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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. |
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Key matters |
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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. |
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Accounting estimates |
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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. |
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Related parties |
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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. |
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Our application of materiality |
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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. |
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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. |
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An overview of the scope of our audit |
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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. |
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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. |
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Conclusions relating to going concern |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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. |
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We have nothing to report in this regard. |
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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. |
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Matters on which we are required to report by exception |
Webb 360 Ventures PLC |
Notes to the Accounts |
for the year ended 30 June 2023 |
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1 |
Summary of significant accounting policies |
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Basis of preparation |
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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. |
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Going concern |
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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. |
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Investments |
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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. |
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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. |
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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. |
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Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
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Cash and cash equivalents |
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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. |
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Financial instruments |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial assets |
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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. |
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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. |
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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. |
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Classification of financial liabilities |
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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. |
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Basic financial liabilities |
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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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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. |
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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. |
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Equity instruments |
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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. |
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Derivatives |
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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. |
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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. |
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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. |
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Employee benefits |
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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. |
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The cost of unused holiday entitlement is recognised in the period in which the employee's services are received. |
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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. |
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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. |
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Share-based payments |
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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. |
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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. |
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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. |
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2 |
Critical accounting estimates and judgements |
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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. |
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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. |
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The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
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Assessing indicators of impairment |
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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. |
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Going concern |
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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. |
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3 |
Analysis of turnover |
2023 |
|
2022 |
£ |
£ |
|
|
Services rendered |
- |
|
727 |
|
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|
|
|
|
|
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|
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By geographical market: |
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UK |
- |
|
727 |
|
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|
|
|
|
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|
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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 |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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|
|
|
|
|
|
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) |
|
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Effects of: |
|
Increase in tax losses carried forward |
1,256 |
|
1,221 |
|
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Current tax charge for period |
- |
|
- |
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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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 |
|
|
|
|
|
|
|
|
|
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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 |
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|
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 |
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|
There is no controlling party. |
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16 |
Functional currency |
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The financial statements are presented in Sterling which is also the functional currency. |
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17 |
Legal form of entity and country of incorporation |
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Webb 360 Ventures PLC is a public company limited by shares and incorporated in England. |
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18 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
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5th Floor |
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Suite 23 |
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63-66 Hatton Garden |
|
London |
|
EC1N 8LE |