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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
COMPANY INFORMATION
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VICKERS LAKESIDE LIMITED
CONTENTS
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VICKERS LAKESIDE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report of Vickers (Lakeside) Limited ("the Company") for the year ended 31 December 2024.
The principal activities of the Company continued to be the sale of new and used vehicles, parts, and vehicle servicing and repair. The Company operated from two dealership sites representing the Vauxhall franchise at Lakeside Autopark in West Thurrock and at Romford, although the Romford site was sold during the year. The dealership operates under the trading name of Tony Levoi.
The profit for the year ended 31 December 2024, after taxation, amounted to £61,264 (2023 - £5,715). Turnover reduced to £23,156,202 (2023 - £29,141,829) and the Company reported total gross profit of £4,213,899 (2023 - £4,737,483). The Company maintains a strong Balance Sheet with total assets of £4,196,574 (2023 - £7,140,084) and net assets of £885,635 (2023 - £824,371). It is recognised that the Brexit outcome may effect tariff costs on new products supplied to the retail network for a period of time. Putting pressure on new car AOR market volume set, however our expectation is that this possible volume reduced will be replaced with improved used car market opportunity.
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VICKERS LAKESIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is subject to a number of risks. The Directors have set out below the principal risks facing the business;
Manufacturers supply of new and improved product The Company is reliant on new vehicle products from Vauxhall. This exposes the Company to risks in a number of areas as the Company is dependent on its manufacturer/supplier in respect of: • Availability of new vehicle products • Quality of new vehicle products • Pricing of new vehicle products The Directors are confident that future new products from its manufacturer/supplier will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by the other core self-help business areas of the Company, including used vehicle sales, parts sales / body shop and service work. Economic downturn and pandemic trading interruption The success of the business is reliant on consumer spending. An economic downturn, resulting in a reduction of consumer spending power, will have a direct impact on the income achieved by the company. In response to this risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, quick and flexible marketing and pricing strategies are modified to reflect the new market conditions. Development and performance The strategy remains as previous years to build on the market position established by the Company, together with a strong manufacturer brand nationally. This strategy is based largely on well established product models (including the New full electric product Frontera / Grandland being launched throughout Q4 2024). Cash management has been well controlled throughout 2024 with our overdraft facility only being fully utilised at times. A government Interruption loan of £150k was agreed and secured with the bank during the covid pandemic and has now been paid off. Stock funding was assessed early in the lockdown with Vauxhall finance switching us to a simplified, per unit, line funding plan, which meant that the business cash facility was strengthened. This continues to be the case. Along with the Romford property sale completed, this has allowed funding lines to be further reduced and interest cost to the businesses lowed improving P&L, As a consequence, the Directors are confident that the business has sufficient liquidity to manage business trading volumes. Microchip manufacturing Microchip manufacturing issue have now been fixed and did not affect new car impact manufacturing supply timings during 2023/ 2024. The Stellantis Retail plan looks to be stronger than most with Vauxhall reducing fleet routes to market and prioritising retail that we represent. This is not available to a lot of manufacturers, performance volume risk is now effected with the manufacturers electric car target mix set out and lower petrol manufacturing being debated.
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VICKERS LAKESIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have monitored the progress of the overall Company strategy and the individual strategic elements by reference to turnover, gross profit and operating profit:
2024 2023 % % Turnover (reduction) / growth 20.6 0.0 Gross profit margin 18.0 16.3 Operating profit margin 0.01 0.01
A Key non-financial key performance indicator are new and used vehicle units, and retail service hours sold which were:
2024 2023 % change New units 149 267 (44) Used units 957 1,263 (24) Total service hours 44,716 44,044 2 The Directors are generally pleased with the manufacturers key performance measurement results achieved across all areas given the circumstance of the reduced new car market volumes seen, with the business used car volume uplift focus plan building well to fill new car current shortage, along with larger aftersales customer activity in all areas. The Company also continued to achieve the customer excellence award KPIs for sales and service CSI position nationally, The Vauxhall Customer Excellence award was received for the 9th year running. The Company launched its new Spoticar used car centre at Lakeside and local awareness and volumes continue to build well, with new fully buy online web platforms for customers that are more advanced than ever faster, smoothly navigable, more user friendly and conveys everything about vehicle purchases, special offers, and online services booking facility, giving customers an assuring and pleasing experience. As outlined, further used car growth plans with customer engagement digitally to showroom activity is being improved with focus on volumes to remedy the reduced new car market share within 2025. The Company is further engaging with the Stellantis All Makes Service and Parts Program platforms.
This report was approved by the board and signed on its behalf.
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VICKERS LAKESIDE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £61,264 (2023 - loss £5,715).
The Directors have not recommended a dividend during the year ended 31 December 2024 (2023 - £NIL).
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report:
∙Principal activity and Business review
∙Principal risks and uncertainties
∙Future developments
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VICKERS LAKESIDE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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VICKERS LAKESIDE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICKERS LAKESIDE LIMITED
We have audited the financial statements of Vickers Lakeside Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
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VICKERS LAKESIDE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICKERS LAKESIDE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
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VICKERS LAKESIDE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICKERS LAKESIDE LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropiateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charges with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable 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 Auditors' 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 Auditors' 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.
for and on behalf of
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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VICKERS LAKESIDE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
REGISTERED NUMBER: 03287149
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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VICKERS LAKESIDE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Vickers (Lakeside) Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 03287149. The Company's registered office and principal place of business is West Thurrock Way, West Thurrock, Essex, RM20 3WE.
The financial statements are presented in pound sterling which is the functional currency of the Company and amounts are rounded to the nearest pound sterling.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors consider that the Company has sufficient liquid resources to enable the Company to cover its costs and pay its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
There is a continuous review of budgets and forecasts with pro active emphasis on cost saving measures. Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover from commission receivable is recognised when the amount can be reliably measured, and it is porbable that the Company wil receive the consideration.
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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 profit or loss.
Under supply agreements with Vauxhall Motors Limited, the Company has access to 'consignment stock' during a consignment period. Where the nature of these supply agreements transfers risks and rewards to the Company, which in substance give the Company control over stock during the consignment period and liabilities in respect of holding costs, the Company recognises these stocks in the Balance Sheet together with the equivalent liability.
Where supply agreements do not provide risks and rewards to the Company until such time as legal title actually passes at the end of the consignment period, these stocks are not included in the Balance Sheet. Both the terms under which the stocks are held are held and the financial commitment in respect of these stocks are disclosed in the notes to the financial statements.
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 3.1 Stock valuation Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The Directors maintain oversight of ageing stock profiles and monthly review of any provision required is performed. The amount of stock provided for at the year end was £125,164 (2023 - £113,408). 3.2 Consignment stock Vehicles held on consignment stock have been included in raw materials within stocks on the basis that the Company has determined that it holds the significant risks and rewards attached to these vehicles. The amount of consignment stock held at the year end was £919,134 (2023 - £213,153).
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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VICKERS LAKESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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