Company registration number 08038733 (England and Wales)
GROUNDHOG (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GROUNDHOG (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr G P Ratcliffe
Mrs L J Ratcliffe
Mr R Ratcliffe
Mr P R Cooper
Company number
08038733
Registered office
Ynysygerwn Avenue
Aberdulais
Neath
Glamorgan
United Kingdom
SA10 8HH
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
GROUNDHOG (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
2 - 3
Directors' report
1
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
12
Company statement of changes in equity
11
Group statement of cash flows
13
Notes to the financial statements
14 - 29
GROUNDHOG (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the manufacture and retail of secure containers.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further 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 G P Ratcliffe
Mrs L J Ratcliffe
Mr R Ratcliffe
Mr P R Cooper
Future developments

The group will continue to focus on sustained profitability and growth. The group's primary aim will be to continue to concentrate on delivering a consistently high level of service to all of its customers.

The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the cash reserves held at the date of signing the report.

The group meets its day to day working capital requirements from its cash reserves.

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

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 auditor of the company 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 auditor of the company 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 G P Ratcliffe
Director
8 October 2025
GROUNDHOG (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

With a state of the art modern manufacturing facility based in South Wales, we specialise in the manufacture of site welfare accommodation units, which include static, mobile and bespoke offerings.

Turnover for 2024 increased by 33.8% to £17.2m (2023 £12.8m). The increase in turnover for the year came from the aquisition of Groundhog Sales occuring in the year which saw 2 months of their results consolidated in to the group results for the year. Turnover increased by 7.1% removing these sales from the period results. The results are in line with the group’s longstanding business plan of sustained and controlled growth and is underpinned by a large percentage of repeat business with existing clients along with the development of new products and customers.

The company’s performance is in no small part thanks to the professionalism and enthusiasm demonstrated by its loyal staff.

The group regularly address staffing requirements and costs to ensure that it maintains its comparable gross profit margins, which during the year increased to 34.6% from 31.1% in 2023.

The group has always managed to maintain a strong control over expenditure which remained consistent with 2024, resulting in operating profit for the year of £3,651,360 compared to £1,750,447 in 2023.

The group continues to be in a strong position financially, with cash reserves increasing significantly during the year.

The group will continue to focus on sustained profitability and growth while also endeavouring to deliver high quality products and standards of service to its entire commercial, public sector and private customers within the UK. The company will also continue to develop new products and look to enter into new markets both within the UK and overseas.

Key Performance Indicators

20 2 4 2023

Revenue 17,176,160 12,841,523

Gross Profit 5,940,464 3,995,249

Gross Profit % 34.59% 31.11%

Operating Profit 3,651,360 1,750,447

Operating Profit % 21.26% 13.63%

Environmental matters

The group recognises the importance of its environmental responsibilities and accepts that concern for the environment and all employees is an integral and fundamental part of its corporate business strategy. The group monitors its impact on the environment and endeavours to design and implement policies and processes to reduce any damage that might be caused by the group's activities. Initiatives include the safe disposal of commercial waste, the minimisation of waste going to landfill, reducing energy consumption and the use of renewable natural resources where possible.

Employee matters

The group involves its employees in its objectives, plans and performance and on other relevant matters of interest to employees through various communication methods and regular group meetings. The group is an equal opportunities employer and does not discriminate in the recruitment and promotion of staff.

GROUNDHOG (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Principal risks and uncertainties

The principal risk facing the group is the strength of the UK economy and following from that the demand for structures and products manufactured by the group.

Financial risk management objectives and policies

The group operates a number of risk management policies designed to minimise its exposure to financial risk.

Liquidity and cash flow risk

The group produces detailed monthly management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the group being unable to pay its debts as they fall due.

Interest rate risk

The group has previously utilised a number of financial instruments including hire purchase contracts and finance lease obligations in order to finance its operations. The primary risk faced by the group as a result of its use of these financial instruments was interest rates risk.

The group does not currently seek to hedge any interest rate risk.

Credit risk

The group operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. Directors must authorise any larger value contracts and the group will only conduct business with customers deemed to be credit-worthy.

On behalf of the board

Mr G P Ratcliffe
Director
8 October 2025
GROUNDHOG (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GROUNDHOG (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GROUNDHOG (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Groundhog (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 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:

- T he information given in the strategic report and the directors' r eport 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.

GROUNDHOG (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GROUNDHOG (HOLDINGS) LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent 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.

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.

