Company registration number 02672181 (England and Wales)
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
COMPANY INFORMATION
Directors
J R A Jarratt
N E Shepherdson
L H Shepherdson
A V Shepherdson
Secretary
Q R Spratt
Company number
02672181
Registered office
Oakmere Toyota
Manchester Road
Northwich
England
CW9 7NA
Auditor
UHY Hacker Young Manchester LLP
St James Building
79 Oxford Street
Manchester
M1 6HT
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 29 March 2023.

Review of the business

Christopher Neil Management Services Limited is a leading family owned multi franchised dealer operating Toyota/Mazda/Lotus/Caterham/Morgan/VW. The group believes the customers are at the heart of everything the group does. The Directors believe that the group’s long-term sustainability is driven by understanding the customer needs and acting in their best interests. Part of the ethos throughout the business is to continue meeting the customer’s expectations in delivering a first-class service especially in the sports car sector.

 

The business has seen a decrease in trading compared to prior year’s performance. This has decreased by £1.5m in turnover year on year equating to a £697k reduction in gross profit. Administrative expenses and other income saw a decrease and a positive addition to the net profit of £47k. Overall the business saw decrease year on year by £653k but still remains in a profitable. The business contributed a net EBITDA of £428k despite all the constraints especially in the sports car market. The constraints in the economy with inflation at a record high and interest rates continuing to rise has been a contributing factor in slowing the market. That coupled with the constraints on new car supply has meant that most sales have come from the used car operation, however this has put added pressure on margins especially in a market where there is a lot of uncertainty and customers not changing their vehicles as frequent. The commitments in terms of motorsport have put added costs into the business. The senior management continue to put a large emphasis on purchasing the right stock that fits the profile for the brands. The strategy implemented with the investment in motorsport will see an improved performance moving forward. Strong accounting controls continue to assist the operational decision making.

 

Principal risks and uncertainties

The management of the business and the nature of the group's strategy are subject to a number of risks. The directors have set out below the principal risks facing the business.

 

Manufacturers supply of new and improved products

The group is reliant on new vehicle products from its manufacturer partners. This exposes the group to risks in a number of areas as the group is dependent on its manufacturers/suppliers in respect of:

 

 

The directors are confident that future new products from its manufacturers/suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by the other core business areas of the company, including used vehicle sales, parts sales and service work.

 

Used vehicle price variation

Used vehicle prices can decline significantly. As a significant proportion of the business comprises used vehicle sales, these declines can have a material impact on the business. The impact of declines in used vehicle prices can result in reduced profits on sales and also write-downs in the value of used vehicle stock.

 

Competition

The group competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet-based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. The group competes for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.

 

Group, people and reputation

The group has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the group result and reinforcing the underlying group brand. The group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 2 -

Economic downturn

The success of the business is reliant on consumer spending. An economic downturn, resulting in the reduction of consumer spending power will have a direct impact on the income achieved by the group.

 

In response to this risk senior management aim to keep abreast of economic conditions. In cases of severe economic downturn marketing and pricing strategies are modified to reflect the new market conditions.

On behalf of the board

L H Shepherdson
Director
6 September 2024
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 29 March 2023.

Principal activities

The principal activity of the company and group continued to be that of provision of management services for its subsidiaries. The principal activities of its subsidiaries is that of motor vehicle dealerships and associated activities.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J R A Jarratt
N E Shepherdson
L H Shepherdson
A V Shepherdson
Financial instruments

The group uses various financial instruments which include bank, financial institution and stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.

 

The main risks arising from the group's financial instruments are interest rate risk, liquidity risk and credit risk. The directors review and agrees policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably.

 

The group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.

Interest rate risk

The group finances its operations through a mixture of bank and other external borrowings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. The balance sheet includes trade debtors and creditors which do not attract interest and are therefore subject to fair value interest rate risk.

Credit risk

The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.

 

In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.

Auditor

In accordance with the company's articles, a resolution proposing that UHY Hacker Young Manchester LLP be reappointed as auditor of the group will be put at a General Meeting.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
L H Shepherdson
Director
6 September 2024
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Christopher Neil Management Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

Extent to which the audit was considered capable of detecting irregularities including fraud

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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of used vehicle stocks and recognition of supplier incentives. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
- 7 -

Our procedures to respond to risks identified included the following:

