Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
COMPANY INFORMATION
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LIFE BUILD SOLUTIONS LTD
CONTENTS
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LIFE BUILD SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the company continues to be new build, fit out and refurbishment projects, always providing value, reliability and high-quality workmanship. In this year's trading we continue to maintain a high level of repeat business with 82% of our construction turnover from our loyal clients and consultants. LIFE Build has a strong, reputable and widely recognized brand identity which continues to result in enquiries from a broader spectrum of notable clients.
LIFE Build undertakes projects from £1m to £30m, with the level of care and service excellence our clients deserve. The company operates from headquarters in High Wycombe and our area of operation includes Bedfordshire, Berkshire, Buckinghamshire, Hampshire, Hertfordshire, London, Oxfordshire and Surrey. We will on occasion work beyond this area for our established clients.
We work hard to take clients concerns away, knowing that their experience through the process is as important as a great outcome with regard to time, budget and quality. It's our mission to create client relationships for LIFE. The results of the Company for the year, as set out on pages 9 to 29, show a profit on ordinary activities before tax of £2.1 million (2022: profit of £0.35 million), with net asset of £5.1 million (2022: £4.1million). The financial position of the company remains robust. The liquidity position of the company remains strong.
The Directors were satisfied with the results for 2023 considering the continuing effect of inflation, shortages of materials and increased labour costs. All have created the most challenging conditions that the Construction Industry has had to endure for decades. LIFE Build is aware of the fragility in the Markets and the potential downturn in economic activities, we have however the flexibility and expertise to work in a tighter economy without impacting upon our ability to deliver. Our order book secured for 2024 gives us the confidence that there is opportunity in our market place for continued positive results for the company in spite of market challenges.
The nature of the sector in which the company operates means that Health and Safety risks are a key area of focus and the company continues to concentrate on the management of Health and Safety risks through training, procedures and controls.
Profitability ratio:
Gross profit % = 12.1% (2022: 11%) Operating profit % = 3% (2022: 1%) Liquidity ratio: Current ratio = 1.46 (2022: 1.29) Quick ratio, excluding stock = 1.40 (2022: 1.23)
Health and Safety is of LBS’s key KPI’s due to our commitment to keep our workforce safe from any harm. The accident frequency rate is 0/year/100 employees (2022 – 0/year/100 employees) which is a great achievement
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LIFE BUILD SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors of the company have overall responsibility for determining the company’s targets, values, strategy and the need always to achieve the highest possible standards.
In the decision-making process, Directors take account of the impact of their decisions on all stakeholders, which include our customers, the supply chain, partners, employees, industry bodies and local community. We continue to ensure that wellbeing, health and safety of our people and stakeholders remain a top priority in everything we do. The Directors continue to act in good faith and in a manner that promotes the company’s success for the benefit of its members, ensuring that the critical decision-making process is correct for the overall success of the business. Life Build is a people-based business, and our success is dependent on the skill and expertise of our people. Personal development, training and apprenticeship programs, giving equal opportunities are at the core of our business.
This report was approved by the board and signed on its behalf.
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LIFE BUILD SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £1,561,284 (2022 - £416,641).
The total distributions of dividends for the year ended 31 December 2023 was nil (2022: nil).
The directors who served during the year were:
LIFE Build’s business model has been and will continue to be based upon the best Supply Chain, the management of this process continues to provide skills and knowledge when delivering and achieving the best results for our clients. Building long-term mutually beneficial relationships is paramount to delivering successful projects.
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LIFE BUILD SOLUTIONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company’s approach to construction requires a stable Supply Chain to deliver our operational expectations for each project. This is achieved by actively engaging with the Supply Chain both before and after the tender stage process and is managed throughout the project life cycle. This proactive engagement ensures that when we secure projects, we proceed in a manner that considers the needs of all parties. Building long-term mutually beneficial relationships and ensuring a fair procurement and payment practice continues to promotes a partnership approach with our Supply Chain. We also ensure the highest standards are achieved whilst allowing our partners to realise their own commercial expectations.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There have been no significant events affecting the Company since the year end.
The auditor, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LIFE BUILD SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD
We have audited the financial statements of Life Build Solutions Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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LIFE BUILD SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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LIFE BUILD SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)
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.
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:
∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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 common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company 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. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
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 Auditor's Report.
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LIFE BUILD SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Herts
WD17 1HP
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LIFE BUILD SOLUTIONS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
REGISTERED NUMBER: 05372315
BALANCE SHEET
AS AT 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
REGISTERED NUMBER: 05372315
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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LIFE BUILD SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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LIFE BUILD SOLUTIONS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Life Build Solutions Ltd 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.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and the Directors' Report together with a summary of the key business risks the company faces. The directors believe that the company is well placed to manage its business risks successfully, and to maintain positive cash flows for the foreseeable future
At the year end, the company had net current assets of £6,395,559 and generated a profit of £1,561,284. The cash flow forecasts indicate that, even when considering the current economic and housing market climate, the higher than average inflation, the cost of living pressures, the Group will have sufficient funds to meet its operational liabilities as they fall due. The Company’s cash reserves on signing of these financial statement is £11,600,487. Based on this and expected cash flows based on financial forecasts, the Directors believe the Company to be a going concern in that it will continue to operate for a period of no less than 12 months from the date of these financial statements. As such, the going concern basis has been adopted in preparing these Financial Statements.
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
of completion, with reference to expected contract timescale and costs incurred to date. Where it is probably that contract costs will exceed total contract revenue, the expected future loss is recognised as an expense immediately and a provision for losses on contracts is recognised as a component of creditors. Amounts due on contracts at the year end are recognised to the extent they have been invoiced in trade debtors and any accrual for uncertified work is included in prepayments and accrued income.
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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. Work in progress The directors exercise judgement in allocating costs attributable to stock and work in progress. The recoverability of work in progress is a key area of judgement. The directors perform interim job appraisals over the period of the contract to validate the recoverability of each contract and stage of recognition.
Analysis of turnover by country of destination:
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There are no factors affecting tax.
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost or valuation at 31 December 2023 is as follows:
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Tangible fixed assets (continued)
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Profit and loss account
The company operates a defined contributions pension scheme. The pension cost charge represents contributions payable to the fund and amount to £322,615 (2022: £201,550).
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LIFE BUILD SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.Other financial commitments
Life Build Solutions Ltd has committed to financially support the funding of subsidiary acquisitions by its parent company, Life Build Employee Ownership Trustees Limited. Any funds made available will be out of surplus profits and subject to the current and future cash flow requirements of Life Build Solutions Ltd.
Life Build Solutions Ltd had commitments to Life Build Employee Ownership Trustees Limited totalling £14,857,500 at 31 December 2023 (2022: £15,375,000).
Until 26th of October 2021, the company was controlled by the directors by virtue of their financial shareholdings.
On the 27th of October 2021, Life Build Solutions Limited's issued share capital was acquired by Life Build Ownership Trustee Limited, as trustee for the employee ownership trust. From that date, the trust is the ultimate controlling party and the trust hold the controlling stake for the benefit on the employees.
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