GROUNDHOG (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GROUNDHOG (HOLDINGS) LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Andrew Howells (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
3 November 2025
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
GROUNDHOG (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
17,176,160
12,841,523
Cost of sales
(11,235,696)
(8,846,274)
Gross profit
5,940,464
3,995,249
Administrative expenses
(2,322,697)
(2,287,996)
Other operating income
33,593
43,194
Operating profit
6
3,651,360
1,750,447
Interest receivable and similar income
4
149,779
106,978
Interest payable and similar expenses
5
(11,812)
-
0
Profit before taxation
3,789,327
1,857,425
Tax on profit
7
(1,086,070)
(496,962)
Profit for the financial year
2,703,257
1,360,463
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GROUNDHOG (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
594,238
-
0
Total intangible assets
594,238
-
0
Tangible assets
13
7,944,571
6,871,994
8,538,809
6,871,994
Current assets
Stocks
12
1,305,554
806,273
Debtors
15
7,032,568
2,498,328
Cash at bank and in hand
3,906,243
6,330,260
12,244,365
9,634,861
Creditors: amounts falling due within one year
14
(2,794,713)
(1,314,349)
Net current assets
9,449,652
8,320,512
Total assets less current liabilities
17,988,461
15,192,506
Creditors: amounts falling due after more than one year
16
(191,400)
(197,200)
Provisions for liabilities
Deferred tax liability
17
323,742
225,244
(323,742)
(225,244)
Net assets
17,473,319
14,770,062
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
17,473,317
14,770,060
Total equity
17,473,319
14,770,062

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2025 and are signed on its behalf by:
08 October 2025
Mr G P Ratcliffe
Director
Company registration number 08038733 (England and Wales)
GROUNDHOG (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
575,772
863,803
Investments
10
2,082,783
100
2,658,555
863,903
Current assets
Debtors
15
547,259
32,453
Cash at bank and in hand
1,130,709
2,184,672
1,677,968
2,217,125
Creditors: amounts falling due within one year
14
(2,495,955)
(1,209,254)
Net current (liabilities)/assets
(817,987)
1,007,871
Total assets less current liabilities
1,840,568
1,871,774
Provisions for liabilities
Deferred tax liability
17
29,717
65,764
(29,717)
(65,764)
Net assets
1,810,851
1,806,010
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
1,810,849
1,806,008
Total equity
1,810,851
1,806,010

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £4,841 (2023 - £40,921 loss).

The financial statements were approved by the board of directors and authorised for issue on 8 October 2025 and are signed on its behalf by:
08 October 2025
Mr G P Ratcliffe
Director
Company registration number 08038733 (England and Wales)
GROUNDHOG (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
2
1,846,929
1,846,931
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(40,921)
(40,921)
Balance at 31 December 2023
2
1,806,008
1,806,010
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,841
4,841
Balance at 31 December 2024
2
1,810,849
1,810,851
GROUNDHOG (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
2
13,409,597
13,409,599
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,360,463
1,360,463
Balance at 31 December 2023
2
14,770,060
14,770,062
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,703,257
2,703,257
Balance at 31 December 2024
2
17,473,317
17,473,319
GROUNDHOG (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,026,661
1,774,832
Interest paid
(11,812)
-
0
Income taxes paid
(1,043,998)
(691,178)
Net cash (outflow)/inflow from operating activities
(29,149)
1,083,654
Investing activities
Purchase of business
(999,332)
-
Purchase of tangible fixed assets
(1,613,567)
(2,203,013)
Proceeds from disposal of tangible fixed assets
90,000
112,727
Repayment of loans
(10,403)
(800)
Interest received
138,434
106,978
Net cash used in investing activities
(2,394,868)
(1,984,108)
Net decrease in cash and cash equivalents
(2,424,017)
(900,454)
Cash and cash equivalents at beginning of year
6,330,260
7,230,714
Cash and cash equivalents at end of year
3,906,243
6,330,260
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Groundhog (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ynysygerwn Avenue, Aberdulais, Neath, Glamorgan, United Kingdom, SA10 8HH.

The principal activity of the company and group continued to be that of the manufacture and retail of secure containers.

The group consists of Groundhog (Holdings) Limited and all of its subsidiaries.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Groundhog (Holdings) Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2024.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Subsidiary audit exemption

The company has guaranteed the liabilities of the following subsidiaries outstanding as at the balance sheet date and as a result is exempt from audit under s479A Companies Act 2006.

Name | Registration Number | Principal activity | Holding %
Groundhog Sales Limited | 03615266 | Sale and distribution of innovative welfare solutions | 100%

The registered address of the subsidiary is Groundhog Uk Ltd Ynysygerwn Avenue, Aberdulais, Neath, Wales, SA10 8HH.

