Registered number
06313858
Webb 360 Ventures PLC
Report and Financial Statements
30 June 2023
Webb 360 Ventures PLC
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditor's report 5-8
Income statement 9
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14
Webb 360 Ventures PLC
Company Information
Directors
Mr P Webb
Mr T Baldwin
Mr DT Ellingham
Webb 360 Consultancy Limited
Secretary
G Hurst
Auditors
Jacksons
First Floor
Albion House
Albion Street
Hull
HU1 3TE
Registered office
5th Floor
Suite 23
63-66 Hatton Garden
London
EC1N 8LE
Registered number
06313858
Webb 360 Ventures PLC
Registered number: 06313858
Directors' Report
The directors present their report and financial statements for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be that of the provision of investment management services.
Directors
The following persons served as directors during the year:
Mr P Webb
Mr T Baldwin
Mr DT Elligham
Webb 360 Consultancy Limited
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and 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 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 22 November 2023 and signed on its behalf.
Mr P Webb
Director
Webb 360 Ventures PLC
Strategic Report
The directors present the strategic report for the year ended 30th June 2023.
Fair review of the business
The Company has been inactive during the period under review. At the year end, the Company had net assets of £32,636 (2022 £39,245). The Company made a loss for the year of £6,609.
The directors consider that the company has sufficient financial resources to meet their operational needs.
The directors, in accordance with s.172, seek to promote the long-term success of the company, and consider the interests of all stakeholders, by regular director meetings and communication, coupled with the substantial experience of the board members and their varied skills.
Principal risks and uncertainties
The Company is exposed to a limited number of business risks, due to it's limited operational day to day activity. The risk appetite for the Company is set by the Board. The Company has identified the following as key risks and their mitigation:
Market risk
The Company is mainly exposed to market risk in respect of the negative impact of market movements on the value of investments. The Company maintains a very tight control on cost at all times in order to help mitigate the effect of downside movements in the market on the viability of the business.
Other performance indicators
The Company operates a simple business model which is dependent on the level of fees generated and control of costs. These figures are set out in the profit and loss account on page 9.
Events after the year end
The directors have been seeking a suitable acquisition for the company. The recent interest rate rises in the UK and the resultant impact on the economy, has led to an increase in the number of potential targets. As a result of the aforementioned factors, the board expects to shortly announce a major acquisition.
This report was approved by the board on 22 November 2023 and signed on its behalf.
Mr P Webb
Director
Webb 360 Ventures PLC
Independent auditor's report
to the members of Webb 360 Ventures PLC
Opinion
We have audited the financial statements of Webb 360 Ventures PLC for the year ended 30 June 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 30 June 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of 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 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.
Key matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Accounting estimates
We have considered the basis of the accounting estimates applied when preparing the financial statements and considered the responses to audit questions with professional scepticism.
Related parties
We have assessed the Company's procedures for identifying related parties and ensuring the completeness of the disclosures that are included in the financial statements.
Our application of materiality
Materiality for the financial statements as a whole was set at £1,051. This has been calculated at 3% of the benchmark of total assets, which we have determined, in our professional judgement, to be one the principal benchmarks with the financial statements relevant to members of the Company in assessing the financial position and performance.
We report to the Directors all corrected and uncorrected misstatements we identified through our audit with a value in excess of £100, in addition to other audit misstatements below that threshold that we believed warranted reporting on qualitative grounds.
An overview of the scope of our audit
Our audit is risk based and is designed to focus our efforts on the areas of greatest risk of material misstatement, aspects subject to significant management judgement as well as greatest complexity, risk and size.
We consider management override and related parties to be qualitatively material. Although it is not the responsibility of the auditor to discover fraud, clearly any instances of fraud which we detect are material to the users of the financial statements. We have tested journal entries as part of our audit procedures to address this fraud risk. For Related Parties, we have inquired with the client and also assessed the Company’s procedures regarding related parties.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have 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 strategic report or 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
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS102 and the Companies Act 2006.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of investments.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key expenses for evidence of management bias.
Obtaining confirmation of material bank balances and investments.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation and correspondence for irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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 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 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.
