REGISTERED NUMBER: 08965630 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BUTSON AND NORRINGTON LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M N Butson

Mrs C S Butson

REGISTERED OFFICE:

Windover House

St. Ann Street

Salisbury

SP1 2DR

REGISTERED NUMBER:

08965630 (England and Wales)

AUDITORS:

Fawcetts LLP

Chartered Accountants

and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The results for the year and financial position of the company and the group are as shown in the financial statements.

The company continued to rent property and support the activities of Inn Gear Limited, its wholly owned subsidiary, during the year under review. The activities of Inn Gear Limited remained unchanged during the year.

The key financial highlights of the group are as follows:

2024

2023

Consolidated turnover

£14.4m

£12.0m

Gross profit margin

21.0%

19.9%

Consolidated net assets

£1.5m

£927k

Capital expenditure

£36k

£138k

The directors consider the profit achieved on ordinary activities before taxation and the state of the group's affairs to be satisfactory. The group continued to strategically invest in the appropriate resources in order to maximise the commercial opportunities available.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks, especially in the current economic and political climate.

There have continued to be significant increases in prices. Materials costs continue to have a substantial impact on the overall costs of the business, along with increasing employee numbers driving up wages. Despite this, profit before tax has increased as a result of the 20.5% increase in sales.

As the holding company's activities are supported wholly by its subsidiary, Inn Gear Limited, it is essential that its subsidiary remains a going concern.

Inn Gear Limited recognises that in order to minimise the financial economical risk to its trading activities, and ultimately its profitability, it must ensure it has a diverse number of products which meet the needs of a wide range of customers.

FUTURE DEVELOPMENTS

The directors will continue to look for opportunities where the group can support and develop its subsidiary in their activity of the supply and fixing of bric a brac, furniture and fixed seating.

During August 2025, the company purchased further freehold property to be used within the business.

ON BEHALF OF THE BOARD:

M N Butson - Director

10 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the supply and fixing of bric-a-brac to pubs, hotels and restaurants.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £100,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M N Butson

Mrs C S Butson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M N Butson - Director

10 September 2025

Qualified opinion

We have audited the financial statements of Butson and Norrington Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the possible effect of the matters described in the Basis for qualified opinion section of our report, based on the work undertaken in the course of the audit of 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.

Basis for qualified opinion

There were insufficient stocks records kept in both the current and prior year. We were unable to satisfy ourselves by alternative means concerning the stocks in the financial statements, which are include in the balance sheet at £250,000, by using alternative audit procedures.

Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 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 qualified 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have 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 Group Strategic Report or the Report of the Directors.

Except for the possible effects of the matter described in the basis of qualified opinion section of our report, in our our opinion, based on the work undertaken in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

-

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

-

we were unable to determine whether adequate accounting records have been kept; or

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:

-

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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:

Identifying and assessing potential risks related to irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

-

the nature of the industry/sector, control environment and financial performance;

-

results of our enquiries of management about their own identification and assessment of the risk of irregularities;

-

any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

-

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risk identified

As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

performing substantive procedures to ascertain the completeness, existence, valuation, and rights and obligations of stocks as at the year-end;

-

understanding the company's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding;

-

performing analytical procedures to compare revenue recognised against expectations, past results, and management forecasts, and investigated material divergences by obtaining corroborative evidence;

-

reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Nicholas Jones (FCCA) (Senior Statutory Auditor)

for and on behalf of Fawcetts LLP

Chartered Accountants

and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

10 September 2025

TURNOVER

14,409,088

11,955,761

Cost of sales

11,390,811

9,575,472

GROSS PROFIT

3,018,277

2,380,289

Administrative expenses

1,904,616

1,386,509

1,113,661

993,780

Other operating income

-

461

1,113,661

994,241

Interest receivable and similar income

6,166

3,797

1,119,827

998,038

Interest payable and similar expenses

4

172,256

156,886

PROFIT BEFORE TAXATION

5

947,571

841,152

Tax on profit

6

253,968

221,645

PROFIT FOR THE FINANCIAL YEAR

693,603

619,507

Profit attributable to:

Owners of the parent

693,603

619,507

PROFIT FOR THE YEAR

693,603

619,507

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

693,603

619,507

Total comprehensive income attributable to:

Owners of the parent

693,603

619,507

FIXED ASSETS

Tangible assets

9

3,435,714

1,403,218

Investments

10

1

-

Investment property

11

536,635

521,103

3,972,350

1,924,321

CURRENT ASSETS

Stocks

12

250,000

291,250

Debtors

13

2,169,985

1,916,484

Cash at bank and in hand

896,102

546,058

3,316,087

2,753,792

CREDITORS

Amounts falling due within one year

14

3,575,980

1,936,552

NET CURRENT (LIABILITIES)/ASSETS

(259,893

)

817,240

TOTAL ASSETS LESS CURRENT LIABILITIES

3,712,457

2,741,561

CREDITORS

Amounts falling due after more than one year

15

(2,147,693

)

