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REGISTERED NUMBER: 12069211 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

FWW UK LIMITED

FWW UK LIMITED (REGISTERED NUMBER: 12069211)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FWW UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: Mr C Cashman
Mr A Cassella
Mr B McGill
Mr M H McLamb





Secretary: Vistra Cosec Limited





Registered office: First Floor Templeback
10 Templeback
Bristol
BS1 6FL





Registered number: 12069211 (England and Wales)





Auditors: Fuller & Roper Limited
Chartered Accountants and Statutory Auditors
12 Old Mills Industrial Estate
Paulton
BS39 7SU

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report for the year ended 31 December 2022.

Review of business
The company continued to operate as an intermediate holding company within the MarineMax Inc. group.

Principal risks and uncertainties
The company's principal risks and uncertainties surround the performance and success of the group. All risks are managed at a group level by the ultimate parent company, MarineMax Inc.

Financial performance
The directors are satisfied with the company's performance during the year to 31 December 2022.

Key performance indicators
As a holding company, the directors consider the key performance indicator to be net assets of £19,743,286 (2021 - £18,026,565).

On behalf of the board:





Mr M H McLamb - Director


29 February 2024

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

Principal activity
The principal activity of the company in the year under review was that of a holding company.

Dividends
During the year a dividend distribution of £4,443,198 (2021 - £Nil) was made to the immediate parent company.

Events since the end of the year
No events have occurred since the end of the year that require disclosure.

Future developments
The company is expected to continue to act as an intermediate holding company for the foreseeable future.

Qualifying third party indemnity provisions
A qualifying third party indemnity provision by Section 232(2) of the Companies Act 2006 is in force for the benefit of the directors in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which the directors may not be indemnified, a directors' and officers' liability insurance policy was in force at the date of signing the financial statements.

Directors
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr C Cashman
Mr A Cassella
Mr B McGill
Mr M H McLamb

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 accounting estimates that are reasonable and prudent;
-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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 auditors are aware of that information.

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


Auditors
The auditors, Fuller & Roper Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:




Mr M H McLamb - Director


29 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FWW UK LIMITED

Opinion
We have audited the financial statements of FWW UK Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and 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 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 Auditors' 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FWW UK LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures to respond to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis to our opinion.

We have identified and assess the potential risks related to irregularities, including fraud, by:
- Making enquiries of management regarding the compliance with laws and regulations, the detection of and response to the risk of fraud and any knowledge of actual, suspected or alleged fraud. We also discussed the controls in place to mitigate fraud risks or non-compliance with laws and regulations.
- Obtaining an understanding of the legal and regulatory framework in which the company operates. The key laws and regulations are considered to be accounting standards and the Companies Act 2006.

We have responded to risks identified by performing procedures including the following:
- Making enquiries of management concerning actual and potential litigation claims;
- Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of misstatement due to fraud; and
- Reviewing the financial statement disclosures and testing to supporting documentation.

We have also considered the risk of fraud through management override of controls by:
- Testing a sample of journal entries for appropriateness; and
- Assessing whether the judgements made in making accounting estimates are indicative of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FWW UK LIMITED


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 a Report of the Auditors 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.




Simon Roper (Senior Statutory Auditor)
for and on behalf of Fuller & Roper Limited
Chartered Accountants and Statutory Auditors
12 Old Mills Industrial Estate
Paulton
BS39 7SU

4 March 2024

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £   

TURNOVER - -

Administrative expenses 246,426 (72,687 )
246,426 (72,687 )

Other operating income 1,809,696 1,719,872
OPERATING PROFIT 4 2,056,122 1,647,185

Income from fixed asset investments 2,526,819 -
4,582,941 1,647,185

Interest payable and similar expenses 5 (15,493 ) (669 )
PROFIT BEFORE TAXATION 4,567,448 1,646,516

Tax on profit 6 (387,739 ) (312,914 )
PROFIT FOR THE FINANCIAL YEAR 4,179,709 1,333,602

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £   

PROFIT FOR THE YEAR 4,179,709 1,333,602


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

4,179,709

1,333,602

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

BALANCE SHEET
31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £   
FIXED ASSETS
Investments 8 15,482,787 15,333,028

CURRENT ASSETS
Debtors 9 4,986,900 2,699,673
Cash at bank 78,545 412,234
5,065,445 3,111,907
CREDITORS
Amounts falling due within one year 10 (804,946 ) (418,370 )
NET CURRENT ASSETS 4,260,499 2,693,537
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,743,286

18,026,565

CAPITAL AND RESERVES
Called up share capital 11 1 1
Capital contribution reserve 12 18,396,554 16,416,344
Retained earnings 12 1,346,731 1,610,220
SHAREHOLDERS' FUNDS 19,743,286 18,026,565

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





Mr M H McLamb - Director


FWW UK LIMITED (REGISTERED NUMBER: 12069211)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained contribution Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2021 1 276,618 16,416,344 16,692,963

Changes in equity
Total comprehensive income - 1,333,602 - 1,333,602
Balance at 31 December 2021 1 1,610,220 16,416,344 18,026,565

Changes in equity
Total comprehensive income - 4,179,709 - 4,179,709
Dividends - (4,443,198 ) - (4,443,198 )
Capital contribution - - 1,980,210 1,980,210
Balance at 31 December 2022 1 1,346,731 18,396,554 19,743,286

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

FWW UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 11 Financial Instruments paragraphs:
11.41(b),11.41(c),11.41(e),11.41(f),11.42,11.44,11.45,11.48(a)(iii),11.48(a)(iv),11.48(b),11.48(c).

