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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
COMPANY INFORMATION
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
CONTENTS
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The board are pleased to present the group's strategic report for the year ended 31 December 2024.
The group is still under continued pressures on rates, employment cost increases and fuel prices meaning that the group posted a loss before tax but feel it is a positive improvement to the 12 months previous. There are still challenges to face going forward and in spite of these losses we are making the right changes to improve the performance of the business. The Directors are satisfied with the financial position of the group and believe that it remains well-placed to meet the challenges currently faced by the industry, which many find themselves struggling with.
While the overall financial position of the group therefore remains healthy, the Directors are not satisfied with the operating losses recorded so are continuing to take action in 2025 and ongoing into 2026 to make positive changes in the business to go forward. Without impacting on client delivery, and new departments set up to capitalise on both new business & expanding with the current strong customer base, as well as investing in newer vehicles, the business feels it is in a strong position to go forward and ultimately back to profitability.
The Directors consider the following are key in their review of the group's financial situation and performance:
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
It is the aim of the directors to minimise the exposure to risk in all areas of the business but as is common with most businesses in our industry, we are subject to various risks. The directors consider the most important ones to be as listed below:
CREDIT RISK The group's credit risk is primarily attributable to its trade debtors. The amounts presented on the Statement of Financial Position are net of provisions for doubtful debts. The group manages its concentration of credit risk, with exposure spread over a number of customers. FOREIGN EXCHANGE RISK The group operates across the UK and Europe and is exposed to transaction foreign exchange risk as there are sales generated in Continental Europe. The group's policy is to try to match the timing of the settling of purchases invoices so as to eliminate, as far as possible, currency exposure along with trade via the group's subsidiary situated in Romania. LIQUIDITY RISK The group seeks to manage liquidity risk by ensuring sufficient funds are available to meet foreseeable needs and to invest cash assets safely and profitability. INTEREST RATE RISK The group finances its operations through a mixture of retained profits, cash and hire purchase creditors. Cash at bank attracts interest at a floating rate. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities, with the use of floating rates on the bank overdrafts and fixed rates on hire purchase creditors. OTHER KEY RISKS Other key risks affecting the group are considered to relate to competition within the industry, fuel costs, non-compliance with applicable legislation, fluctuating commodity prices, availability of labour and governance. The group's management are closely involved in the day to day running of the business and aims to mitigate these other risks as far as possible. All risks are monitored closely by the directors and swift action is taken where appropriate.
This report was approved by the board and signed on its behalf.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation, amounted to £322,009 (2023 - loss £531,568).
Dividends of £8,000 (2023 - £6,000) were declared and paid during the year. The directors do not recommend the payment of a final dividend (2023 - £Nil).
The directors who served during the year were:
Information previously included in the directors' report in respect of the business review, future developments, key performance indicators and principal risks and uncertainties can now be found in the strategic report as required by S414c(ll).
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments 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 will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board and signed on its behalf.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MATTHEWS INTERNATIONAL TRANSPORT LIMITED
We have audited the financial statements of Matthews International Transport Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MATTHEWS INTERNATIONAL TRANSPORT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MATTHEWS INTERNATIONAL TRANSPORT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the group. Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the group's ability to operate including health and safety, employment law and compliance with various other regulations relevant to the operation of the group. Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
∙Reviewing legal and professional fees for indicators of litigation;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;
∙Challenging assumptions and judgements made by management in their significant accounting estimates;
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MATTHEWS INTERNATIONAL TRANSPORT LIMITED (CONTINUED)
Due to 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Berry & Warren
54 Thorpe Road
NR1 1RY
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
REGISTERED NUMBER: 01423116
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
REGISTERED NUMBER: 01423116
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
REGISTERED NUMBER: 01423116
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
REGISTERED NUMBER: 01423116
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Matthews International Transport Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income 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 Balance Sheet, 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 Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Based on this, the Directors have concluded that they have a reasonable expectation that the group will continue for the foreseeable future, being at least twelve months from the date of signing these financial statements. They therefore believe it is appropriate to continue to prepare the financial statements on a going concern basis.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from a contract to provide services is recognised in the period in which the services are provided and the company has discharged its responsibilities, being the delivery date, and when all of the following conditions are satisfied:
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, or if held under finance lease, over the lease term, whichever is shorter.
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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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from and to related parties.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods, if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are: Depreciation of tangible fixed assets An allowance for depreciation is made against tangible fixed assets and charged to the profit and loss over the useful economic lives of the assets. The useful economic life assessment of an asset is based on the time in which benefits of the asset are realised to the group. See note 15 for the net carrying value of the tangible fixed assets and accounting policy for the useful economic lives for each class of asset.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15.Tangible fixed assets (continued)
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15.Tangible fixed assets (continued)
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
Profit and loss account
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 payable by the group to the fund and amounted to £57,602 (2023 - £72,654). Contributions totalling £11,283 (2023 - £16,330) were payable to the fund at the balance sheet date and are included in creditors.
At the year end the company was owed £
At the year end the company owed T A Matthews £
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MATTHEWS INTERNATIONAL TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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