Mark Jackson BA FCA
(Senior Statutory Auditor) First Floor
for and on behalf of Albion House
Jacksons Albion Street
Accountants and Statutory Auditors Hull
22 November 2023 HU1 3TE
Webb 360 Ventures PLC
Income Statement
for the year ended 30 June 2023
Notes 2023 2022
£ £
Turnover 3 - 727
Administrative expenses (6,609) (7,153)
Operating loss 4 (6,609) (6,426)
Loss on ordinary activities before taxation (6,609) (6,426)
Tax on loss on ordinary activities 6 - -
Loss for the financial year (6,609) (6,426)
Webb 360 Ventures PLC
Statement of comprehensive income
for the year ended 30 June 2023
2023 2022
£ £
Loss for the financial year (6,609) (6,426)
Other comprehensive income - -
Total comprehensive income for the year (6,609) (6,426)
Webb 360 Ventures PLC Company Registration No. 06313858
Statement of Financial Position
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 7 33,794 33,794
Current assets
Debtors 9 938 -
Cash at bank and in hand 304 8,811
1,242 8,811
Creditors: amounts falling due within one year 10 (2,400) (3,360)
Net current (liabilities)/assets (1,158) 5,451
Net assets 32,636 39,245
Capital and reserves
Called up share capital 11 1,358,277 1,358,277
Share premium 12 1,123,264 1,123,264
Profit and loss account 13 (2,448,905) (2,442,296)
Total equity 32,636 39,245
Mr P Webb
Director
Approved by the board on 22 November 2023 and signed on its behalf
Webb 360 Ventures PLC
Statement of Changes in Equity
for the year ended 30 June 2023
Share Share Profit Total
capital premium and loss
account
£ £ £ £
At 1 July 2021 1,358,277 1,123,264 (2,435,870) 45,671
Loss and total comprehensive income for the financial year - - (6,426) (6,426)
At 30 June 2022 1,358,277 1,123,264 (2,442,296) 39,245
At 1 July 2022 1,358,277 1,123,264 (2,442,296) 39,245
Loss and total comprehensive income for the financial year - - (6,609) (6,609)
At 30 June 2023 1,358,277 1,123,264 (2,448,905) 32,636
Webb 360 Ventures PLC
Statement of Cash Flows
for the year ended 30 June 2023
2023 2022
£ £
Operating activities
Loss for the financial year (6,609) (6,426)
Adjustments for:
Increase in debtors (938) -
Decrease in creditors (960) -
(8,507) (6,426)
Cash used in operating activities (8,507) (6,426)
Net cash used
Cash used in operating activities (8,507) (6,426)
Net cash used (8,507) (6,426)
Cash and cash equivalents at 1 July 8,811 15,237
Cash and cash equivalents at 30 June 304 8,811
Cash and cash equivalents comprise:
Cash at bank 304 8,811
Webb 360 Ventures PLC
Notes to the Accounts
for the year ended 30 June 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Going concern
The directors have reviewed their options with respect to the future of the company and have plans to continue with the company for the foreseeable future. The company has sufficient funding to enable it to do this. The directors therefore believe that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and included cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and d settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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 deducting all of its liabilities.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates an employee share ownership plan (ESOP) trust and has de facto control of the shares held by the trust and bears their benefits and risks. The company records assets and liabilities of the trust as its own. Consideration paid by the ESOP scheme for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation to the ESOP are recognised on an accruals basis.
Share-based payments
The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options that will eventually vest.
When the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the profit and loss account over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the income statement is charged wit the fair value of the goods and services received.
2 Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 biases. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairments of assets, the directors have considered both external and internal sources of information. There have been no material indicators of impairment identified during the year.
Going concern
It is the directors assessment that the company continues to be a going concern. Accordingly assets and liabilities have been valued on the basis that the company will continue in business. If this presumption is proven to be mistaken the carrying value of assets and liabilities would need to be re-appraised to reflect the impact of cessation.
3 Analysis of turnover 2023 2022
£ £
Services rendered - 727
By geographical market:
UK - 727
4 Operating profit 2023 2022
£ £
This is stated after charging:
Auditors' remuneration for audit services 2,400 2,400
5 Average number of employees during the year 2023 2022
£ £
Number Number
- -
6 Taxation 2023 2022
£ £
Analysis of charge in period
Tax on profit on ordinary activities - -
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Loss on ordinary activities before tax (6,609) (6,426)
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax (1,256) (1,221)
Effects of:
Increase in tax losses carried forward 1,256 1,221
Current tax charge for period - -
Factors that may affect future tax charges
The company has tax losses of £1,936,642 (2022: £1,927,683) which are available to set against future profits.
7 Investments
Other
investments
Cost/valuation £
At 1 July 2022 33,794
At 30 June 2023 33,794
The company has not designated any financial assets as fair value through profit or loss.
8 Financial instruments 2023 2022
£ £
Carrying amount of financial assets
Equity instruments measured at cost less impairment 33,794 33,794
Carrying amount of financial liabilities
Measured at amortised costs 2,400 3,360
9 Debtors 2023 2022
£ £
Other debtors 938 -
10 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals and deferred income 2,400 3,360
11 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 192,300 192,300 192,300
Deferred shares £450 each 2,097 943,864 943,864
Deferred shares 15p each 1,480,753 222,113 222,113
1,358,277 1,358,277
12 Share premium 2023 2022
£ £
At 1 July 1,123,264 1,123,264
At 30 June 1,123,264 1,123,264
13 Profit and loss account 2023 2022
£ £
At 1 July (2,442,296) (2,435,870)
Loss for the financial year (6,609) (6,426)
At 30 June (2,448,905) (2,442,296)
14 Related party transactions
After the year end, Mr P Webb, a director and shareholder, has provided a loan of £7,700 to the company. This loan is interest free and repayable on demand.
15 Controlling party
There is no controlling party.
16 Functional currency
The financial statements are presented in Sterling which is also the functional currency.
17 Legal form of entity and country of incorporation
Webb 360 Ventures PLC is a public company limited by shares and incorporated in England.
18 Principal place of business
The address of the company's principal place of business and registered office is:
5th Floor
Suite 23
63-66 Hatton Garden
London
EC1N 8LE
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