Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity 108 true 2024-04-01 false 106 true false 03432170 2024-04-01 2025-03-31 03432170 2023-04-01 2024-03-31 03432170 2025-03-31 03432170 2024-03-31 03432170 2023-04-01 03432170 c:Director1 2024-04-01 2025-03-31 03432170 d:PlantMachinery 2024-04-01 2025-03-31 03432170 d:PlantMachinery 2025-03-31 03432170 d:PlantMachinery 2024-03-31 03432170 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 03432170 d:MotorVehicles 2024-04-01 2025-03-31 03432170 d:MotorVehicles 2025-03-31 03432170 d:MotorVehicles 2024-03-31 03432170 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 03432170 d:OfficeEquipment 2024-04-01 2025-03-31 03432170 d:OfficeEquipment 2025-03-31 03432170 d:OfficeEquipment 2024-03-31 03432170 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 03432170 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 03432170 d:CurrentFinancialInstruments 2025-03-31 03432170 d:CurrentFinancialInstruments 2024-03-31 03432170 d:Non-currentFinancialInstruments 2025-03-31 03432170 d:Non-currentFinancialInstruments 2024-03-31 03432170 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 03432170 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03432170 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 03432170 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03432170 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-03-31 03432170 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 03432170 d:ShareCapital 2025-03-31 03432170 d:ShareCapital 2024-03-31 03432170 d:OtherMiscellaneousReserve 2024-04-01 2025-03-31 03432170 d:OtherMiscellaneousReserve 2025-03-31 03432170 d:OtherMiscellaneousReserve 2024-03-31 03432170 d:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 03432170 d:RetainedEarningsAccumulatedLosses 2025-03-31 03432170 d:RetainedEarningsAccumulatedLosses 2024-03-31 03432170 d:AcceleratedTaxDepreciationDeferredTax 2025-03-31 03432170 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03432170 d:RetirementBenefitObligationsDeferredTax 2025-03-31 03432170 d:RetirementBenefitObligationsDeferredTax 2024-03-31 03432170 d:OtherDeferredTax 2025-03-31 03432170 d:OtherDeferredTax 2024-03-31 03432170 c:OrdinaryShareClass1 2024-04-01 2025-03-31 03432170 c:OrdinaryShareClass1 2025-03-31 03432170 c:OrdinaryShareClass2 2024-04-01 2025-03-31 03432170 c:OrdinaryShareClass2 2024-03-31 03432170 c:FRS102 2024-04-01 2025-03-31 03432170 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 03432170 c:FullAccounts 2024-04-01 2025-03-31 03432170 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 03432170 d:MoreThanFiveYears 2025-03-31 03432170 d:MoreThanFiveYears 2024-03-31 03432170 2 2024-04-01 2025-03-31 03432170 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03432170 REBELLION BEER COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
REBELLION BEER COMPANY LIMITED REGISTERED NUMBER: 03432170 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 2,226,990 |  | 2,265,813
|  |  | 2,226,990 |  | 2,265,813
Current assets |  |  |  |  |
Stocks | 5 | 508,516 |  | 411,604 |
Debtors: amounts falling due within one year | 6 | 454,153 |  | 473,448 |
Cash at bank and in hand | 7 | 126,937 |  | 43,824 |
|  | 1,089,606 |  | 928,876 |
Creditors: amounts falling due within one year | 8 | (1,035,135) |  | (872,433) |
Net current assets |  |  | 54,471 |  | 56,443
Total assets less current liabilities |  |  | 2,281,461 |  | 2,322,256
Creditors: amounts falling due after more than one year | 9 |  | (635,954) |  | (986,585)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (518,963) |  | (531,344) |
|  |  | (518,963) |  | (531,344)
Net assets |  |  | 1,126,544 |  | 804,327
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 2 |  | 2
Other reserves | 13 |  | 36,393 |  | -
Profit and loss account | 13 |  | 1,090,149 |  | 804,325
|  |  | 1,126,544 |  | 804,327
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Page 1
REBELLION BEER COMPANY LIMITED REGISTERED NUMBER: 03432170 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
T Coombes
Director
The notes on pages 3 to 14 form part of these financial statements. Page 2
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Rebellion Beer Company Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered office address is Bencombe Farm, Marlow Bottom, Marlow, Buckinghamshire, SL7 3LT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 5
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% | & 20%
|  |  |  | Motor vehicles | - | 20% |
|  |  |  | Office equipment | - | 20% |
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. Page 6
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Page 7
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
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. 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. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 8
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 106 (2024 - 108).
