IRIS Accounts Production v24.3.2.46 01822681 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 true false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018226812023-06-30018226812024-06-30018226812023-07-012024-06-30018226812022-06-30018226812022-07-012023-06-30018226812023-06-3001822681ns15:EnglandWales2023-07-012024-06-3001822681ns14:PoundSterling2023-07-012024-06-3001822681ns10:Director12023-07-012024-06-3001822681ns10:Consolidated2024-06-3001822681ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3001822681ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3001822681ns10:Consolidatedns10:SmallEntities2023-07-012024-06-3001822681ns10:Consolidatedns10:Audited2023-07-012024-06-3001822681ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3001822681ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3001822681ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3001822681ns10:Consolidatedns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3001822681ns10:FullAccounts2023-07-012024-06-3001822681ns10:Consolidated2023-07-012024-06-3001822681ns10:Director22023-07-012024-06-3001822681ns10:Director32023-07-012024-06-3001822681ns10:RegisteredOffice2023-07-012024-06-3001822681ns10:Consolidated2022-07-012023-06-3001822681ns5:CurrentFinancialInstruments2024-06-3001822681ns5:CurrentFinancialInstruments2023-06-3001822681ns5:Non-currentFinancialInstruments2024-06-3001822681ns5:Non-currentFinancialInstruments2023-06-3001822681ns5:ShareCapital2024-06-3001822681ns5:ShareCapital2023-06-3001822681ns5:RetainedEarningsAccumulatedLosses2024-06-3001822681ns5:RetainedEarningsAccumulatedLosses2023-06-3001822681ns5:PlantMachinery2023-07-012024-06-3001822681ns5:MotorVehicles2023-07-012024-06-3001822681ns5:PlantMachinery2023-06-3001822681ns5:MotorVehicles2023-06-3001822681ns5:PlantMachinery2024-06-3001822681ns5:MotorVehicles2024-06-3001822681ns5:PlantMachinery2023-06-3001822681ns5:MotorVehicles2023-06-3001822681ns5:CostValuation2023-06-3001822681ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3001822681ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3001822681ns5:Secured2024-06-3001822681ns5:Secured2023-06-30
















Bus Shelters Limited

Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 June 2024






Bus Shelters Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R K Spence
R E James
R E Thomas


REGISTERED OFFICE: Unit 60
Dyffryn Business Park
Llantwit Major Road
Llandow
Cowbridge
CF71 7GQ


REGISTERED NUMBER: 01822681 (England and Wales)


SENIOR STATUTORY
AUDITOR:
John Huw Palin FCA


AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA


BANKERS: HSBC Bank Plc
56 Queen Street
Cardiff
CF10 2PX

Bus Shelters Limited (Registered number: 01822681)

Report of the Directors
for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company and its subsidiary in the year under review are as follows:

Bus Shelters Limited-The sale, installation and maintenance of transport
infrastructure solutions including bus and rail waiting shelters,
covered walkways and similar structures, street furniture and
associated products
Pixology Outdoor Ltd -The investment in bus shelters and advertising panels, and the
sale of roadside advertising spaces

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

R K Spence
R E James
R E Thomas

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


Bus Shelters Limited (Registered number: 01822681)

Report of the Directors
for the Year Ended 30 June 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

THIS REPORT WAS APPROVED BY THE BOARD:





R E James - Director


28 March 2025

Report of the Independent Auditors to the Members of
Bus Shelters Limited


Opinion
We have audited the financial statements of Bus Shelters Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Profit & Loss Account, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Bus Shelters Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Bus Shelters Limited


Auditors' 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK Corporate Tax Laws, Employment Act and Health and Safety at Work Act.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




John Huw Palin FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

31 March 2025

Bus Shelters Limited (Registered number: 01822681)

Consolidated Profit & Loss Account
for the Year Ended 30 June 2024

2024 2023
Notes £ £

TURNOVER 7,901,657 6,753,572

Cost of sales (6,691,128 ) (5,797,301 )
GROSS PROFIT 1,210,529 956,271

Administrative expenses (1,049,386 ) (982,810 )
OPERATING PROFIT/(LOSS) 161,143 (26,539 )

Loan write off 3 (180,000 ) -
(18,857 ) (26,539 )

Interest receivable & similar income 11,517 6,548
(7,340 ) (19,991 )

Interest payable and similar
expenses

(162,447

)

(130,335

)
LOSS BEFORE TAXATION (169,787 ) (150,326 )

Tax on loss 24,000 171,825
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(145,787

)

21,499

(Loss)/profit attributable to:
Owners of the parent (145,787 ) 21,499

Bus Shelters Limited (Registered number: 01822681)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 3,902,271 5,658,735
Investments 6 - -
3,902,271 5,658,735

CURRENT ASSETS
Stocks 75,000 77,312
Debtors 7 3,381,954 3,545,698
Cash at bank 113,950 1,028,940
3,570,904 4,651,950
CREDITORS
Amounts falling due within one year 8 2,137,896 2,925,169
NET CURRENT ASSETS 1,433,008 1,726,781
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,335,279

7,385,516

CREDITORS
Amounts falling due after more than
one year

9

(1,592,045

)

(2,179,902

)

PROVISIONS FOR LIABILITIES (194,000 ) (599,000 )
NET ASSETS 3,549,234 4,606,614

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 11 1,253,292 2,398,514
Retained earnings 2,295,842 2,208,000
SHAREHOLDERS' FUNDS 3,549,234 4,606,614

