Company registration number 01391526 (England and Wales)
PEERS HARDY (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PEERS HARDY (UK) LIMITED
COMPANY INFORMATION
Directors
Mr J E Story
Mr N C Baker
Mr P V Harry
Mr D N Crowe
Secretary
Mr D N Crowe
Company number
01391526
Registered office
Precision House, Starley Way
Birmingham International Business Park
Bickenhill Lane
Solihull
B37 7GN
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Precision House, Starley Way
Birmingham International Business Park
Bickenhill Lane
Solihull
B37 7GN
PEERS HARDY (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
PEERS HARDY (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
Turnover has increased by £1.2m (4%) which reflects both the continued success of our Smart watch ranges and a strong performance by our quartz brands in contrast to a declining quartz market. The Directors’ goal remains to grow the company through the launch of new brands and product lines, entering new markets and competing to increase its market share.
Gross Margin increased by 2.6% to 29.6% compared to 2023 whilst Distribution and Administrative expenses increased by 15%. The accounts disclose an operating profit for the year of £1,021k (2023 £976k) and a profit before tax of £1,553k (2023 £1,006k) which the directors believe to be a satisfactory result. The company’s balance sheet is also satisfactory with shareholder funds amounting to £8.1m (2023 £8.9m) at the balance sheet date.
Analysis using financial key performance indicators
The key performance indicators (KPIs) of the company are sales, gross profit margin, overheads and cashflow and were as follows:
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Distribution and Admin. expenses | | |
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The directors are content with both the relevance of the KPIs which were set for the reporting period and the performance against these KPIs. All indicators were within tolerances set by management.
Principal risks and uncertainties
As with all commercial entities, Peers Hardy’s operations are carried out in an environment of risk. The Board have procedures in place to both monitor and mitigate these risks.
A large proportion of the company’s products are purchased in US$ whilst many customers are invoiced in £. The resultant exchange rate risk is mitigated by entering into forward currency contracts
The provision of timely and quality supplies is key to customer retention. Suppliers are constantly monitored for both and the company works with its key suppliers to mitigate this risk
The management of working capital risk is subject to strict internal control procedures and planning.
Future developments
The outlook for 2025 is positive and the directors will continue to concentrate their efforts on increasing the level of sales and profit over the coming 12 months. Post year-end, the company assumed the licence agreement for Rotary Watches and the directors are confident that this will further enhance sales and profit and believe that the company remains in a strong financial and commercial position.
Mr J E Story
Director
19 June 2025
PEERS HARDY (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of designing, importing and distributing watches, clocks and jewellery products.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,986,762. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J E Story
Mr N C Baker
Mr P V Harry
Mr D N Crowe
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to interest rate risk on its invoice discounting borrowing.
Foreign currency risk
The company is exposed to exchange rate risk as a large proportion of products are purchase in US$ whilst many customers are invoiced in £. This risk is mitigated by entering in to forward currency contracts.
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 any doubtful debts.
Auditor
The auditor, CK Audit, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.
PEERS HARDY (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr J E Story
Director
19 June 2025
PEERS HARDY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEERS HARDY (UK) LIMITED
- 4 -
Opinion
We have audited the financial statements of Peers Hardy (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PEERS HARDY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEERS HARDY (UK) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the sale and distribution sector.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
PEERS HARDY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEERS HARDY (UK) LIMITED (CONTINUED)
- 6 -
Audit response to risk identified
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing correspondence with relevant regulators.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:
Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Confirming our understanding of controls by performing a walk through test or observation and enquiry
Performing analytical procedures to identify any unusual or unexpected relationships;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Identifying and testing journal entries;
Reviewing unusual or unexpected transactions; and
Agreeing the financial statement disclosures to underlying supporting documentation.