1.3
Going concern

The group will continue to focus on sustained profitability and growth. The group's primary aim will be to continue to concentrate on delivering a consistently high level of service to all of its customers.

The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the cash reserves that are in place at the date of signing the report.

The group meets its day to day working capital requirements from its cash reserves.

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover

Turnover from the sale of goods is recognised in the profit & loss statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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 Freehold
2% Straight line
Plant and machinery
15% Straight line
Fixtures, fittings & equipment
15% Straight line
Computer equipment
Motor vehicles
25% Straight line

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

1.9
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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 group’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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

The company operates a defined contribution scheme for the benefit of its directors and senior employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
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.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Manufacture and retail of secure containers
17,176,160
12,841,523
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,176,160
12,841,523
2024
2023
£
£
Other revenue
Interest income
149,779
106,978
Grants received
5,800
5,800
3
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Amounts recoverable on contracts

During the year and at the balance sheet date the directors quantify the amounts recoverable on each contract in progress. Cost of work done to date including materials and staff costs is taking into consideration before arriving at a valuation by reference to the stage of completion. The company include provisions in their valuations for unforeseen costs based on their risk and likelihood of them occurring.

Warranty Provision

The directors estimate the future expected costs in relation to warranty work for sales made pre year end and this is included as a liability in the financial statements.

4
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
149,779
106,978
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
11,812
-
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(24,674)
-
Government grants
(5,800)
(5,800)
Depreciation of owned tangible fixed assets
578,360
523,276
Profit on disposal of tangible fixed assets
(89,250)
(10,530)
Amortisation of intangible assets
31,276
-
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
990,817
521,753
Tax relating to prior year adjustments recognised in profit or loss
(3,245)
-
0
Total current tax
987,572
521,753
Deferred tax
Origination and reversal of timing differences
98,498
(24,791)
Total tax charge
1,086,070
496,962
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 21 -

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
3,789,327
1,857,425
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
947,332
436,866
Tax effect of expenses that are not deductible in determining taxable profit
-
0
38,329
Tax effect of income not taxable in determining taxable profit
-
0
(3,136)
Unutilised tax losses carried forward
5,437
-
0
Adjustments in respect of prior years
(2,372)
-
0
Effect of change in corporation tax rate
-
63,642
Under/(over) provided in prior years
-
0
(38,570)
Deferred tax adjustments in respect of prior years
117,057
-
0
Profit or loss on disposal of fixed assets
-
0
(169)
Deferred tax movement
18,616
-
0
Taxation charge
1,086,070
496,962
8
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2024
2023
Number
Number
All staff
105
93

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,068,675
2,692,838
Social security costs
298,003
261,695
Pension costs
223,771
179,502
3,590,449
3,134,035
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
-
0
Additions
625,514
At 31 December 2024
625,514
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
31,276
At 31 December 2024
31,276
Carrying amount
At 31 December 2024
594,238
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
2,082,783
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
100
Additions
2,082,683
At 31 December 2024
2,082,783
Carrying amount
At 31 December 2024
2,082,783
At 31 December 2023
100
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Groundhog (U.K) Limited
UK
Ordinary
100.00
Groundhog Sales Limited
UK
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

