Registration number:
The Abbeyfield Fareham Society Ltd
for the Year Ended 30 September 2023
The Abbeyfield Fareham Society Ltd
Contents
Company Information |
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Abridged Statement of Financial Position |
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Notes to the Unaudited Abridged Financial Statements |
The Abbeyfield Fareham Society Ltd
Company Information
Chairman |
Mr T. Ayles |
Directors |
Mrs F Ryan Mrs A. Daneshvar Mr B. Morris Mr N. How - Treasurer Mr P. Daneshvar |
Company secretary |
Ms J Steel |
Registered office |
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Accountants |
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The Abbeyfield Fareham Society Ltd
(Registration number: 00780423)
Abridged Statement of Financial Position as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Income and expenditure account |
765,211 |
760,729 |
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Total reserves |
765,211 |
760,729 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been 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 Consolidated Statement of Comprehensive Income.
Approved and authorised by the
The Abbeyfield Fareham Society Ltd
(Registration number: 00780423)
Abridged Statement of Financial Position as at 30 September 2023
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The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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, 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.
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 & fittings |
10% straight line |
The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Computer equipment |
33.33% straight line |
Buildings |
2.5% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
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 consolidated statement of comprehensive income 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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
- |
( |
( |
At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Included within the net book value of land and buildings above is £658,914 (2022 - £630,318) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and Buildings was revalued on
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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- |
The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
6 Value for Money Metrics
Metric 1 : Reinvestment %
2023 |
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Development of new properties |
- |
- |
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Newly built properties acquired |
- |
- |
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Works to existing |
36,153 |
64,925 |
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Capitalised interest |
- |
- |
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Schemes completed |
- |
- |
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36,153 |
64,925 |
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. |
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Tangiable fixed assets housing properties at cost |
703,195 |
667,042 |
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Tangiable fixed assets housing properties at valuation |
- |
- |
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703,195 |
667,042 |
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. |
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Metric % |
5.14% |
9.73% |
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Metric 2a : New Supply (Social Housing Units) %
2023 |
2022 |
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Total social units developed or acquired in year |
- |
- |
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Social leasehold units |
- |
- |
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- |
- |
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Total social housing units owned |
16 |
15 |
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Social leasehold units owned |
- |
- |
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16 |
15 |
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Metric % |
- |
- |
The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Metric 2b : New Supply (Non-Social Housing Units) %
2023 |
2022 |
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Total non-social rental housing units owned (acquired in year) |
- |
- |
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Non-social leaehold units owned (acquired in year) |
- |
- |
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New outright sale units (developed or acquired) |
- |
- |
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- |
- |
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Total social housing units owned (period end) |
16 |
15 |
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Total non-social rental housing units owned (period end) |
- |
- |
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Social leasehold units owned (period end) |
- |
- |
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Non-social leasehold units owned (period end) |
- |
- |
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16 |
15 |
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Metric % |
- |
- |
Metric 3 : Gearing %
2023 |
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Short-term loans |
5,589 |
5,941 |
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Long-term loans |
83,840 |
89,113 |
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Cash and cash equivalents |
(172,079) |
(197,279) |
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Amounts owed to group undertakings |
- |
- |
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Finance lease obligations |
- |
- |
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(82,650) |
(102,225) |
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. |
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Tangiable fixed assets housing properties at cost |
703,195 |
667,042 |
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Tangiable fixed assets housing properties at valuation |
- |
- |
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703,195 |
667,042 |
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. |
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Metric % |
(11.75)% |
(15.33)% |
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The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Metric 4 : EBITDA MRI Interest Cover %
2023 |
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Operating surplus/(deficit) overall |
9,785 |
192,680 |
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Gain/(loss) on disposal of fixed assets (housing properties) |
- |
- |
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Amortised government grants |
- |
- |
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Government grants taken to income |
- |
- |
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Interest receivable |
(1,739) |
(50) |
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Capitalised major repairs expenditure for period |
- |
- |
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Total depreciation charge for period |
13,169 |
13,028 |
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21,215 |
205,658 |
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. |
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Interest capitalised |
- |
- |
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Interest payable and financing costs |
7,160 |
6,281 |
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7,160 |
6,281 |
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. |
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Metric % |
2.96% |
32.74% |
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The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Metric 5 : Headline Social Housing Cost £
2023 |
2022 |
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£ |
£ |
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Management costs |
24,138 |
10,035 |
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Service charge costs |
105,157 |
100,484 |
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Routine maintenance costs |
10,869 |
10,523 |
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Planned maintenance costs |
6,539 |
2,572 |
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Major repairs expenditure |
11,108 |
3,241 |
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Lease costs |
- |
- |
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Capitalised major repairs expenditure for period |
22,941 |
- |
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Other (social housing letting) costs |
70,432 |
36,667 |
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Charges for support services |
300 |
300 |
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Development services |
- |
- |
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Community/neighbourhood services |
- |
- |
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Other social housing activities : Other |
- |
- |
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251,483 |
163,821 |
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Total social housing units owned and/or managed at period end |
16 |
15 |
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16 |
15 |
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Metric £ |
15,718 |
10,921 |
The Abbeyfield Fareham Society Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Metric 6a : Operating Margin (social housing lettings) %
2023 |
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Operating Surplus/(deficit) (social housing lettings) |
9,785 |
192,680 |
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. |
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Turnover from social housing lettings |
247,177 |
226,770 |
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. |
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Metric % |
3.96% |
84.97% |
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Metric 6b : Operating Margin (Overall) %
2023 |
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Operating surplus/(deficit) overall |
9,785 |
192,680 |
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Gain/(loss) on disposal of fixed assets (housing properties) |
- |
- |
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9,785 |
192,680 |
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. |
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Turnover (overall) |
247,177 |
226,770 |
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. |
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Metric % |
3.96% |
84.97% |
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Metric 7 : Return on Capital Employed %
2023 |
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Operating surplus/(deficit) overall |
9,785 |
192,680 |
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Share of operating surplus/(deficit) in joint ventures or associates |
- |
- |
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9,785 |
192,680 |
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. |
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Total assets less current liabilities |
849,051 |
849,842 |
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. |
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Metric % |
1.15% |
22.67% |
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