Company Registration No. 06854002 (England and Wales)
REGENCY SECURITY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
REGENCY SECURITY GROUP LIMITED
COMPANY INFORMATION
Director
G Powers
Secretary
G Powers
Company number
06854002
Registered office
Regency House
Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
REGENCY SECURITY GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
REGENCY SECURITY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be that of the provision of security services, including door staff and event security.

Review of the business

Following on from the COVID lockdown recovery period the revenue levels have been successfully maintained. Whilst preserving current client relationships the Director is actively pursuing new industry clients as well as potential mainstream clients. The Director maintains commitment to continuously monitoring the current climate and its potential impact upon the group whilst ensuring steps are taken to manage our position.

Principal risks and uncertainties

The director remains alert to both current and new risks that may arise within the business environment in particular the safety of, staff, members of the public and patrons at the venues we are contracted to, and continues to take steps to minimise or mitigate these risks via the training of our staff. These are explained in further detail in the Director's Report.

Development and performance

The director remains optimistic that the business can continue to expand the scale of its operations by maintaining strong relationships with existing clients as well as building relationships with potential clients. The business remains committed to providing a high quality, professional service within the security industry. The business looks to remain one of the largest providers of licenced security professionals within the UK by organic growth.

Key performance indicators

The director makes use of a number of key financial and non financial performance indicators to assess the performance of the business over the period.

 

 

                        2024        2023        % Change

Financial performance indicators

Turnover                        £14.1m        £14.7m        -4.1%

Gross Profit                     £3.1m        £2.7m        14.8%

Gross profit margin                21.6%        18.2%

Non-financial performance indicators

Employee numbers                1,300        917        41.8%

On behalf of the board

G Powers
Director
18 December 2024
REGENCY SECURITY GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 9.

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

Director

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

G Powers
Financial instruments
Treasury operations and Financial instruments

The group operates a treasury function which is responsible for managing the liquidity and interest risks associated with the group’s activities.

 

The group’s principal financial instruments include bank loans, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group manages its cash and borrowing requirements in order to minimise interest rate risk.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

REGENCY SECURITY GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Employee involvement

 

Diversity

Regency Security Group Limited practice equal opportunities and welcome diversity in all its forms, recognising the value of diversity in the workplace and its rewards of encouraging creativity, broader cultural understanding and access to a wider pool of talent.

 

Employee engagement

Employee engagement is about making sure that employees feel involved in the group and are committed to its goals. If we are to keep them engaged, communication must be two way with a culture that encourages employee feedback.

 

To this end, the group continues to communicate with employees through internal media methods in which the employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

 

Employee training and development

The group’s success in developing people is based on finding the right blend of learning on the job, through engaging and challenging tasks, learning from colleagues through collaboration, coaching and monitoring, and formal learning through structured training, education and development programmes.

 

The group will continue to develop and promote what it considers the right combination of learning experiences that help accelerate personal development and remains committed to providing opportunities for career advancement.

Auditor

The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

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.

REGENCY SECURITY GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
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
G Powers
Director
18 December 2024
REGENCY SECURITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REGENCY SECURITY GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Regency Security Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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.

Material uncertainty relating to going concern

We draw attention to note 1.4 in the financial statements, which states that the group made a profit for the year of £269,238 but had net liabilities of £853,303 at the year end.

 

This condition, along with the other matters as set forth in note 1.3, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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.

 

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.

REGENCY SECURITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REGENCY SECURITY GROUP LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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.

Capablity of the audit in 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

REGENCY SECURITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REGENCY SECURITY GROUP LIMITED
- 7 -

Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the group's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: the licencing regulations of The Security Industry Authority (SIA); ISO 9001; employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

REGENCY SECURITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REGENCY SECURITY GROUP LIMITED
- 8 -
Paul Forster
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
10 January 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
REGENCY SECURITY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
14,141,587
14,703,887
Cost of sales
(11,090,021)
(12,026,070)
Gross profit
3,051,566
2,677,817
Administrative expenses
(2,234,681)
(2,544,390)
Other operating income
7,918
4,784
Exceptional item
4
(294,801)
-
0
Operating profit
5
530,002
138,211
Interest payable and similar expenses
8
(33,664)
(56,475)
Profit before taxation
496,338
81,736
Tax on profit
9
(227,100)
(31,501)
Profit for the financial year
24
269,238
50,235
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
REGENCY SECURITY GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
19,943
32,780
Current assets
Debtors
14
1,738,977
2,334,208
Cash at bank and in hand
68,702
5,041
1,807,679
2,339,249
Creditors: amounts falling due within one year
15
(2,547,036)
(3,299,136)
Net current liabilities
(739,357)
(959,887)
Total assets less current liabilities
(719,414)
(927,107)
Creditors: amounts falling due after more than one year
16
(133,889)
(195,434)
Net liabilities
(853,303)
(1,122,541)
Capital and reserves
Called up share capital
20
1,000
1,000
Other reserves
24
(1,115,060)
(1,115,060)
Profit and loss reserves
24
260,757
(8,481)
Total equity
(853,303)
(1,122,541)