This information is included in the consolidated financial statements of MarineMax Inc. The consolidated financial statements of MarineMax Inc. can be obtained from Suite 200, 2600 McCormick Drive, Clearwater, FL 33759, USA.

Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the director is 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 basis. 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 directors do not consider there to be any significant judgments or estimation uncertainty.

Preparation of consolidated financial statements
The financial statements contain information about FWW UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its ultimate parent, MarineMax Inc. Copies of the consolidated group financial statements can be obtained from Suite 200, 2600 McCormick Drive, Clearwater, FL 33759, USA.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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 settle the liability simultaneously.

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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 initially recognised at transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Other operating income
Other operating income represents the board fees received.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2022 nor for the year ended 31 December 2021.

The average number of employees during the year was NIL (2021 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/22 31/12/21
£    £   
Auditors' remuneration 4,380 7,100
Foreign exchange differences (282,735 ) 57,848

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/22 31/12/21
£    £   
Interest on CT 15,493 669

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/22 31/12/21
£    £   
Current tax:
UK corporation tax 387,739 312,914
Tax on profit 387,739 312,914

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/22 31/12/21
£    £   
Profit before tax 4,567,448 1,646,516
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 -
19%)

867,815

312,838

Effects of:
Expenses not deductible for tax purposes 19 76
Income not taxable for tax purposes (480,095 ) -
Total tax charge 387,739 312,914

The Finance Act 2021 was substantively enacted in May 2021 and increased the corporation tax rate from 19% to 25% with effect from 1 April 2023.

7. DIVIDENDS
31/12/22 31/12/21
£    £   
Ordinary share of 1
Final 4,443,198 -

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2022 15,333,028
Additions 149,759
At 31 December 2022 15,482,787
Net book value
At 31 December 2022 15,482,787
At 31 December 2021 15,333,028

The company's investments at the Balance Sheet date in the share capital of companies include the following:

TCN Antibes S.A.R.L
Registered office: Incorporated in France
Class of shares: Ordinary shares
Holding: 100%

Fraser Yachts Spain SLU
Registered office: Incorporated in Spain
Class of shares: Ordinary shares
Holding: 100%

Fraser Yachts Limited
Registered office: Incorporated in England & Wales
Class of shares: Ordinary shares
Holding: 100%

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

8. FIXED ASSET INVESTMENTS - continued

Fraser Yachts Management and Services LLC
Registered office: Incorporated in Qatar
Class of shares: Ordinary shares
Holding: 49%

Fraser Yachts Group S.R.L
Registered office: Incorporated in Italy
Class of shares: Ordinary shares
Holding: 100%

Northrop & Johnson Group Spain S.L.U
Registered office: Incorporated in Spain
Class of shares: Ordinary shares
Holding: 100%

Fraser Yachts Greece IKE
Registered office: Incorporated in Greece
Class of shares: Ordinary shares
Holding: 100%

Fraser Worldwide S.A.M
Registered office: Incorporated in Monaco
Class of shares: Ordinary shares
Holding: 100%

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Amounts owed by group undertakings 4,985,057 2,699,673
Prepayments 1,843 -
4,986,900 2,699,673

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Trade creditors 7,742 4,500
Amounts owed to group undertakings 7,384 23,662
Tax 782,500 379,168
Accrued expenses 7,320 11,040
804,946 418,370

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/22 31/12/21
value: £    £   
1 Ordinary 1 1 1

FWW UK LIMITED (REGISTERED NUMBER: 12069211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. RESERVES
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 January 2022 1,610,220 16,416,344 18,026,564
Profit for the year 4,179,709 4,179,709
Dividends (4,443,198 ) (4,443,198 )
Capital contribution - 1,980,210 1,980,210
At 31 December 2022 1,346,731 18,396,554 19,743,285

Called up share capital
Called up share capital represents the aggregate nominal value of shares issued.

Retained earnings
Retained earnings represent cumulative profits, losses and total comprehensive income made by the company, including distributions to the parent company.

Capital contribution reserve
The capital contribution reserve represents contributions from the parent company.

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is FWW LLC, a company incorporated in the United States of America. The ultimate parent company is considered to be MarineMax Inc, a company incorporated in the United States of America and listed on the New York Stock Exchange. Copies of the consolidated group financial statements are available from Suite 200, 2600 McCormick Drive, Clearwater, FL 33759, USA.