Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-302025-05-30truetruetrue2024-01-0122truefalseSupply of engraving and marking systems22false 00419338 2024-01-01 2024-12-31 00419338 2023-01-01 2023-12-31 00419338 2024-12-31 00419338 2023-12-31 00419338 2023-01-01 00419338 c:Director1 2024-01-01 2024-12-31 00419338 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 00419338 d:Buildings d:LongLeaseholdAssets 2024-12-31 00419338 d:Buildings d:LongLeaseholdAssets 2023-12-31 00419338 d:PlantMachinery 2024-01-01 2024-12-31 00419338 d:PlantMachinery 2024-12-31 00419338 d:PlantMachinery 2023-12-31 00419338 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00419338 d:FurnitureFittings 2024-01-01 2024-12-31 00419338 d:FurnitureFittings 2024-12-31 00419338 d:FurnitureFittings 2023-12-31 00419338 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00419338 d:ComputerEquipment 2024-01-01 2024-12-31 00419338 d:ComputerEquipment 2024-12-31 00419338 d:ComputerEquipment 2023-12-31 00419338 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00419338 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00419338 d:CurrentFinancialInstruments 2024-12-31 00419338 d:CurrentFinancialInstruments 2023-12-31 00419338 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00419338 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00419338 d:ShareCapital 2024-12-31 00419338 d:ShareCapital 2023-12-31 00419338 d:ShareCapital 2023-01-01 00419338 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00419338 d:RetainedEarningsAccumulatedLosses 2024-12-31 00419338 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00419338 d:RetainedEarningsAccumulatedLosses 2023-12-31 00419338 d:RetainedEarningsAccumulatedLosses 2023-01-01 00419338 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00419338 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00419338 c:FRS102 2024-01-01 2024-12-31 00419338 c:Audited 2024-01-01 2024-12-31 00419338 c:FullAccounts 2024-01-01 2024-12-31 00419338 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00419338 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00419338 2 2024-01-01 2024-12-31 00419338 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 00419338










GRAVOTECH LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GRAVOTECH LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 15

 
GRAVOTECH LIMITED
REGISTERED NUMBER: 00419338

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,100
7,992

  
7,100
7,992

Current assets
  

Stocks
 6 
424,851
601,941

Debtors: amounts falling due within one year
 7 
1,734,034
1,897,844

Bank and cash balances
  
337,863
193,081

  
2,496,748
2,692,866

Creditors: amounts falling due within one year
 8 
(581,786)
(986,551)

Net current assets
  
 
 
1,914,962
 
 
1,706,315

Provisions for liabilities
  

Other provisions
  
(62,267)
(50,267)

  
 
 
(62,267)
 
 
(50,267)

Net assets
  
1,859,795
1,664,040


Capital and reserves
  

Called up share capital 
  
151,000
151,000

Profit and loss account
  
1,708,795
1,513,040

  
1,859,795
1,664,040

Page 1

 
GRAVOTECH LIMITED
REGISTERED NUMBER: 00419338
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Z Vawda
Director

Date: 30 May 2025

The notes on pages 4 to 15 form part of these financial statements.
Page 2

 
GRAVOTECH LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
151,000
1,287,863
1,438,863



Profit for the year
-
225,177
225,177



At 1 January 2024
151,000
1,513,040
1,664,040



Profit for the year
-
195,755
195,755


At 31 December 2024
151,000
1,708,795
1,859,795


The notes on pages 4 to 15 form part of these financial statements.
Page 3

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Gravotech Limited is a private company, limited by shares, domiciled in England & Wales, registered number 00419338.  The registered office address is Unit 3 Trojan Business Centre, Tachbrook Park Drive, Leamington Spa, Warwickshire, CV34 6RH.
Principal activity
The principal activity of the Company during the year was the supply of engraving and marking systems within the United Kingdom directly and through a distributor network.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Brady Corporation as at 31 July 2025 and these financial statements are publicly available from 6555 W. Good Hope Road Milwaukee, WI 53223 United States.

Page 4

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have performed a going concern assessment for the period of at least 12 months from the date of approval of the financial statements by reviewing the latest forecasts of the Company in the context of its trading prospects and funding position.
Management has considered the trading performance of the Company post year end, as well as reviewing forecasts to assess the going concern status of the entity.
The cash position remains positive post year end, with no further funding being necessary and the entity being able to fulfill both internal and external commitments.
The Company is reliant on the parent as the main supplier of equipment and accessories, therefore, the Directors have also taken into consideration the going concern status of the parent Company as well as receiving formal confirmation from the parent that supply will continue. 
Taking the above into consideration, the Directors are confident of the going concern status of the entity and therefore continue to adopt the going concern basis in preparing its financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in Statement of Comprehensive Income within 'other operating income'.
Page 5

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in Statement of Comprehensive Income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to leasehold buildings
-
20% straight-line per annum
Plant and machinery
-
15% straight-line per annum
Fixtures and equipment
-
15 - 33.3% straight-line per annum
Computer equipment and software
-
33% straight-line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. A provision is made for obsolete, slow moving and defective inventory.