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 auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Frances Clapham (Senior Statutory Auditor)
For and on behalf of CK Audit, Statutory Auditor
Chartered Accountants
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
19 June 2025
PEERS HARDY (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
31,558,829
30,382,448
Cost of sales
(22,207,736)
(22,173,064)
Gross profit
9,351,093
8,209,384
Distribution costs
(444,489)
(381,285)
Administrative expenses
(7,885,663)
(6,852,177)
Operating profit
4
1,020,941
975,922
Interest receivable and similar income
8
266,599
111,722
Interest payable and similar expenses
9
(40,458)
(48,602)
Fair value gains and losses on foreign exchange contracts
306,373
(32,649)
Profit before taxation
1,553,455
1,006,393
Tax on profit
10
(396,389)
(255,368)
Profit for the financial year
1,157,066
751,025
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 28 form part of these financial statements.
PEERS HARDY (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
79,043
96,001
Tangible assets
13
567,444
535,697
Investments
14
954
954
647,441
632,652
Current assets
Stocks
17
4,925,320
5,820,269
Debtors
18
10,630,562
10,386,419
Cash at bank and in hand
1,083,442
1,414,111
16,639,324
17,620,799
Creditors: amounts falling due within one year
19
(8,880,030)
(9,028,073)
Net current assets
7,759,294
8,592,726
Total assets less current liabilities
8,406,735
9,225,378
Creditors: amounts falling due after more than one year
20
(275,402)
(252,984)
Provisions for liabilities
Deferred tax liability
23
69,943
81,308
(69,943)
(81,308)
Net assets
8,061,390
8,891,086
Capital and reserves
Called up share capital
26
83,800
83,800
Revaluation reserve
27
39,107
39,107
Capital redemption reserve
28
16,200
16,200
Profit and loss reserves
29
7,922,283
8,751,979
Total equity
8,061,390
8,891,086
The notes on pages 12 to 28 form part of these financial statements.
PEERS HARDY (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
Mr J E Story
Director
Company registration number 01391526 (England and Wales)
PEERS HARDY (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
83,800
39,107
16,200
8,763,599
8,902,706
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
751,025
751,025
Dividends
11
-
-
-
(762,645)
(762,645)
Balance at 31 December 2023
83,800
39,107
16,200
8,751,979
8,891,086
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,157,066
1,157,066
Dividends
11
-
-
-
(1,986,762)
(1,986,762)
Balance at 31 December 2024
83,800
39,107
16,200
7,922,283
8,061,390
The notes on pages 12 to 28 form part of these financial statements.
PEERS HARDY (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
427,465
1,720,978
Interest paid
(40,458)
(48,602)
Income taxes paid
(292,524)
(314,000)
Net cash inflow from operating activities
94,483
1,358,376
Investing activities
Purchase of intangible assets
(3,226)
(11,536)
Purchase of tangible fixed assets
(219,716)
(221,705)
Proceeds from disposal of tangible fixed assets
1,263
26,214
Repayment of loans
605,310
(409,967)
Interest received
266,599
111,722
Net cash generated from/(used in) investing activities
650,230
(505,272)
Financing activities
Repayment of bank loans
883,840
165,589
Net movement in finance leases obligations
27,540
37,005
Dividends paid
(1,986,762)
(762,645)
Net cash used in financing activities
(1,075,382)
(560,051)
Net (decrease)/increase in cash and cash equivalents
(330,669)
293,053
Cash and cash equivalents at beginning of year
1,414,111
1,121,058
Cash and cash equivalents at end of year
1,083,442
1,414,111
The notes on pages 12 to 28 form part of these financial statements.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Peers Hardy (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Precision House, Starley Way, Birmingham International Business Park, Bickenhill Lane, Solihull, B37 7GN.