(1,744,918

)

PROVISIONS FOR LIABILITIES

18

(44,137

)

(69,619

)

NET ASSETS

1,520,627

927,024

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

1,520,527

926,924

SHAREHOLDERS' FUNDS

1,520,627

927,024

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

M N Butson - Director

FIXED ASSETS

Tangible assets

9

3,259,170

1,112,835

Investments

10

3

2

Investment property

11

536,635

521,103

3,795,808

1,633,940

CURRENT ASSETS

Debtors

13

384,291

89,578

Cash at bank

36,484

83,512

420,775

173,090

CREDITORS

Amounts falling due within one year

14

1,258,161

88,669

NET CURRENT (LIABILITIES)/ASSETS

(837,386

)

84,421

TOTAL ASSETS LESS CURRENT LIABILITIES

2,958,422

1,718,361

CREDITORS

Amounts falling due after more than one year

15

1,972,693

1,269,918

NET ASSETS

985,729

448,443

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

985,629

448,343

SHAREHOLDERS' FUNDS

985,729

448,443

Company's profit for the financial year

637,286

617,093

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

M N Butson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

847,417

847,517

Changes in equity

Dividends

-

(540,000

)

(540,000

)

Total comprehensive income

-

619,507

619,507

Balance at 31 December 2023

100

926,924

927,024

Changes in equity

Dividends

-

(100,000

)

(100,000

)

Total comprehensive income

-

693,603

693,603

Balance at 31 December 2024

100

1,520,527

1,520,627

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

371,250

371,350

Changes in equity

Dividends

-

(540,000

)

(540,000

)

Total comprehensive income

-

617,093

617,093

Balance at 31 December 2023

100

448,343

448,443

Changes in equity

Dividends

-

(100,000

)

(100,000

)

Total comprehensive income

-

637,286

637,286

Balance at 31 December 2024

100

985,629

985,729

Cash flows from operating activities

Cash generated from operations

1

1,433,575

1,240,596

Interest paid

(172,256

)

(156,886

)

Tax paid

(208,978

)

(121,923

)

Net cash from operating activities

1,052,341

961,787

Cash flows from investing activities

Purchase of tangible fixed assets

(2,182,132

)

(137,611

)

Purchase of fixed asset investments

(1

)

-

Purchase of investment property

(15,532

)

(521,103

)

Sale of tangible fixed assets

17,823

-

Interest received

6,166

3,797

Net cash from investing activities

(2,173,676

)

(654,917

)

Cash flows from financing activities

New loans in year

1,000,000

502,425

Loan repayments in year

(563,666

)

(370,589

)

Capital repayments in year

-

(21,626

)

Amount introduced by directors

2,296,981

738,479

Amount withdrawn by directors

(1,161,936

)

(732,418

)

Equity dividends paid

(100,000

)

(540,000

)

Net cash from financing activities

1,471,379

(423,729

)

Increase/(decrease) in cash and cash equivalents

350,044

(116,859

)

Cash and cash equivalents at beginning of year

2

546,058

662,917

Cash and cash equivalents at end of year

2

896,102

546,058

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

947,571

841,152

Depreciation charges

139,529

161,495

Profit on disposal of fixed assets

(7,715

)

-

Finance costs

172,256

156,886

Finance income

(6,166

)

(3,797

)

1,245,475

1,155,736

Decrease in stocks

41,250

6,993

(Increase)/decrease in trade and other debtors

(253,501

)

101,347

Increase/(decrease) in trade and other creditors

400,351

(23,480

)

Cash generated from operations

1,433,575

1,240,596

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

896,102

546,058

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

546,058

662,917

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

546,058

350,044

896,102

546,058

350,044

896,102

Debt

Debts falling due within 1 year

(372,764

)

(33,559

)

(406,323

)

Debts falling due after 1 year

(1,744,918

)

(402,775

)

(2,147,693

)

(2,117,682

)

(436,334

)

(2,554,016

)

Total

(1,571,624

)

(86,290

)

(1,657,914

)

1.	STATUTORY INFORMATION

Butson and Norrington Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered the financial position of the company and the group and confirm that it remains a going concern. The financial statements are presented in Sterling (£) which is the functional currency of the group.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and the entity controlled by the group (its subsidiary). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Related party exemption

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

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

Useful life of tangible fixed assets

A reliable estimate is made of the useful life of tangible assets on acquisition. This estimate is based on a variety of factors such as expected use of the acquired asset and assumptions that market participants would consider in respect of a similar business.

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods:

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of despatch.

Rendering of services:

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Construction contracts:

Turnover is recognised using a percentage-of-completion method when outcomes can be reliably estimated, or by expensing costs only to the extent of probable recovery if outcomes are uncertain. If the outcome cannot be reliably estimated, recognise revenue only to the extent that costs incurred are probable of being recovered.

All turnover and profits arise within the UK and from one class of business being the supply and fixing of bric-a-brac to the hospitality industry.