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We also obtained an understanding of the legal and regulatory frameworks the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the company's FCA regulatory requirements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Ian McMahon FCCA FMAAT (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young Manchester LLP
6 September 2024
Chartered Accountants
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
28,708,213
30,243,681
Cost of sales
(25,238,597)
(26,076,917)
Gross profit
3,469,616
4,166,764
Administrative expenses
(3,406,016)
(3,330,766)
Other operating income
234,017
111,045
Operating profit
4
297,617
947,043
Interest receivable and similar income
7
-
0
280
Interest payable and similar expenses
8
(8,410)
(4,705)
Profit before taxation
289,207
942,618
Tax on profit
9
(59,568)
(160,258)
Profit for the financial year
22
229,639
782,360
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
GROUP BALANCE SHEET
AS AT
29 MARCH 2023
29 March 2023
- 9 -
29 March 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
772,837
753,431
Investment property
12
1,148,821
1,148,821
1,921,658
1,902,252
Current assets
Stocks
15
6,197,212
5,067,089
Debtors
16
2,644,991
2,544,034
Cash at bank and in hand
-
2,360,004
8,842,203
9,971,127
Creditors: amounts falling due within one year
17
(5,043,895)
(6,369,320)
Net current assets
3,798,308
3,601,807
Total assets less current liabilities
5,719,966
5,504,059
Provisions for liabilities
Deferred tax liability
19
40,216
53,948
(40,216)
(53,948)
Net assets
5,679,750
5,450,111
Capital and reserves
Called up share capital
21
100,000
100,000
Capital redemption reserve
22
200,000
200,000
Profit and loss reserves
22
5,379,750
5,150,111
Total equity
5,679,750
5,450,111
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
L H Shepherdson
Director
Company registration number 02672181 (England and Wales)
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 29 MARCH 2023
29 March 2023
- 10 -
29 March 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1
1
Investment property
12
1,148,821
1,148,821
Investments
13
850,000
850,000
1,998,822
1,998,822
Current assets
Debtors
16
1,440,819
1,434,113
Creditors: amounts falling due within one year
17
(2,316,849)
(2,314,139)
Net current liabilities
(876,030)
(880,026)
Total assets less current liabilities
1,122,792
1,118,796
Provisions for liabilities
Deferred tax liability
19
(552)
(797)
552
797
Net assets
1,123,344
1,119,593
Capital and reserves
Called up share capital
21
100,000
100,000
Capital redemption reserve
22
200,000
200,000
Profit and loss reserves
22
823,344
819,593
Total equity
1,123,344
1,119,593

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,751 (2022 - £47,377 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
L H Shepherdson
Director
Company registration number 02672181 (England and Wales)
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
100,000
200,000
4,367,751
4,667,751
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
782,360
782,360
Balance at 31 March 2022
100,000
200,000
5,150,111
5,450,111
Year ended 29 March 2023:
Profit and total comprehensive income
-
-
229,639
229,639
Balance at 29 March 2023
100,000
200,000
5,379,750
5,679,750
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
100,000
200,000
772,216
1,072,216
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
47,377
47,377
Balance at 31 March 2022
100,000
200,000
819,593
1,119,593
Year ended 29 March 2023:
Profit and total comprehensive income
-
-
3,751
3,751
Balance at 29 March 2023
100,000
200,000
823,344
1,123,344
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(362,833)
442,994
Interest paid
(8,410)
(4,705)
Income taxes refunded/(paid)
60,959
(87,264)
Net cash (outflow)/inflow from operating activities
(310,284)
351,025
Investing activities
Purchase of tangible fixed assets
(149,765)
(78,329)
Repayment of loans
(281,762)
(199,980)
Interest received
-
0
280
Net cash used in investing activities
(431,527)
(278,029)
Financing activities
Repayment of bank loans
(21,542)
(30,308)
Net cash used in financing activities
(21,542)
(30,308)
Net (decrease)/increase in cash and cash equivalents
(763,353)
42,688
Cash and cash equivalents at beginning of year
579,390
536,702
Cash and cash equivalents at end of year
(183,963)
579,390
Relating to:
Cash at bank and in hand
-
2,360,004
Bank overdrafts included in creditors payable within one year
(183,963)
(1,780,614)
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023
- 14 -
1
Accounting policies
Company information

Christopher Neil Management Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Oakmere Toyota, Manchester Road, Northwich, England, CW9 7NA.

 

The group consists of Christopher Neil Management Services Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Christopher Neil Management Services Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

Sale of motor vehicles, parts and accessories are recognised on the earlier of full payment by, or delivery date to, the customer. Any other manufacturer income in relation to achieving targets is recognised on an accruals basis. Servicing revenue is recognised on the completion of the agreed work.

