Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AZTEC OILS HOLDINGS LIMITED
COMPANY INFORMATION
Director
M S Lord
Secretary
P Dickins
Company number
13197270
Registered office
31-33 Intake Road
Bolsover Business Park
Bolsover
Chesterfield
England
S44 6BB
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
AZTEC OILS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's 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 - 30
AZTEC OILS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Fair Review of the business

An even tougher year than 2023 as product dumping became increasingly prevalent in the market.

Turnover down by 4% and Gross Profit down by 18.75% showing an operating profit falling by 70%. There is no sign of this letting up in 2025 and the company has worked hard to contain costs. Huge geopolitical uncertainties are driving reduced demand around the world reflecting a fall in turnover of 5.64% in Europe and 33.78% in the rest of the world.

The activities of a company in United Arab Emirates, dumping increasing growing volumes of product into the UK, is having a devastating effect on the Domestic & Irish market. Margins are being squeezed and the company continues to assess its costs while it trades through this difficult period.

Aztec Oils have been successful in their application to the Trade Remedies Authority to have these product dumping activities investigated. This has now commenced but is unlikely to be concluded until mid 2025.

Aztec Lubricants NI Ltd operates purely to facilitate movement of Aztec products into the Republic Ireland.

 

Aztec Oils Europe BV operates purely to facilitate movement of product in mainland Europe.

Both of these entities are not profit making.

Principal risks and uncertainties

Product dumping at below UK manufactured cost is a major disruptor for the UK lubricant industry and, unless this illegal practise is brought to a halt, the company will continue to suffer the consequences.

The Windsor Framework creates a new challenge in our ability to service the island of Ireland and a restructure of our Aztec NI company to facilitate change will be enacted in the coming year.

Aztec Lubricants NI Ltd will have to become an independent trading distribution company and will leave this group in the coming year.

Financial instruments

The company utilises appropriate financial instruments in order to conduct its business activities.

Price risk, credit risk, liquidity risk and cash flow risk.

The business’s principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, hire purchase and finance lease agreements. The main purpose of these instruments is to finance the business operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice discounting at market rates of interest.

Trade debtors are managed in respect of credit and Cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. It is the company’s policy to pay all suppliers within a maximum of 40 days from end of month.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

AZTEC OILS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators

With regard to the financial performance of the business during the year the key performance indicators are as follows:

 

Turnover £31.4m (2023: £32.8m)

Gross profit margin 17.8% (2023: 21.0%)

Operating profit £0.18m (2023: £0.58m)

Net assets £3.2m (2023: £3.3m)

On behalf of the board

M S Lord
Director
8 November 2024
AZTEC OILS HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of the supply of lubricants.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

 

A gift of profits has been made to the Employee Ownership Trust of £89,907 during the year.

Director

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

M S Lord
J A Hartshorne
(Resigned 30 August 2024)
Auditor

BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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 Financial Instruments.

AZTEC OILS HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M S Lord
Director
8 November 2024
AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AZTEC OILS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Aztec Oils Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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 director's 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 director 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 director is 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:

AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AZTEC OILS HOLDINGS 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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AZTEC OILS HOLDINGS LIMITED
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Adrian Staniforth (Senior Statutory Auditor)
For and on behalf of BHP LLP
8 November 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
31,395,361
32,758,008
Cost of sales
(25,815,701)
(25,889,849)
Gross profit
5,579,660
6,868,159
Administrative expenses
(5,480,816)
(6,356,831)
Other operating income
77,448
68,814
Operating profit
3
176,292
580,142
Interest receivable and similar income
6
-
0
692
Interest payable and similar expenses
7
(147,367)
(112,777)
Profit before taxation
28,925
468,057
Tax on profit
8
(40,539)
(49,053)
(Loss)/profit for the financial year
(11,614)
419,004
(Loss)/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.
AZTEC OILS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
73,937
147,876
Tangible assets
10
4,570,275
4,261,044
4,644,212
4,408,920
Current assets
Stocks
13
4,076,886
4,285,075
Debtors
14
6,532,039
8,610,658
Cash at bank and in hand
175,406
305,058
10,784,331
13,200,791
Creditors: amounts falling due within one year
15
(10,850,817)
(12,214,325)
Net current (liabilities)/assets
(66,486)
986,466
Total assets less current liabilities
4,577,726
5,395,386
Creditors: amounts falling due after more than one year
16
(997,065)
(1,486,204)
Provisions for liabilities
Provisions
19
50,000
285,000
Deferred tax liability
20
291,000
283,000
(341,000)
(568,000)
Net assets
3,239,661
3,341,182
Capital and reserves
Called up share capital
22
10,000
10,000
Other reserves
(9,800)
(9,800)
Profit and loss reserves
3,239,461
3,340,982
Total equity
3,239,661
3,341,182