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 on the historical cost convention, modified to include the revaluation of trade marks and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the subsidiary companies are not material. The financial statements present information about the company as an individual entity and not about its group.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trade marks
3 to 10 years
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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:
Land and buildings Leasehold
Over period of lease
Fixtures, fittings & equipment
33% reducing balance / straight line as appropriate
Motor vehicles
15% to 50% reducing balance / straight line as appropriate
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 credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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 company 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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 company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’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.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Inventory
Inventories are valued at the lower of cost and net realisation. Net realisation value includes where necessary, provisions for slow moving and obsolete stocks. The calculation of these provisions is made on a line by line basis based on a combination of the item’s age, sales history and classification as a discontinued line. The adequacy of the provision is monitored with reference to the amounts realised when old stock is cleared.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
31,558,829
30,382,448
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
25,340,245
24,887,913
Europe
4,414,568
3,677,614
Rest of the world
1,804,016
1,816,921
31,558,829
30,382,448
2024
2023
£
£
Other revenue
Interest income
266,599
111,722
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
(12,236)
10,919
Depreciation of owned tangible fixed assets
115,778
105,759
Depreciation of tangible fixed assets held under finance leases
72,191
56,585
Profit on disposal of tangible fixed assets
(1,263)
(10,190)
Amortisation of intangible assets
20,184
14,539
Operating lease charges
252,957
254,923
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,250
15,000
For other services
Taxation compliance services
750
750
All other non-audit services
500
500
1,250
1,250
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Distribution
35
28
Administration
26
24
Sales
13
19
Total
74
71
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,199,160
3,871,769
Social security costs
363,814
353,211
Pension costs
97,664
86,646
5,660,638
4,311,626
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,598,060
1,430,883
Company pension contributions to defined contribution schemes
9,290
8,891
2,607,350
1,439,774
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
984,113
568,452
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,042
Other interest income
262,557
111,722
Total income
266,599
111,722
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,042
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
22,813
24,563
Other finance costs:
Interest on finance leases and hire purchase contracts
26,039
20,803
Other interest
(8,394)
3,236
40,458
48,602
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
407,754
228,263
Deferred tax
Origination and reversal of timing differences
(11,365)
27,105
Total tax charge
396,389
255,368
As of 1 April 2023, the applicable corporation tax rate changed to 25%.
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
1,553,455
1,006,393
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
388,364
236,704
Tax effect of expenses that are not deductible in determining taxable profit
4,242
7,407
Depreciation on assets not qualifying for tax allowances
2,487
2,314
Other permanent differences
1,296
6,382
Tax effect of assets attracting enhanced capital allowances
(967)
Impairment of subsidiary company loan
3,528
Taxation charge for the year
396,389
255,368
11
Dividends
2024
2023
£
£
Final paid
1,986,762
762,645
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Intangible fixed assets
Goodwill
Trade marks
Total
£
£
£
Cost
At 1 January 2024
361,926
432,722
794,648
Additions
3,226
3,226
At 31 December 2024
361,926
435,948
797,874
Amortisation and impairment
At 1 January 2024
361,926
336,721
698,647
Amortisation charged for the year
20,184
20,184
At 31 December 2024
361,926
356,905
718,831
Carrying amount
At 31 December 2024
79,043
79,043
At 31 December 2023
96,001
96,001
13
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
158,833
1,813,602
482,329
2,454,764
Additions
84,907
134,809
219,716
Disposals
(16,766)
(16,766)
At 31 December 2024
158,833
1,881,743
617,138
2,657,714
Depreciation and impairment
At 1 January 2024
127,223
1,633,237
158,607
1,919,067
Depreciation charged in the year
9,947
99,338
78,684
187,969
Eliminated in respect of disposals
(16,766)
(16,766)
At 31 December 2024
137,170
1,715,809
237,291
2,090,270
Carrying amount
At 31 December 2024
21,663
165,934
379,847
567,444
At 31 December 2023
31,610
180,365
323,722
535,697
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 23 -
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Fixtures, fittings & equipment
36,000
44,000
Motor vehicles
341,688
154,993
377,688
198,993
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
954
954
15
Subsidiaries
These financial statements are separate company financial statements for Peers Hardy (UK) Limited.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Horological Industries Limited*
Hong Kong
Ordinary
100.00
Peers Hardy (USA) Inc*
United States
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Horological Industries Limited*
(37,577)
Peers Hardy (USA) Inc*
(637,210)
(11,399)
*Group accounts have not been prepared on the basis that they are not material.