The stock provision policy is as follows;
i)  Scope of obsolescence calculation
The following items are excluded from the calculation:
 - Newly introduced products (date 1st entered into inventory) created within the last 24 months
 - Standard exchange products (only repairing hours or subcontracting costs are gross valued).
ii) Slow moving calculation
The provision will be based upon expected future demand which can be obtained through historical or future demand based upon on an accounting system. The historical demand method can only be used if it is a reasonable prediction of future demand. The calculation will be made on a per part/catalogue number basis. 
The following percentages apply based upon expected demand: 
If current stock will be used within 12 months                  0% provision
>12 but < 24  months                                                    25% provision
> 24 but < 36 months                                                    50% provision
> 36 months                                                                  95% provision
 
Page 8

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Stocks (continued)


iii) Fair market value (Net Realisable Value)
          
If net realisable value is below the new inventory amount, an additional provision should be made to the inventory reserve account. If no reasonable prediction of future sales price is known, best practice should be to use the last 6 month average selling price.
iv) Other specific reviews
Further consideration to special circumstances is taken into account. For product lines which are discontinued a reserve for parts that will be scrapped and cannot be sold as replacement parts is taken into account. Demo stock, on show, used or refurbished inventory is valued no higher than fair market value net of distribution costs.     

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 9

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or incase of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

  
2.18

Deferred income

When a customer pays a deposit in advance of goods being delivered or services rendered, this amount is included within creditors.

  
2.19

Short term employee benefits

Short term benefits, including holiday pay accrual and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. 

Page 10

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
i) Stocks provisioning
The directors consider the recoverability of the cost of stocks and any associated provisioning required. When calculating the stock provision, the directors consider the nature and condition of the stocks, as well as applying assumptions around anticipated saleability. 


4.


Employees

2024
2023
£
£

Wages and salaries
999,959
968,327

Social security costs
96,376
144,716

Cost of defined contribution scheme
29,706
30,588

1,126,041
1,143,631


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
1
1



Selling & Distribution
17
17



Administration
4
4

22
22

Page 11

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Improvements to leasehold buildings
Plant and machinery
Fixtures and equipment
Computer equipment and software
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
88,056
36,222
179,078
271,145
574,501


Additions
-
-
-
2,633
2,633


Disposals
-
-
(15,963)
(159,748)
(175,711)



At 31 December 2024

88,056
36,222
163,115
114,030
401,423



Depreciation


At 1 January 2024
82,135
35,489
179,078
269,807
566,509


Charge for the year
2,220
295
-
1,010
3,525


Disposals
-
-
(15,963)
(159,748)
(175,711)



At 31 December 2024

84,355
35,784
163,115
111,069
394,323



Net book value



At 31 December 2024
3,701
438
-
2,961
7,100



At 31 December 2023
5,921
733
-
1,338
7,992


6.


Stocks

2024
2023
£
£

Goods for resale and service inventory
424,851
601,941

424,851
601,941


The carrying value of stocks are stated net of impairment losses totalling £305,894 (2023 - £232,783). Impairment losses totalling £73,111 (2023 - £47,934) were recognised in profit and loss.
Page 12

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
670,183
830,083

Amounts owed by group undertakings
932,058
966,570

Other debtors
25,440
24,722

Prepayments and accrued income
85,238
63,923

Corporation tax receivable
7,185
-

Deferred taxation
13,930
12,546

1,734,034
1,897,844



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
47,335
35,709

Amounts owed to group undertakings
30,688
-

Corporation tax
-
24,189

Other taxation and social security
210,045
374,366

Accruals and deferred income
293,718
552,287

581,786
986,551


There is a fixed and floating charge over all assets of the company, this is in relation to group debt which is not included in this company's financial statements.

Page 13

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Deferred taxation




2024


£






At beginning of year
12,546


Charged to Statement of Comprehensive Income
1,384



At end of year
13,930

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
13,930
12,546

13,930
12,546


10.


Pension commitments

The Company operates a defined contribution stakeholder pension scheme.
The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,706 (2023 - £30,122). Contributions totalling £9,269 (2023 - £5,573) were payable to the fund at the balance sheet date.


11.


Related party transactions

The company and fellow subsidiaries are wholly owned members of the group and the company is therefore exempt from the requirements to disclose transactions with other members of the group. 
No other transactions with related parties were undertaken such as are required to be disclosed under Section 1A of Financial Reporting Standard 102.

Page 14

 
GRAVOTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is Gravotech Marking SAS, a company incorporated in France. 
Gravotech Marking SAS is the smallest group of undertakings to consolidate these financial statements.
The registered office of Gravotech Marking SAS is ZI Perica 466 rue des Mercieres, 69140 Rillieux la-Pape, France.
Gravotech Holdings SAS, was the ultimate parent of Gravotech Limited up to 31 July 2024. 
With effect from 1 August 2024. the ultimate controlling party is Brady Corporation, a company incorporated in United States, this is the largest group to which consolidated accounts are prepared.
The registered office of Brady Corporation is 6555 W. Good Hope Road Milwaukee, WI 53223 United States.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 May 2025 by Liam Hammond FCA (Senior Statutory Auditor) on behalf of MHA.

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

 
Page 15