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
08 November 2024
M S Lord
Director
Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
10,000
10,000
Capital and reserves
Called up share capital
22
10,000
10,000

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 £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
08 November 2024
M S Lord
Director
Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,000
(9,800)
3,171,978
3,172,178
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
419,004
419,004
Contributions to employee ownership trust
-
-
(250,000)
(250,000)
Balance at 31 March 2023
10,000
(9,800)
3,340,982
3,341,182
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(11,614)
(11,614)
Contributions to employee ownership trust
-
-
(89,907)
(89,907)
Balance at 31 March 2024
10,000
(9,800)
3,239,461
3,239,661
AZTEC OILS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
£
Balance at 1 April 2022
10,000
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
Balance at 31 March 2023
10,000
Year ended 31 March 2024:
Profit and total comprehensive income
-
Balance at 31 March 2024
10,000
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,911,138
2,022,508
Interest paid
(147,367)
(112,777)
Income taxes paid
(101,181)
(75,277)
Net cash inflow from operating activities
1,662,590
1,834,454
Investing activities
Purchase of tangible fixed assets
(970,442)
(1,138,559)
Proceeds from disposal of tangible fixed assets
26,813
119,028
Movement in directors loan account
9,907
(9,907)
Interest received
-
0
692
Net cash used in investing activities
(933,722)
(1,028,746)
Financing activities
Proceeds from new bank loans
768,678
500,000
Repayment of bank loans
(1,373,673)
(607,966)
Payment of finance leases obligations
(163,618)
(203,310)
Contributions to Employee Ownership Trust
(89,907)
(250,000)
Net cash used in financing activities
(858,520)
(561,276)
Net (decrease)/increase in cash and cash equivalents
(129,652)
244,432
Cash and cash equivalents at beginning of year
305,058
60,626
Cash and cash equivalents at end of year
175,406
305,058
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Aztec Oils Holdings Limited (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 31-33 Intake Road, Bolsover Business Park, Bolsover, Chesterfield, England, S44 6BB.

 

The group consists of Aztec Oils Holdings 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 Aztec Oils Holdings 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 31 March 2024. 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.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The directors have performed an assessment of going concern including a review of current cash and headroom position, available banking facilities and financial forecasts for the next 12 months. The group has experienced, and continues to experience challenges in the trading environment, as highlighted in the Strategic Report on page 1, however the directors believe there is sufficient headroom to enable the group to trade through this difficult period whilst they work to overcome these challenges.

 

Having considered the above factors, at the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold land and buildings
Straight line over lease term
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

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
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.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

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.

1.8
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials 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.

1.10
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.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
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.

1.13
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.

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.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of oils and lubricants
31,395,361
32,758,008
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Turnover analysed by geographical market
Sales - Domestic
24,663,639
23,310,305
Sales - Other EU
5,168,552
7,524,587
Sales - Rest of the world
1,563,170
1,923,116
31,395,361
32,758,008
2024
2023
£
£
Other revenue
Interest income
-
692
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
36,022
(19,421)
Fees payable to the group's auditor for the audit of the group's financial statements
5,295
4,950
Depreciation of owned tangible fixed assets
622,788
564,268
Depreciation of tangible fixed assets held under finance leases
113,506
74,573
Profit on disposal of tangible fixed assets
(3,613)
(11,429)
Amortisation of intangible assets
73,939
73,939
4
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
23
22
2
2
Office and admin
10
13
-
-
Production and despatch
48
50
-
-
Sales
8
9
-
-
Directors
5
5
-
-
Total
94
99
2
2
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,568,319
2,920,223
-
0
-
0
Social security costs
280,444
257,686
-
-
Pension costs
77,791
165,466
-
0
-
0
2,926,554
3,343,375
-
0
-
0
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
137,566
130,690
Company pension contributions to defined contribution schemes
2,108
2,160
139,674
132,850
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
692
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
130,079
101,092
Interest on finance leases and hire purchase contracts
17,116
11,685
Other interest
172
-
Total finance costs
147,367
112,777
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
35,589
104,404
Adjustments in respect of prior periods
(3,050)
4,649
Total current tax
32,539
109,053
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
8,000
(60,000)
Total tax charge
40,539
49,053