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

The financial statements were approved and signed by the director and authorised for issue on 18 December 2024
18 December 2024
G Powers
Director
Company registration number 06854002 (England and Wales)
REGENCY SECURITY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,115,160
1,115,160
Current assets
Debtors
14
452,852
381,880
Cash at bank and in hand
1,104
243
453,956
382,123
Creditors: amounts falling due within one year
15
(1,157,346)
(1,111,151)
Net current liabilities
(703,390)
(729,028)
Net assets
411,770
386,132
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
24
410,770
385,132
Total equity
411,770
386,132

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 £25,638 (2023 - £40,159 loss).

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

The financial statements were approved and signed by the director and authorised for issue on 18 December 2024
18 December 2024
G Powers
Director
Company registration number 06854002 (England and Wales)
REGENCY SECURITY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1,000
(1,115,060)
92,784
(1,021,276)
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
50,235
50,235
Dividends
10
-
-
(151,500)
(151,500)
Balance at 30 April 2023
1,000
(1,115,060)
(8,481)
(1,122,541)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
269,238
269,238
Balance at 30 April 2024
1,000
(1,115,060)
260,757
(853,303)
REGENCY SECURITY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
1,000
576,791
577,791
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
(40,159)
(40,159)
Dividends
10
-
(151,500)
(151,500)
Balance at 30 April 2023
1,000
385,132
386,132
Year ended 30 April 2024:
Profit and total comprehensive income
-
25,638
25,638
Balance at 30 April 2024
1,000
410,770
411,770
REGENCY SECURITY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
188,794
(67,809)
Income taxes paid
(90,411)
(42,010)
Net cash inflow/(outflow) from operating activities
98,383
(109,819)
Investing activities
Purchase of tangible fixed assets
(4,163)
(5,280)
Repayment of loans
(10,264)
(155,524)
Net cash used in investing activities
(14,427)
(160,804)
Financing activities
Repayment of bank loans
(96,915)
(138,230)
Payment of finance leases obligations
(3,299)
(3,299)
Interest paid
(33,664)
(56,475)
Dividends paid to equity shareholders
-
0
(151,500)
Net cash used in financing activities
(133,878)
(349,504)
Net decrease in cash and cash equivalents
(49,922)
(620,127)
Cash and cash equivalents at beginning of year
(360,616)
259,511
Cash and cash equivalents at end of year
(410,538)
(360,616)
Relating to:
Cash at bank and in hand
68,702
5,041
Bank overdrafts included in creditors payable within one year
(479,240)
(365,657)
REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Regency Security Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Regency House, Freeport Office Village, Century Drive, Braintree, Essex, CM77 8YG.

 

The group consists of Regency Security Group 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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Regency Security Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

Acquisitions made prior to the adoption of FRS102 have been consolidated using the merger accounting method. Under merger accounting, the consolidated financial statements merge the financial statements of those undertakings of Regency Security Group Limited as if they had always been owned.

 

Accordingly, in those years where mergers have taken place, the whole of the results, assets, liabilities and shareholder funds of the merged companies are consolidated, regardless of the actual merger date.

 

Subsidiaries acquired after the adoption of FRS102 are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 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.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

 

The operations and trade of the group were impacted significantly during the previous periods as a result of the restrictions in force across the UK during the period of the Covid-19 pandemic. At the time of the pandemic, the director took the necessary measures and sought support including tax deferments and grants as available to help the group through the difficult period. At the time of approving these financial statements, there are no longer Covid-19 restrictions and the economy and security industry have recovered from the lockdowns returning to normal trade. However, the effects of that difficult period are still impacting the group at the time of approving these financial statements as despite making a profit for the year of £269,238 after tax, the group had net liabilities of £853,303 at the year end. The group is in discussions with lenders to manage the position of this.

