Fastline Pty Ltd |
Accountants' Report |
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Accountants' report to the directors of |
Fastline Pty Ltd |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fastline Pty Ltd for the year ended 31 December 2023 set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at cima.com. This report is made solely to the Board of Directors of Fastline Pty Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fastline Pty Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Management Accountants as detailed at cima.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fastline Pty Ltd and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Fastline Pty Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fastline Pty Ltd. You consider that Fastline Pty Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Fastline Pty Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
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Mark R Hill BSc (Econ) Dip ACMA |
Simple Accounting Limited |
Chartered Management Accountants |
95 Bridge Lanes |
Hebden Bridge |
HX7 6AT |
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10 August 2024 |
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Fastline Pty Ltd |
Registered number: |
05858399 |
Balance Sheet |
as at 31 December 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
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18,283 |
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20,387 |
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Current assets |
Stocks |
4 |
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364,407 |
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408,450 |
Debtors |
5 |
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33,315 |
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53,192 |
Cash at bank and in hand |
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(19,957) |
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12,435 |
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377,765 |
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474,077 |
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Creditors: amounts falling due within one year |
6 |
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(75,562) |
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(163,294) |
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Net current assets |
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302,203 |
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310,783 |
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Total assets less current liabilities |
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320,486 |
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331,170 |
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Creditors: amounts falling due after more than one year |
7 |
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(311,571) |
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(326,341) |
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Net assets |
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8,915 |
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4,829 |
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Capital and reserves |
Called up share capital |
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1,000 |
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1,000 |
Profit and loss account |
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7,915 |
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3,829 |
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Shareholders' funds |
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8,915 |
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4,829 |
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Notes to Financial Statement |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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S C W Heap |
Director |
Approved by the board on 10 August 2024 |
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Fastline Pty Ltd |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts 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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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant, machinery and vehicles |
0% first year and 25% RB afterwards |
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Smaller fixtures, fittings, tools and equipment |
0% first year and 25% RB afterwards |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
Number |
Number |
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Average number of persons employed by the company |
10 |
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9 |
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Employee Costs |
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Wages and salaries |
165,856 |
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228,052 |
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Directors' salaries |
21,000 |
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35,000 |
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Employer's NI |
56,183 |
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1,808 |
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Contractors |
5,752 |
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279 |
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Other staff costs |
7,079 |
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4,570 |
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255,870 |
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269,709 |
3 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
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Plant, Machinery and vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
20,082 |
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30,165 |
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50,247 |
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Additions |
2,607 |
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387 |
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2,994 |
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At 31 December 2023 |
22,689 |
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30,552 |
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53,241 |
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Depreciation |
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At 1 January 2023 |
6,867 |
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22,994 |
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29,861 |
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Charge for the year |
3,305 |
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1,792 |
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5,097 |
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At 31 December 2023 |
10,172 |
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24,786 |
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34,958 |
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Net book value |
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At 31 December 2022 |
13,215 |
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7,171 |
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20,386 |
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At 31 December 2023 |
12,517 |
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5,766 |
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18,283 |
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4 |
Stock |
2023 |
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2022 |
£ |
£ |
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Stocks |
364,407 |
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408,450 |
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364,407 |
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408,450 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
3,538 |
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20,173 |
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Other debtors |
26,579 |
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33,019 |
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VAT |
3,198 |
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- |
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33,315 |
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53,192 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
64,406 |
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133,172 |
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Credit card |
4,887 |
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4,178 |
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Goods Received not invoiced |
- |
|
638 |
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Customer Deposits |
4,835 |
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7,132 |
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Accruals |
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1,434 |
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1,371 |
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VAT |
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- |
|
272 |
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Other taxes and social security costs |
- |
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16,531 |
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75,562 |
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163,294 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bounceback loan |
38,177 |
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44,126 |
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Long term finance |
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256,399 |
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263,215 |
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Provisions for liabilities |
15,000 |
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15,000 |
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Director loan account |
1,995 |
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4,000 |
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311,571 |
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326,341 |
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8 |
Share Capital |
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2023 |
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2022 |
£ |
£ |
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Share in issue at 31 December 2023 |
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1,000 |
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1,000 |
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9 |
Other Information |
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Fastline Pty Ltd is a private company limited by shares and incorporated in England. Its registered office is |
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Unit 1c 1 Watchmoor Road |
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Watchmore Industrial units |
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Watchmoor Park, Camberley |
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Surrey |
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England |
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GU15 3AQ |