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 3,939,043 | 291,533 | 128,780 | 4,359,356
| Additions | 188,482 | 44,740 | 11,213 | 244,435
| Disposals | (16,284) | (5,000) | (55,327) | (76,611)
| At 31 March 2025 | 4,111,241 | 331,273 | 84,666 | 4,527,180
| Depreciation |  |  |  |
| At 1 April 2024 | 1,901,767 | 117,361 | 74,415 | 2,093,543
| Charge for the year on owned assets | 227,197 | 34,670 | 10,872 | 272,739
| Disposals | (14,667) | (3,525) | (47,900) | (66,092)
| At 31 March 2025 | 2,114,297 | 148,506 | 37,387 | 2,300,190
| Net book value |  |  |  |
| At 31 March 2025 | 1,996,944 | 182,767 | 47,279 | 2,226,990
| At 31 March 2024 | 2,037,276 | 174,172 | 54,365 | 2,265,813
Page 9
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods, raw materials and consumables | 508,516 | 411,604
|  | 508,516 | 411,604
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 398,846 | 441,552
| Other debtors | 15,456 | 31,896
| Prepayments and accrued income | 39,851 | -
|  | 454,153 | 473,448
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 126,937 | 43,824
|  | 126,937 | 43,824
Page 10
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 104,570
| Trade creditors | 348,291 | 311,779
| Corporation tax | 142,128 | 33,912
| Other taxation and social security | 469,064 | 296,427
| Other creditors | 13,662 | 55,057
| Accruals and deferred income | 61,990 | 70,688
|  | 1,035,135 | 872,433
| Included in deferred income is an amount of £11,150 (2024: £12,388) relating to Rural development grant.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 163,337
| Other creditors | 635,954 | 823,248
|  | 635,954 | 986,585
| Included in other creditors is a total amount of £535,608 (2024: £711,754) relating to long term loans made to the company by the shareholders. Included in other loans is an amount of £100,346 (2024: £111,494) relating to Rural development grant.
Page 11
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | - | 104,570
|  | - | 104,570
| Amounts falling due 1-2 years |  |
| Bank loans | - | 163,337
| Other loans | 635,954 | 823,248
|  | 635,954 | 986,585
|  | 635,954 | 1,091,155
| Bank loans were previously secured by way of a fixed and floating charge over the assets of the company. The charge was satisfied in full after the year end.
Page 12
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (531,344) | (455,421)
| Charged to profit or loss | 12,381 | (75,923)
| At end of year | (518,963) | (531,344)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 530,160 | 533,509
| Unpaid pension | (2,099) | (2,165)
| Share based payments | (9,098) | -
|  | 518,963 | 531,344
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,000 (2024 - Nil) A Ordinary shares of £0.001 each | 2 | -
|  | Nil (2024 - 2) Ordinary shares of £1.000 each | - | 2
|  |  | 2 | 2
| During the year, shares previously designated as 2 Ordinary shares of £1 each were subdivided and redesignated as 2,000 A Ordinary shares of £0.001 each.
13. | Reserves
Other reserves Charges relating to share based payments are included within other reserves. Profit and loss account The profit and loss account records the cumulative profits or losses of the company since incorporation, less any dividends. Page 13
REBELLION BEER COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Share-based payments
| The Company has an equity-settled Enterprise Management Incentive Scheme ("EMI") which is available to key management who work for the Company and satisfy the qualifying conditions and the EMI working time requirements. The options have an exit-based condition. The Black-Scholes valuation method was used to determine the fair-value of the options vested during the year. A total charge of £36,393 (2024: £nil) has been recognised within the profit and loss in relation to the share-based payment transactions.
15. | Pension commitments
The Company operates a defined contribution pension scheme, Rebellion Beer Company Pension Scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,003 (2024 - £13,112) were payable to the fund at the balance sheet date and are included in creditors.
16. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Later than 5 years | 1,691,500 | 1,946,500
|  | 1,691,500 | 1,946,500
Page 14