 

The director has prepared budgets for the business for the twelve month period following the approval of these financial statements. On the basis of this information and the funding available, the director considers that the group company will continue to operate within the projected facilities.

 

On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of security services is recognised when the service has been satisfactorily provided, 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.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% straight line

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.

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.

1.9
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.10
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.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 though 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.

1.11
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.

1.12
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.

 

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.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.13
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.

1.14
Retirement benefits

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

1.15
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.

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.

1.16

Exceptional items

Income and expenses classified as exceptional are shown separately on the face of the profit and loss account. Income and expenses are treated as exceptional in nature if they are significant one off income or expenses and are note expected to reoccur.

1.17

Management charges

Certain overheads incurred by the company are apportioned to related companies to reflect an appropriate allocation of costs based on usage. Related companies may also apportion certain overheads in a similar manner. A management charge is either receivable or payable and is included in the profit and loss account to reflect the relevant charge for these overheads.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

It is the opinion of the directors that there are no significant judgements or estimates within these financial statements.

Critical judgements

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

Impairment of investments in subsidiaries

The director considers that the judgement of whether or not to impair the company's investments is critical. This judgement depends on the key estimate of their value. The director considers the customer book of the investments as the main factor when reviewing the subsidiary company for impairment.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of security services
14,117,114
14,661,269
Sale of goods
24,473
42,618
14,141,587
14,703,887
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,141,587
14,703,887
2024
2023
£
£
Other revenue
Admin fees receivable
-
4,784
4
Exceptional item
2024
2023
£
£
Expenditure
Write off of related party loans
294,801
-
294,801
-
REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Exceptional item
(Continued)
- 22 -

The exceptional items relate to the write off of related party loans.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
8,000
6,950
Depreciation of owned tangible fixed assets
17,000
29,106
Operating lease charges
20,760
38,952
6
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
Direct staff
1,275
890
-
-
Administrative staff
25
27
1
1
Total
1,300
917
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,443,858
9,822,288
-
0
-
0
Social security costs
127,696
139,162
-
-
Pension costs
59,268
58,959
-
0
33,051
10,630,822
10,020,409
-
0
33,051
7
Director's remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
-
33,051

Directors remuneration of £3,250 (2023: £13,000) was paid via Regency Security Management Services Limited.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
21,593
32,462
Interest on finance leases and hire purchase contracts
12,071
504
Other interest
-
23,509
Total finance costs
33,664
56,475
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
227,100
35,246
Deferred tax
Origination and reversal of timing differences
-
0
(3,745)
Total tax charge
227,100
31,501

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
496,338
81,736
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
124,085
20,434
Tax effect of expenses that are not deductible in determining taxable profit
108,941
10,646
Unutilised tax losses carried forward
-
0
9,946
Change in unrecognised deferred tax assets
(5,926)
1,790
Effect of change in corporation tax rate
-
(9,957)
Permanent capital allowances in excess of depreciation
-
0
(1,358)
Taxation charge
227,100
31,501
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
151,500
REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
83,363
61,851
57,349
40,450
243,013
Additions
-
0
-
0
-
0
4,163
4,163
At 30 April 2024
83,363
61,851
57,349
44,613
247,176
Depreciation and impairment
At 1 May 2023
75,609
61,617
50,220
22,787
210,233
Depreciation charged in the year
6,977
234
2,559
7,230
17,000
At 30 April 2024
82,586
61,851
52,779
30,017
227,233
Carrying amount
At 30 April 2024
777
-
0
4,570
14,596
19,943
At 30 April 2023
7,754
234
7,129
17,663
32,780
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,115,160
1,115,160
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,115,160
Carrying amount
At 30 April 2024
1,115,160
At 30 April 2023
1,115,160
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Regency Security Services (UK) Limited
United Kingdom
Security services
Ordinary
100.00

The registered office address of Regency Security Services (UK) Limited is Regency House Freeport Office Village, Century Drive, Braintree, Essex, United Kingdom, CM77 8YG.