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:

2024
2023
£
£
Profit before taxation
28,925
468,057
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
7,231
88,931
Tax effect of expenses that are not deductible in determining taxable profit
24,621
14,712
Change in unrecognised deferred tax assets
(63)
(450)
Adjustments in respect of prior years
(3,050)
4,649
Research and development tax credit
-
0
(41,771)
Fixed asset differences
11,812
(2,726)
Effect of changes in deferred tax rates
-
0
(14,292)
(12)
-
0
Taxation charge
40,539
49,053
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
384,622
Amortisation and impairment
At 1 April 2023
236,746
Amortisation charged for the year
73,939
At 31 March 2024
310,685
Carrying amount
At 31 March 2024
73,937
At 31 March 2023
147,876
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Intangible fixed assets
(Continued)
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
2,237,929
1,032,369
3,652,523
416,446
670,063
8,009,330
Additions
402,216
63,418
465,804
13,386
123,901
1,068,725
Disposals
(1,496)
-
0
(27,108)
-
0
(33,147)
(61,751)
At 31 March 2024
2,638,649
1,095,787
4,091,219
429,832
760,817
9,016,304
Depreciation and impairment
At 1 April 2023
685,887
26,630
2,608,659
187,743
239,367
3,748,286
Depreciation charged in the year
189,520
4,000
367,112
46,242
129,420
736,294
Eliminated in respect of disposals
(300)
-
0
(15,121)
-
0
(23,130)
(38,551)
At 31 March 2024
875,107
30,630
2,960,650
233,985
345,657
4,446,029
Carrying amount
At 31 March 2024
1,763,542
1,065,157
1,130,569
195,847
415,160
4,570,275
At 31 March 2023
1,552,042
1,005,739
1,043,864
228,703
430,696
4,261,044
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
10,000
10,000
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
10,000
Carrying amount
At 31 March 2024
10,000
At 31 March 2023
10,000
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Aztec Oils Limited
31-33 Intake Road, Bolsover Business Park, Bolsover, Chesterfield, England, S44 6BB
Ordinary
0
100.00
Lubricant Holdings (Midlands) Limited
As above
Ordinary
100.00
-
Multispec Limited
As above
Ordinary
0
100.00
Oiline Limited
As above
Ordinary
0
100.00
Hallett Oils Limited
As above
Ordinary
0
100.00
WHCOGold 2 Limited
As above
Ordinary
0
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,076,886
4,285,075
-
0
-
0
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,395,930
7,352,192
-
0
-
0
Other debtors
868,113
1,075,479
-
0
-
0
Prepayments and accrued income
267,996
182,987
-
0
-
0
6,532,039
8,610,658
-
-
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
417,944
674,644
-
0
-
0
Obligations under finance leases
18
164,471
88,962
-
0
-
0
Trade creditors
6,159,412
5,888,313
-
0
-
0
Corporation tax payable
35,762
104,404
-
0
-
0
Other taxation and social security
178,412
230,994
-
-
Other creditors
3,729,957
4,603,911
-
0
-
0
Accruals and deferred income
164,859
623,097
-
0
-
0
10,850,817
12,214,325
-
0
-
0

Within other creditors due within one year are amounts due to invoice discounters of £2,982,935 (2023: £3,857,832). They are secured by fixed and floating charges over the assets of the company.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
912,034
1,260,329
-
0
-
0
Obligations under finance leases
18
85,031
225,875
-
0
-
0
997,065
1,486,204
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
417,858
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,329,978
1,934,973
-
0
-
0
Payable within one year
417,944
674,644
-
0
-
0
Payable after one year
912,034
1,260,329
-
0
-
0

The long-term loans are secured by a fixed and floating charge over the assets of the company.