Bus Shelters Limited (Registered number: 01822681)

Consolidated Balance Sheet - continued
30 June 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





R E James - Director


Bus Shelters Limited (Registered number: 01822681)

Company Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 602,270 698,734
Investments 6 1 1
602,271 698,735

CURRENT ASSETS
Stocks 75,000 77,312
Debtors 7 3,673,431 3,519,725
Cash at bank 113,125 1,021,881
3,861,556 4,618,918
CREDITORS
Amounts falling due within one year 8 1,488,469 2,371,703
NET CURRENT ASSETS 2,373,087 2,247,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,975,358

2,945,950

CREDITORS
Amounts falling due after more than
one year

9

521,041

649,902
NET ASSETS 2,454,317 2,296,048

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,454,217 2,295,948
SHAREHOLDERS' FUNDS 2,454,317 2,296,048

Company's profit for the financial
year

158,269

155,243

Bus Shelters Limited (Registered number: 01822681)

Company Balance Sheet - continued
30 June 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





R E James - Director


Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group accounts consolidate the accounts of Bus Shelters Limited and its subsidiary Pixology Outdoor Limited to 30 June 2024. The results of both companies are included in BSW Holdings Limited group accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% & 20% straight line and straight line over 15 years
Motor vehicles - 25% reducing balance

Plant and machinery includes certain assets recorded at a valuation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 39 ) .

3. LOAN WRITE OFF

Inter company balances totalling £180,000 were written off during the year (2023 - £0)

4. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£ £ £
COST OR VALUATION
At 1 July 2023 5,852,480 49,800 5,902,280
Revaluations (1,660,000 ) - (1,660,000 )
At 30 June 2024 4,192,480 49,800 4,242,280
DEPRECIATION
At 1 July 2023 217,089 26,456 243,545
Charge for year 458,035 5,836 463,871
Revaluation adjustments (367,407 ) - (367,407 )
At 30 June 2024 307,717 32,292 340,009
NET BOOK VALUE
At 30 June 2024 3,884,763 17,508 3,902,271
At 30 June 2023 5,635,391 23,344 5,658,735

Cost or valuation at 30 June 2024 is represented by:

Plant and Motor
machinery vehicles Totals
£ £ £
Valuation in 2022 3,123,199 - 3,123,199
Valuation in 2023 (5,305 ) - (5,305 )
Valuation in 2024 (1,660,000 ) - (1,660,000 )
Cost 2,734,586 49,800 2,784,386
4,192,480 49,800 4,242,280

Plant and machinery includes bus shelters with either static or digital advertising panels. These bus shelters have been revalued by the Directors at 30 June 2024 based on discounted anticipated net revenues receivable by the company under a 15 year agreement which allows the company to sell advertising space on the bus shelters. The net book value of these bus shelters included above was £3,300,000 at 30 June 2024.

Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 July 2023
and 30 June 2024 892,479 49,800 942,279
DEPRECIATION
At 1 July 2023 217,089 26,456 243,545
Charge for year 90,628 5,836 96,464
At 30 June 2024 307,717 32,292 340,009
NET BOOK VALUE
At 30 June 2024 584,762 17,508 602,270
At 30 June 2023 675,390 23,344 698,734

6. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1


Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


7. DEBTORS

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year:
Trade debtors 781,414 1,114,217 718,586 1,031,527
Amounts owed by group undertakings 833,752 1,672,023 833,752 1,747,023
Other debtors & prepayments 66,788 59,458 42,093 41,175
1,681,954 2,845,698 1,594,431 2,819,725

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,700,000 700,000 2,079,000 700,000

Aggregate amounts 3,381,954 3,545,698 3,673,431 3,519,725

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts 510,912 432,236 - -
Hire purchase contracts 163,018 165,773 163,018 165,773
Trade creditors 77,032 60,014 55,811 30,341
Taxes & social security costs 35,440 39,556 30,743 25,617
Other creditors & accruals 1,351,494 2,227,590 1,238,897 2,149,972
2,137,896 2,925,169 1,488,469 2,371,703

The hire purchase contracts are secured.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 1,071,004 1,530,000 - -
Hire purchase contracts 110,000 273,000 110,000 273,000
Other creditors 411,041 376,902 411,041 376,902
1,592,045 2,179,902 521,041 649,902

Bus Shelters Limited (Registered number: 01822681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The hire purchase contracts are secured.

10. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 1,581,916 1,962,236 - -

11. RESERVES

Group
Non-distributable
reserve
£
At 1 July 2023 2,398,514
Arising on revaluation (1,660,000 )
Deferred tax on revaluation 381,000
Transfer between reserves (233,629 )
Depreciation eliminated on
revaluation 367,407

At 30 June 2024 1,253,292


12. CONTINGENT LIABILITIES

There is an unlimited inter company cross guarantee between this company, its ultimate parent undertaking, BSW Holdings Limited, and its fellow subsidiaries, BSW Systems Limited, Pixology Outdoor Limited, Cheadle Glass Systems Limited, Cogent Seating Limited, Cogent Bus & Coach Limited and SMFI Limited. At the balance sheet date the amount of net bank borrowings in respect of these companies was £2,885,654 (2023 - £2,110,069).

13. ULTIMATE PARENT UNDERTAKING

The company's ultimate parent undertaking at the balance sheet date was BSW Holdings Limited.