14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
593,556
824,295
-
0
-
0
Corporation tax recoverable
188,410
184,946
97,958
94,494
Other debtors
557,964
942,025
354,894
287,386
Prepayments and accrued income
399,047
382,942
-
0
-
0
1,738,977
2,334,208
452,852
381,880
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
564,571
489,657
-
0
-
0
Obligations under finance leases
18
3,299
3,299
-
0
-
0
Trade creditors
390,732
117,647
7,130
2,400
Amounts owed to group undertakings
-
0
-
0
1,071,682
903,915
Corporation tax payable
417,409
277,256
52,631
86,436
Other taxation and social security
508,471
1,361,856
5,903
-
Other creditors
331,294
602,568
11,000
109,400
Accruals and deferred income
331,260
446,853
9,000
9,000
2,547,036
3,299,136
1,157,346
1,111,151
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
127,841
186,087
-
0
-
0
Obligations under finance leases
18
6,048
9,347
-
0
-
0
133,889
195,434
-
-
REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
213,172
310,087
-
0
-
0
Bank overdrafts
479,240
365,657
-
0
-
0
692,412
675,744
-
-
Payable within one year
564,571
489,657
-
0
-
0
Payable after one year
127,841
186,087
-
0
-
0

The bank overdrafts relate to the invoice discounting facility a subsidiary company has with its bankers. The overdraft facility and bank loan is secured by fixed and floating charges over the assets of the subsidiary company. The bank loans are secured over a property owned by a company under the common ownership of the director.

 

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,803
3,803
-
0
-
0
In two to five years
6,973
10,777
-
0
-
0
10,776
14,580
-
-
Less: future finance charges
(1,429)
(1,934)
-
0
-
0
9,347
12,646
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 two years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,268
58,959

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.

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

The company has one class of ordinary shares which carries one vote per share and no right to fixed income.

22
Financial commitments, guarantees and contingent liabilities

The group is party to a multilateral guarantee with a related party in favour of HSBC Bank Plc. At the year end the maximum liability represented by the related party's borrowings was £145,134 (2023: £159,605).

 

There is a group set-off arrangement with HSBC.

 

 

23
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
2024
2023
2024
2023
£
£
£
£
Within one year
76,822
98,652
-
-
Between two and five years
209,567
221,274
-
-
In over five years
171,049
232,357
-
-
457,438
552,283
-
-
24
Reserves
Merger reserve

Other reserves

Other reserves consist of a merger reserve of £1,115,060.

Profit and loss reserves

The profit and loss reserves are wholly distributable.

25
Directors' transactions

Dividends totalling £0 (2023 - £151,500) were paid in the year in respect of shares held by the company's directors.

Included in other debtors are loans paid to the director of £328,121 (2023: £317,857).

REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
26
Controlling party

The company was controlled by Mr G Powers in this and the preceding year.

27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
269,238
50,235
Adjustments for:
Taxation charged
227,100
31,501
Finance costs
33,664
56,475
Depreciation and impairment of tangible fixed assets
17,000
29,106
Movements in working capital:
Decrease/(increase) in debtors
608,959
(526,518)
(Decrease)/increase in creditors
(967,167)
291,392
Cash generated from/(absorbed by) operations
188,794
(67,809)
28
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,041
63,661
68,702
Bank overdrafts
(365,657)
(113,583)
(479,240)
(360,616)
(49,922)
(410,538)
Borrowings excluding overdrafts
(310,087)
96,915
(213,172)
Obligations under finance leases
(12,646)
3,299
(9,347)
(683,349)
50,292
(633,057)
REGENCY SECURITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
29
Related party transactions

No disclosures have been made for transactions with wholly owned group companies in accordance with FRS102.

 

The Group
At the year end the group was owed £49,811 (2023: £541,934) by connected companies, all related companies by virtue of the director being a director and shareholder of both companies. These balances are included within other debtors.

 

At the year end the group owed £292,071 (2023: £586,455) to connected companies, all related companies by virtue of the director being a director and shareholder of both companies. These balances are included within other creditors. A further £nil (2023: £13,619) was owed to a connected company at the year end which is included within trade creditors.

 

At the year end the group was owed £63,886 (2023: £41,949) by companies where the director has a shareholding but has since become the sole shareholder.

 

During the year the group was charged management fees totalling £448,645 (2023: £201,762) by connected companies for the remuneration of key management personnel. During the year the group paid rent of £100,599 (2023: £78,729) to a fellow connected company.

 

During the year the group made sales to companies under common control, or where the director has a shareholding of £529,205 (2023: £141,966) and purchased a total of £146,313 (2023: £226,923) from these companies.

 

 

The Company

At the year end the company was owed £58,634 (2023: £nil) by connected companies, all related companies by virtue of the director being a director and shareholder of both companies. These balances are included within other debtors.

 

At the year end the company owed £11,000 (2023: £109,580) to connected companies, all related companies by virtue of the director being a director and shareholder of both companies. These balances are included within other creditors.

 

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