carrying amount

At 31 December 2024

-

48,382

48,382

At 31 December 2023

-

34,192

34,192

 

5

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

56,541

72,457

128,998

Additions

88,242

-

88,242

Disposals

-

(9,463)

(9,463)

At 31 December 2024

144,783

62,994

207,777

Depreciation

At 1 January 2024

16,283

35,461

51,744

Charge for the year

11,485

9,139

20,624

Eliminated on disposal

-

(8,695)

(8,695)

At 31 December 2024

27,768

35,905

63,673

Carrying amount

At 31 December 2024

117,015

27,089

144,104

At 31 December 2023

40,258

36,996

77,254

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

6

Debtors

2024
£

2023
£

Trade debtors

895,979

826,468

Prepayments

209,855

118,693

Other debtors

21

-

1,105,855

945,161

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

8,058

Trade creditors

 

611,928

835,528

Amounts due to related parties

 

66,452

55,875

Taxation and social security

 

338,670

325,631

Accruals and deferred income

 

332,365

322,848

Other creditors

 

540

2,465

 

1,349,955

1,550,405

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

11,275

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

8,058

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

11,275

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

33,054

33,054

 

G M Packaging (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2023

Liability
£

Accelerated tax depreciation

22,242

22,242

 

10

Parent and ultimate parent undertaking

The immediate and ultimate parent company was R G Distributors Limited of Unit 7, Jade Business Park, Spring Road, Seaham, SR7 9DR, up until 31 January 2025. On that date, 100% of the share capital of the company was acquired by Servved Holdings Limited of Unit 3, Jade Business Park, Spring Road, Seaham, SR7 9DR, who became the immediate and ultimate controlling party.

 

11

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 August 2025 was Scott Lawrence, who signed for and on behalf of Hazlewoods LLP.