16
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
267,460
-
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
-
38,913
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,925,320
5,820,269
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,071,704
8,233,381
Amounts owed by group undertakings
167,847
173,325
Derivative financial instruments
267,460
-
Other debtors
2,764,972
1,699,811
Prepayments and accrued income
358,579
279,902
10,630,562
10,386,419
Included in trade debtors are £nil (2023 £1,334,261) of debts which are subject to an invoice discounting agreement with HSBC Invoice Finance (UK) Limited. Amounts advanced against these debts are included in creditors due within one year.
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
21
2,065,495
1,181,655
Obligations under finance leases
22
71,040
65,918
Trade creditors
1,669,638
2,018,828
Corporation tax
223,493
108,263
Other taxation and social security
968,503
1,367,952
Derivative financial instruments
38,913
Other creditors
33,264
1,363,965
Accruals and deferred income
3,848,597
2,882,579
8,880,030
9,028,073
The advances from HSBC Invoice Finance (UK) Limited of £nil (2023 £1,370,113) included in other creditors are secured by a fixed charge on non-vesting debts and a floating charge.
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
22
275,402
252,984
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
21
Loans and overdrafts
2024
2023
£
£
Bank loans
2,065,495
1,181,655
Payable within one year
2,065,495
1,181,655
Bank loans includes an amount of £2,065,495 (2023 £1,181,655) in relation to an import loan facility which is secured by a fixed and floating charge on all assets of the company.
22
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
71,040
66,240
In two to five years
275,402
252,662
346,442
318,902
Finance lease payments represent rentals payable by the company 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
70,083
81,634
Retirement benefit obligations
(140)
(326)
69,943
81,308
2024
Movements in the year:
£
Liability at 1 January 2024
81,308
Credit to profit or loss
(11,365)
Liability at 31 December 2024
69,943
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,664
86,646
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
67,040
67,040
7.98
7.98
Granted
67,040
7.98
Forfeited
7.98
Outstanding at 31 December 2024
67,040
67,040
7.98
7.98
Exercisable at 31 December 2024
67,040
67,040
7.98
7.98
The options outstanding at 31 December 2024 had an exercise price of £7.98 and a remaining contractual life of 3 years.
26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
'A' ordinary shares of 10p each
850,000
850,000
85,000
85,000
Issued and fully paid
'A' ordinary shares of 10p each
838,000
838,000
83,800
83,800
27
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
39,107
39,107
28
Capital redemption reserve
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
28
Capital redemption reserve
(Continued)
- 27 -
2024
2023
£
£
At the beginning and end of the year
16,200
16,200
29
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
8,751,979
8,763,599
Adjusted balance
8,751,979
8,763,599
Profit for the year
1,157,066
751,025
Dividends declared and paid in the year
(1,986,762)
(762,645)
At the end of the year
7,922,283
8,751,979
30
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties which include, property rental, equipment rental and motor vehicles rentals.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
232,110
232,110
Between two and five years
193,425
425,535
425,535
657,645
31
Directors' transactions
Dividends totalling £1,807,717 (2023 - £693,916) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr J E Story -
-
1,520,310
1,900,000
262,557
(2,767,867)
915,000
PEERS HARDY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
31
Directors' transactions
(Continued)
- 28 -
1,520,310
1,900,000
262,557
(2,767,867)
915,000
32
Ultimate controlling party
The ultimate controlling party is J E Story.
33
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,157,066
751,025
Adjustments for:
Taxation charged
396,389
255,368
Finance costs
40,458
48,602
Investment income
(266,599)
(111,722)
Gain on disposal of tangible fixed assets
(1,263)
(10,190)
Fair value (gain)/loss on foreign exchange contracts
(306,373)
32,649
Amortisation and impairment of intangible assets
20,184
14,539
Depreciation and impairment of tangible fixed assets
187,969
162,344
Movements in working capital:
Decrease in stocks
894,949
919,546
(Increase)/decrease in debtors
(581,993)
1,292,918
Decrease in creditors
(1,113,323)
(1,634,101)
Cash generated from operations
427,464
1,720,978
34
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,414,111
(330,669)
1,083,442
Borrowings excluding overdrafts
(1,181,655)
(883,840)
(2,065,495)
Lease liabilities
(318,902)
(27,540)
(346,442)
(86,446)
(1,242,049)
(1,328,495)
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