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Registered number: 07186581
TRAVELLOCAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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TRAVELLOCAL LIMITED
REGISTERED NUMBER: 07186581
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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TRAVELLOCAL LIMITED
REGISTERED NUMBER: 07186581
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated income statement 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 14 August 2025.
The notes on pages 5 to 21 form part of these financial statements.
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TRAVELLOCAL LIMITED
REGISTERED NUMBER: 07186581
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets excluding pension asset
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Profit and loss account carried forward
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TRAVELLOCAL LIMITED
REGISTERED NUMBER: 07186581
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated income statement 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 14 August 2025.
The notes on pages 5 to 21 form part of these financial statements.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Travellocal Limited is a private company limited by shares, domiciled in England and Wales, registration number 07186581. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.
2.Accounting policies
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Basis of preparation of financial statements
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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 Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2016.
The directors have prepared cash flow forecasts for the period to 31 August 2026 which reflect solid operational liquidity throughout the period. The review of the cash flow forecasts and budgets have been stress tested, including a downside scenario with turnover reduced significantly.
The Group has raised additional funding of £1.6 million from existing shareholders by issuing new Series C shares post balance sheet which has strengthened the balance sheet and secured operational liquidity.
Consequently, the directors are confident that the Group will have sufficient funds and cash reserves to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Foreign currency translation
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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 Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Turnover represents the net commission or margin earned in relation to the sale of travel arrangements, recognised on the date of booking basis.
Gross Booking Value ("GBV"), which is stated net of value added tax does not represent the Company's statutory turnover. As the Group in the main acts as an agent or cash collector, GBV represents the price at which goods or services have been sold to the customer. Section 23 of FRS 102, requires the statutory turnover to be the net commission earned.
Trade debtors represent the net amounts receivable in respect of the sale of travel arrangements, and the trade creditors represent the net amounts payable for what has been received in respect of the purchase of travel arrangements.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
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 reporting date in the countries where the Company and the Group operate and generate income.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Income Statement over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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, 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.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
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Cash and cash equivalents
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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.
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.
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The operating loss is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible assets including goodwill
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024 - NIL) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £128,960 (2024 - £146,667).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,000 (2024 - £1,321).
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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Goodwill relates to the acquisition of TET Travel Expert Technologies GmbH in the year ended 31 March 2022. Goodwill will be amortised over a period of 3 years with no amortisation in the year of acquisition.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6.Intangible assets (continued)
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
7.Tangible fixed assets (continued)
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Charge for the year on owned assets
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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TET Travel Expert Technologies GmbH
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Münzstraße 12, 10178 Berlin, Germany
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The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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TET Travel Expert Technologies GmbH
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Due after more than one year
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Intercompany operating expense recharges
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Prepayments and accrued income
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Amount owed by group undertakings consist of £Nil (2024: £274,361) of operating expense recharges charged to TET Travel Expert Technologies GmbH at arms length and settled monthly in arrears from date of invoice.
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Cash and cash equivalents
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amount owed by group undertakings consist of £1,197,348 (2024: £Nil) of operating expense recharges charged from TET Travel Expert Technologies GmbH at arms length and settled monthly in arrears from date of invoice.
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Creditors: Amounts falling due after more than one year
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Allotted, called up and fully paid
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30,000 (2024 - 30,000) A Ordinary shares of £1.00 each
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184,230 (2024 - 184,230) B Ordinary shares of £1.00 each
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990 (2024 - 990) C Ordinary shares of £1.00 each
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66,468 (2024 - 66,468) F Ordinary shares of £0.01 each
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55,763 (2024 - 55,763) Series A shares of £1.00 each
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26,680 (2024 - 26,680) Series A1 shares of £0.01 each
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162 (2024 - 162) E Ordinary shares of £1.00 each
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278,510 (2024 - 278,510) T Ordinary shares of £0.09 each
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192,638 (2023 - Nil192,638) Series B Shares shares of £1.00 each
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39,788 (2023 - Nil39,788) Series B1 Shares shares of £1.00 each
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A, B and C Ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.
The Series A, Series A1, Series B and Series B1 shares of £1 each carry full voting rights and have preferential rights to receive dividends of up to 99.9% of the total dividend distribution by the Company until the fulfilment of certain condition as set out in the Articles of Association adopted by the Company on 21 September 2023. Series A, Series A1, Series B and Series B1 shares also rank ahead of other share classes in case of any capital distribution on winding up. Series A1 and Series B1 shares do not have voting rights.
F and T Ordinary shares do have voting rights. E Ordinary shares do not have voting rights.
During the year no additional shares were issued.
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As at 31 March 2025, 145,949 share options were granted. These options related to 4,823 B Ordinary £1 shares, 21,575 C Ordinary £1 shares and 119,551 E Ordinary £1 shares.
Each option enables the owner to purchase 1 B Ordinary £1 share, 1 C Ordinary £1 share at an exercise price of £1 per share and 1 E Ordinary £1 share at an average exercise price of £17.07 per share.
The options expire on different dates depending on the date they were granted. All options expire 10 years from the date of issue.
None of the options have been exercised at the balance sheet date.
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.
Profit and loss account
The profit and loss account represents the net distributable reserves of the Group at the date of the statement of financial position.
As at 31 March 2025, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Group, in the normal course of business, to the Group's bond insurance obligors in respect of the CAA ATOL and ABTA travel bonds amounting to £487,635 (2024: £420,869).
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Credit card receipts proceeds
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The business has an arrangement with its merchant providers that 10% to 14% of all receipts will be withheld for 90 days from the date of receipt. These will be released to the business after expiry of 90 days. As at 31 March 2025 total receipts withheld under this arrangement were £1,386,959 (2024: £959,999). These are included in debtors due within 1 year.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions to defined contribution plans and amounted to £275,584 (2024 - £42,751) Contributions totalling £19,809 (2024 - £7.713) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Related party transactions
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Active Private Equity Advisory LLP
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Active Private Equity Advisory LLP are investors in the Company
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Monitoring fees charged by the related party
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Balance due from/(to) the related party
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During the year, the Company engaged some of its Angel Investors as advisors to the board
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Consultancy fees charged by the related party
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Balance due from/(to) the related party
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Channel Four Television Corporation
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Channel Four Television Corporation are investors in the Company
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Services provided by the related party
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Balance due from/(to) the related party
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Gresham House Holdings Limited
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Gresham House Holdings Limited are investors in the Company
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Monitoring fees charged by the related party
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Balance due from/(to) the related party
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Andre Kiwitz a director of Travellocal Limited is also a director in Trimpact Ventures GmbH
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Consultancy fees charged by the related party
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Balance due from/(to) the related party
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Matthias Woppmann a director of Travellocal Limited is also a director of Woppmann GmbH
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Consultancy fees charged by the related party
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Woppmann GmbH provided a loan to TET Travel Expert Technologies GmbH
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Balance due from/(to) the related party
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Puma Investment Management Limited
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Puma are investors in the Company
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TRAVELLOCAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Post balance sheet events
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Post balance sheet the Group raised additional funding of £1.6 million from existing shareholders by issuing new Series C shares which has strengthened the balance sheet and secured operational liquidity.
In the opinion of the directors there is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 14 August 2025 by Ms. N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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