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Greys Packaging Limited
Financial Statements
For The Year Ended 31 December 2025
PJE Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 02402402
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 270,529 276,672
270,529 276,672
CURRENT ASSETS
Stocks 5 176,627 149,950
Debtors 6 1,791,328 1,868,590
Cash at bank and in hand 536,487 644,511
2,504,442 2,663,051
Creditors: Amounts Falling Due Within One Year 7 (514,338 ) (672,428 )
NET CURRENT ASSETS (LIABILITIES) 1,990,104 1,990,623
TOTAL ASSETS LESS CURRENT LIABILITIES 2,260,633 2,267,295
Creditors: Amounts Falling Due After More Than One Year 8 (10,946 ) (32,258 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (60,595 ) (61,317 )
NET ASSETS 2,189,092 2,173,720
CAPITAL AND RESERVES
Called up share capital 10 25,000 25,000
Profit and Loss Account 2,164,092 2,148,720
SHAREHOLDERS' FUNDS 2,189,092 2,173,720
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A J Farquharson
Director
14 July 2026
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Greys Packaging Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02402402 . The registered office is Unit 1, Novers Hill, Bedminster, Bristol, BS3 5QY.
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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going concern basis was made as part of the assessment of the group’s going concern status.
Having considered the impact on the Company’s business model, risk management and principal risks, and significant financial resources and cash balances, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period to 30 April 2026. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The company generates revenue from the sale of goods.
The company contracts with customers consist of contracts with one performance obligation.
Revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements over the life of the lease
Plant & Machinery 10-33% straight line
Motor Vehicles 10% straight line
Fixtures & Fittings 10% straight line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. 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.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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2.9. Factored debts
Where the company enters into debt factoring arrangements, the accounting treatment depends on whether the risks and rewards of ownership of the receivables have been transferred.
Without recourse: If substantially all risks and rewards of ownership are transferred to the factor, the receivable is derecognised, and a liability is recorded for any amounts received in advance of settlement. Any difference between the carrying amount of the receivable and the proceeds received is recognised as a gain or loss in profit or loss.
With recourse: Where the company retains significant risks (e.g., credit risk or late payment risk), the receivable remains recognised in the statement of financial position, with a corresponding liability recorded for any funds received from the factor.
Fees and finance costs associated with factoring arrangements are recognised as an expense in the period in which they are incurred. 
The company ceased this arranagement in March 2025.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2024: 21)
20 21
4. Tangible Assets
Land & Property
Leasehold Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2025 41,376 1,846,787 24,025 60,988 1,973,176
Additions - 30,933 - 10,300 41,233
As at 31 December 2025 41,376 1,877,720 24,025 71,288 2,014,409
Depreciation
As at 1 January 2025 34,838 1,594,468 7,204 59,994 1,696,504
Provided during the period 2,896 40,926 2,400 1,154 47,376
As at 31 December 2025 37,734 1,635,394 9,604 61,148 1,743,880
Net Book Value
As at 31 December 2025 3,642 242,326 14,421 10,140 270,529
As at 1 January 2025 6,538 252,319 16,821 994 276,672
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Plant & Machinery 64,090 63,558
Motor Vehicles 14,421 16,821
78,511 80,379
5. Stocks
2025 2024
£ £
Stock 144,610 123,004
Work in progress 32,017 26,946
176,627 149,950
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 376,729 450,654
Other debtors 27,828 31,165
404,557 481,819
Due after more than one year
Amounts owed by group undertakings 1,386,771 1,386,771
1,791,328 1,868,590
The amount of £1,386,771 (2024: £1,386,771) is owed to the company by Greys Acquisitions Limited, the non trading holding company. The ability of Greys Acquisitions Limited to repay this debt is dependent on the future profitability of Greys Packaging Limited.
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 25,549 22,592
Trade creditors 224,972 252,938
Other loans 4,397 10,397
Other creditors 77,818 168,133
Taxation and social security 181,602 218,368
514,338 672,428
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Amonts repayable to the directors are unsecured, interest free and repayable on demand. 
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 10,946 27,871
Other loans - 4,387
10,946 32,258
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 25,549 22,592
Later than one year and not later than five years 10,946 27,871
36,495 50,463
36,495 50,463
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 25,000 25,000
11. Other Commitments
At 31 December 2025, the company had total commitments under non-cancellable operating leases
over the remaining life of those leases of £125,331 (2024: £201,563).
2025 2024
£ £
Not later than one year 80,023 80,023
Later than one year and not later than five years 45,308 76,232
Later than five years - 45,308
125,331 201,563
12. Pension Commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £6,508 (2024: £3,744) were due to the fund. They are included in Other Creditors.
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13. Related Party Transactions
During the year, total dividends of £240,000 (2024 - £224,000) were paid to the directors. 
At the year end, the balance owing to the company by it's parent, Greys Acquisitions Limited, amounted to £1,386,771 (2024: £1,386,771). The balance is unsecured, interest-free and carries no fixed date of repayment.
The directors maintained a loan account in the year with the company owing £60,000 (2024: £60,000) at the balance sheet date. The balance is unsecured, interest-free and carries no fixed date of repayment.
14. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15. Ultimate Controlling Party
The Company is a subsidiary undertaking of Greys Acquisitions Limited, incorporated in the United Kingdom, which is the ultimate parent company. Copies of the financial statements of Greys Acquisitions Limited can be obtained from the Company Secretary at Greys Acquisitions Limited, Unit 1, Novers Hill Trading Estate, Bedminster, Bristol, BS3 5QY, United Kingdom.
The company is controlled by Andrew and Anthony Farquharson, the company directors, who own 50 per cent each of the issued share capital of the ultimate parent company, Greys Acquisitions Limited.
16. Audit Information
The auditor's report on the accounts of Greys Packaging Limited for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by Philip Evans BSc FCA (Senior Statutory Auditor) for and on behalf of PJE Chartered Accountants & Statutory Auditors , Statutory Auditor.
PJE Chartered Accountants & Statutory Auditors
2 Oakfield Road
Clifton
Bristol
BS8 2AL
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