Ynysgerwyn Avenue

Aberdulais

Neath

Glamorgan

SA10 8HH

12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,224,698
667,867
-
-
Finished goods and goods for resale
80,856
138,406
-
0
-
0
1,305,554
806,273
-
-
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
6,279,233
3,294,939
200,993
-
787,684
10,612,851
Additions
1,405,952
13,581
220,342
40,067
-
0
1,629,940
Disposals
-
0
(208,348)
-
0
-
0
(1,000)
(209,348)
At 31 December 2024
7,685,185
3,100,172
421,335
40,067
786,684
12,033,443
Depreciation and impairment
At 1 January 2024
935,906
2,322,783
138,235
-
293,931
3,719,110
Depreciation charged in the year
110,291
246,621
40,153
25,869
183,681
578,360
Eliminated in respect of disposals
-
0
(208,348)
-
0
-
0
(250)
(208,598)
At 31 December 2024
1,046,197
2,361,056
178,388
25,869
477,362
4,088,872
Carrying amount
At 31 December 2024
6,638,988
739,116
242,947
14,198
309,322
7,944,571
At 31 December 2023
5,343,327
972,156
62,758
-
0
493,753
6,871,994
Company
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
7,415
2,232,798
28,777
787,684
3,056,674
Disposals
-
0
(208,348)
-
0
(6,000)
(214,348)
At 31 December 2024
7,415
2,024,450
28,777
781,684
2,842,326
Depreciation and impairment
At 1 January 2024
-
0
1,870,163
28,777
293,931
2,192,871
Depreciation charged in the year
-
0
98,600
-
0
183,681
282,281
Eliminated in respect of disposals
-
0
(208,348)
-
0
(250)
(208,598)
At 31 December 2024
-
0
1,760,415
28,777
477,362
2,266,554
Carrying amount
At 31 December 2024
7,415
264,035
-
0
304,322
575,772
At 31 December 2023
7,415
362,635
-
0
493,753
863,803
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,386,358
436,526
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,404,866
1,134,866
Corporation tax payable
324,312
213,819
86,726
59,624
Other taxation and social security
701,241
327,583
4,363
14,763
Other creditors
289,564
242,293
-
0
1
Accruals and deferred income
93,238
94,128
-
0
-
0
2,794,713
1,314,349
2,495,955
1,209,254
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,845,971
1,931,205
-
0
-
0
Amounts due from subsidiary undertakings
-
0
-
0
500,000
-
0
Other debtors
1,150,919
522,987
37,454
32,453
Prepayments and accrued income
35,678
44,136
9,805
-
0
7,032,568
2,498,328
547,259
32,453
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Government grants
18
191,400
197,200
-
0
-
0
17
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
334,262
225,244
Tax losses
(4,678)
-
Retirement benefit obligations
(5,842)
-
323,742
225,244
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
29,717
65,764
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
225,244
65,764
Charge/(credit) to profit or loss
98,498
(36,047)
Liability at 31 December 2024
323,742
29,717

18
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
191,400
197,200
-
-

A property development grant was received in 2008 amounting to £290,000 and being released to profit and loss over 50 years.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
223,771
179,502

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
90 Ordinary shares of 1p each
0.9
0.9
90 Ordinary A shares of 1p each
0.9
0.9
10 Ordinary B shares of 1p each
0.1
0.1
10 Ordinary C shares of 1p each
0.1
0.1
2
2
21
Acquisition of a business

On 30 October 2024 the group acquired 100 percent of the issued capital of Groundhog Sales Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
16,373
-
16,373
Inventories
933,881
-
933,881
Trade and other receivables
5,355,545
-
5,355,545
Cash and cash equivalents
1,083,351
-
1,083,351
Trade and other payables (a)
(5,765,061)
-
(5,765,061)
Tax liabilities (b)
(166,920)
-
(166,920)
Total identifiable net assets
1,457,169
-
1,457,169
Goodwill
625,514
Total consideration
2,082,683
The consideration was satisfied by:
£
Cash
2,082,683

(a) Adjustment to book value of VAT creditor due to irrecoverable VAT on management charges

(b) Corporation tax adjustment

Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
3,917,257
Loss after tax
(179,956)
GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Included in other debtors are balances outstanding from advances made to the directors as follows:

Group Company

2024 2023 2024 2023

£ £ £ £

Mr GP Ratcliffe - - - -

Mrs LJ Ratcliffe - - - -

Mr P R Cooper - - - -

Mr R Ratcliffe 800 800 - -

Included in other creditors are directors' loan account balances as follows:

Group Company

2024 2023 2024 2023

£ £ £ £

Mr GP Ratcliffe 47,001 59,876 - -

Mrs LJ Ratcliffe 10,561 11,036 - -

Mr P R Cooper 475 - - -

Mr R Ratcliffe 475 - - -

23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
An entity of which has similar directors
14,766
42,897
3,413
1,143
Other information

As at the year end a balance of £27,761 (2023: £34,702) was due to a company under common directorship.

24
Controlling party

The ultimate controlling party is the director Mr G P Ratcliffe, by virtue of his shareholding.

GROUNDHOG (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
6,330,260
(2,424,017)
3,906,243
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,703,257
1,360,463
Adjustments for:
Taxation charged
1,086,070
496,962
Finance costs
11,812
-
0
Investment income
(149,779)
(106,978)
Gain on disposal of tangible fixed assets
(89,250)
(10,530)
Amortisation and impairment of intangible assets
31,276
-
Depreciation and impairment of tangible fixed assets
578,360
523,276
Movements in working capital:
Decrease in stocks
434,600
116,183
Decrease in debtors
821,305
532,221
Decrease in creditors
(4,395,190)
(1,130,966)
Decrease in deferred income
(5,800)
(5,800)
Cash generated from operations
1,026,661
1,774,831
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