Turnover from commission's receivable is recognised when the amount can be reliably measured and it is probable that the group will receive the consideration.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
4% on cost
Leasehold land and buildings
4% on cost
Plant and machinery
10-25% on cost
Fixtures and fittings
10-25% on cost
Computers
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Stocks

Stocks are stated at the lower of cost and net realisable value. Costs comprises direct material and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Consignment stock

Consignment vehicles which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with FRS 102 are included in stocks on the balance sheet, although legal title has not passed to the group. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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 any 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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Consignment stock

Vehicles held on consignment have been included in stocks on the basis that the company has determined that it holds the significant risks and rewards attached to those vehicles.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass’ and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Useful lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets so these are re-assessed annually and amended when necessary to reflect current estimates. See the accounting policies note for the useful economic lives for each class of assets.

3
Turnover and other revenue

All turnover arose in the UK.

2023
2022
£
£
Turnover analysed by class of business
Sales of goods
27,008,130
28,834,283
Rendering of services
1,700,083
1,409,398
28,708,213
30,243,681
2023
2022
£
£
Other revenue
Interest income
-
280
Grants received
-
31,265
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(31,265)
Fees payable to the group's auditor for the audit of the group's financial statements
6,000
2,215
Depreciation of owned tangible fixed assets
130,359
122,048
Operating lease charges
102,075
110,249
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production and sales staff
60
60
-
-
Admin and management
10
10
3
3
Total
70
70
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,170,733
2,083,068
139,603
138,798
Social security costs
279,804
215,304
18,370
14,915
Pension costs
47,098
42,112
3,575
3,435
2,497,635
2,340,484
161,548
157,148
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
139,603
138,798
Company pension contributions to defined contribution schemes
3,575
3,435
143,178
142,233

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 21 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
280
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
8,410
4,705
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
94,001
147,642
Adjustments in respect of prior periods
(20,701)
-
0
Total current tax
73,300
147,642
Deferred tax
Origination and reversal of timing differences
(13,732)
12,616
Total tax charge
59,568
160,258

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
289,207
942,618
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
54,949
179,097
Tax effect of expenses that are not deductible in determining taxable profit
2,316
948
Adjustments in respect of prior years
(20,701)
-
0
Depreciation on assets not qualifying for tax allowances
6,414
8,233
Changes in tax rate
-
0
12,948
Movement in deferred tax not recognised
(3,164)
(36,993)
Super-deduction expenditure adjustment
-
0
(3,975)
Losses carried back
19,754
-
0
Taxation charge
59,568
160,258
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 22 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 29 March 2023
386,228
Amortisation and impairment
At 1 April 2022 and 29 March 2023
386,228
Carrying amount
At 29 March 2023
-
0
At 31 March 2022
-
0
The company had no intangible fixed assets at 29 March 2023 or 31 March 2022.
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 23 -
11
Tangible fixed assets
Group
Freehold property
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2022
1,195,417
50,541
678,560
573,314
1,248
128,878
2,627,958
Additions
105,778
-
0
23,837
4,817
-
0
15,333
149,765
At 29 March 2023
1,301,195
50,541
702,397
578,131
1,248
144,211
2,777,723
Depreciation and impairment
At 1 April 2022
728,634
4,132
563,106
497,797
1,247
79,611
1,874,527
Depreciation charged in the year
43,297
2,018
43,687
24,676
-
0
16,681
130,359
At 29 March 2023
771,931
6,150
606,793
522,473
1,247
96,292
2,004,886
Carrying amount
At 29 March 2023
529,264
44,391
95,604
55,658
1
47,919
772,837
At 31 March 2022
466,783
46,409
115,454
75,517
1
49,267
753,431
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 24 -
Company
Computers
£
Cost
At 1 April 2022 and 29 March 2023
1,248
Depreciation and impairment
At 1 April 2022 and 29 March 2023
1,247
Carrying amount
At 29 March 2023
1
At 31 March 2022
1
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 April 2022 and 29 March 2023
1,148,821
1,148,821

The directors believe this group cost of £1,148,821 (2022: £1,148,821) remains the fair value.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
850,000
850,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 29 March 2023
850,000
Carrying amount
At 29 March 2023
850,000
At 31 March 2022
850,000
14
Subsidiaries

Details of the company's subsidiaries at 29 March 2023 are as follows:

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
14
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Christopher Neil Limited
Oakmere Toyota, Manchester Road, Northwich, England, CW9 7NA
Motor dealer
Ordinary
100.00
Oakmere Cars Limited
Oakmere Toyota, Manchester Road, Northwich, England, CW9 7NA
Motor dealer
Ordinary
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Parts and accessories
91,851
284,423
-
-
Vehicle stock
6,105,361
4,782,666
-
0
-
0
6,197,212
5,067,089
-
-

During the period an impairment loss of £76,360 (2022: £138,876) was recognised against stock.