The amounts payable after five years are due monthly instalments with interest charged at 2.5% and 2.2% above the base rate.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
164,471
88,962
-
0
-
0
In two to five years
85,031
225,875
-
0
-
0
249,502
314,837
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery, office equipment and land and buildings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for repairs and legal fees
50,000
285,000
-
-
Movements on provisions:
Provision for repairs and legal fees
Group
£
At 1 April 2023
285,000
Reversal of provision
(235,000)
At 31 March 2024
50,000
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
292,000
309,000
Short term timing differences
(1,000)
(26,000)
291,000
283,000
The company has no deferred tax assets or liabilities.
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
283,000
-
Charge to profit or loss
8,000
-
Liability at 31 March 2024
291,000
-

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,791
165,466

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
23
Financial commitments, guarantees and contingent liabilities

The group has charges and guarantees in place at the year end as follows;

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
24
Operating lease commitments

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
2024
2023
2024
2023
£
£
£
£
Within one year
26,550
26,550
-
-
Between two and five years
64,163
90,713
-
-
90,713
117,263
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
230,096
-
-
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
369,952
360,218
Other information
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
26
Related party transactions
(Continued)
- 29 -

Northern Oils Scotland Limited, Aztec Oils Southwest Limited, O.W.T. BV, Aztec Oils Europe BV and Aztec Lubricants NI Limited are all related parties by virtue of the significant influence of Mark Lord. Related party transactions during the year and balances at the year end were as follows;

 

Northern Oils Scotland Limited

Balance owed to the group of £183,854 (2023: £336,929) included in trade debtors.

Balanced owed from the company of £2,802 (2023: £Nil) included in other creditors.

Management charge received by the company of £19,136 (2023: £19,441).

 

Aztec Oils Southwest Limited

Balance owed to the group of £149,721 (2023: £283,642) included in trade debtors.

Balance owed to the company of £134,904 (2023: £294,442) included in other debtors.

Management charge received by the company of £24,000 (2023: £22,000).

 

Aztec Oils Southeast Limited

Balance owed to the group of £196,777 (2023: £Nil) included in trade debtors.

Balanced owed from the company of £3,248 (2023: £Nil) included in other creditors.

Aztec Oils Southeast Limited was incorporated 18 May 2023 therefore no related party balance in 2023.

Aztec Oils Northwest Limited

Balance owed to the group of £242,993 (2023: £4,290) included in trade debtors.

Balanced owed from the company of £924 (2023: £Nil) included in other creditors.

 

O.W.T. BV

Balance owed to the group of £35,141 (2023: £6,229) included in trade debtors.

Balance owed to the group of £Nil (2023: £101) included in other debtors.

Balanced owed from the company of £529,056 (2023: £Nil) included in trade creditors.

Management charge received by the company of £23,535 (2023: £25,666).

 

Aztec Oils Europe BV

Balance owed to the group of £4,741 (2023: £Nil) included in trade debtors.

Balance owed to the group of £46,262 (2023: £93,723) included in other debtors.

Balanced owed from the company of £40,742 (2023: £Nil) included in trade creditors.

Management charge received by the company of £4,741 (2023: £nil)

 

Aztec Lubricants NI Limited

Balance owed to the group of £179,161 (2023: £248,115) included in trade debtors.

Balance owed from the company of £53,973 (2023: £13,702) included in trade creditors.

 

Aztec Oils Baltic

Balance owed to the group of £215,413 (2023: £222,518) included in trade debtors.

Balance owed from the company of £Nil (2023: £44) included in trade creditors.

Balanced owed from the company of £13,905 (2023: £Nil) included in other creditors.

27
Controlling party

A majority shareholding in Aztec Oils Holdings Limited is owned via an employee ownership trust called the Aztec Oils EOT Trust. Aztec EOT Trustees Limited is the trustee body responsible for governing the trust on behalf of the employees. As Aztec EOT Trustees Limited has the power to appoint and remove directors amongst other powers, it is determined as the controlling party.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
28
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(11,614)
419,004
Adjustments for:
Taxation charged
40,539
49,053
Finance costs
147,367
112,777
Investment income
-
0
(692)
Gain on disposal of tangible fixed assets
(3,613)
(11,429)
Amortisation and impairment of intangible assets
73,939
73,939
Depreciation and impairment of tangible fixed assets
736,294
638,841
(Decrease)/increase in provisions
(235,000)
285,000
Movements in working capital:
Decrease/(increase) in stocks
208,189
(749,634)
Decrease/(increase) in debtors
2,068,712
(490,948)
(Decrease)/increase in creditors
(1,113,675)
1,696,597
Cash generated from operations
1,911,138
2,022,508
29
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
305,058
(129,652)
-
175,406
Borrowings excluding overdrafts
(1,934,973)
604,995
-
(1,329,978)
Obligations under finance leases
(314,837)
163,618
(98,283)
(249,502)
(1,944,752)
638,961
(98,283)
(1,404,074)
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