 

All vehicle stock is pledged as security for the group's vehicle funding and bank facilities.

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
953,085
1,133,825
-
0
-
0
Corporation tax recoverable
123,952
106,096
120,898
123,743
Amounts owed by group undertakings
-
-
-
287,748
Other debtors
1,319,921
1,048,354
1,319,921
1,022,622
Prepayments and accrued income
248,033
255,759
-
0
-
0
2,644,991
2,544,034
1,440,819
1,434,113
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
183,963
1,802,156
1,646,054
1,802,156
Trade creditors
3,203,694
2,899,386
52,862
62,170
Amounts owed to group undertakings
-
0
-
0
576,019
371,868
Corporation tax payable
175,283
23,168
-
0
-
0
Other taxation and social security
162,812
155,787
4,956
4,339
Other creditors
945,379
809,005
-
0
-
0
Accruals and deferred income
372,764
679,818
36,958
73,606
5,043,895
6,369,320
2,316,849
2,314,139

Vehicle funding of £2,533,787 (2022: £1,677,735) included within trade creditors is secured directly over the vehicles to which it relates.

18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
21,542
-
0
21,542
Bank overdrafts
183,963
1,780,614
1,646,054
1,780,614
183,963
1,802,156
1,646,054
1,802,156
Payable within one year
183,963
1,802,156
1,646,054
1,802,156

The bank overdraft is secured by a fixed and floating charge over all the assets of the company. In addition there is a inter-company guarantee given by other companies within the group.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
51,761
53,948
Tax losses
(11,545)
-
40,216
53,948
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
19
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
(497)
(797)
Tax losses
(55)
-
(552)
(797)
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 April 2022
53,948
(797)
(Credit)/charge to profit or loss
(13,732)
245
Liability/(Asset) at 29 March 2023
40,216
(552)
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,098
42,112

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
22
Reserves
Profit and loss reserves

This reserve includes all current and prior period retained profits and losses, less dividends paid.

23
Financial commitments, guarantees and contingent liabilities

Oakmere Cars Limited and Christopher Neil Limited provide a cross guarantee in respect of Christopher Neil Management Service Limited. At the balance sheet date there were potential contingent liabilities of £2,836,643 (2022: £1,780,614) respectively.

CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 28 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
80,000
80,000
-
-
Between two and five years
60,000
140,000
-
-
140,000
220,000
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
122,415
-
-
-

There is a capital commitment for a refurbishment of the Toyota showroom. The full costs of the refurbishments is unknown but is required under the manufactures licence.

26
Related party transactions

During the year the group paid rent amounting to £80,000 (2022: £80,000) in respect of a property it has occupied which is owned by a related pension trust. At 31 March 2023 the group owed £33,333 (2022: £33,333).

27
Directors' transactions

Included in other debtors are the following loans from directors as at 29 March 2023 which are interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
N E Shepherdson
-
442,876
85,000
527,876
L H Shepherdson
-
171,182
146,762
317,944
A V Shepherdson
-
267,796
50,000
317,796
881,854
281,762
1,163,616
28
Controlling party
CHRISTOPHER NEIL MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
28
Controlling party
(Continued)
- 29 -

The company shareholding is currently held under the control of the HN Shepherdson will trust. The trustees of this trust are deemed to be the ultimate controlling party with 2 of them being beneficiaries.

29
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
229,639
782,360
Adjustments for:
Taxation charged
59,568
160,258
Finance costs
8,410
4,705
Investment income
-
0
(280)
Depreciation and impairment of tangible fixed assets
130,359
122,048
Movements in working capital:
(Increase)/decrease in stocks
(898,446)
1,063,897
Decrease in debtors
198,661
365,790
Decrease in creditors
(91,024)
(2,055,784)
Cash (absorbed by)/generated from operations
(362,833)
442,994
30
Analysis of changes in net funds/(debt) - group
1 April 2022
Cash flows
29 March 2023
£
£
£
Cash at bank and in hand
2,360,004
(2,360,004)
-
Bank overdrafts
(1,780,614)
1,596,651
(183,963)
579,390
(763,353)
(183,963)
Borrowings excluding overdrafts
(21,542)
21,542
-
557,848
(741,811)
(183,963)
2023-03-292022-04-01falseCCH SoftwareCCH Accounts Production 2024.200J R A JarrattN E ShepherdsonL H ShepherdsonA V ShepherdsonQ R 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