REGISTERED NUMBER: 04385338 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2026

for

Chris Allsop Metal Recycling Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

J R Allsop

Mrs N S Allsop

REGISTERED OFFICE:

Lodge on the Wolds

The Fosse

Cotgrave

Nottingham

Nottinghamshire

NG12 3HG

REGISTERED NUMBER:

04385338 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCA FCCA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

BANKERS:

Lloyds Bank plc

114 - 116 Colmore Row

Birmingham

West Midlands

B3 3BD

The directors present their strategic report for the year ended 31 March 2026.

Executive Summary

Chris Allsop Metal Recycling Ltd is a well-established Midlands-based recycling and industrial services business with over two decades of trading history. The Company has continued to demonstrate resilience within a challenging market environment, supported by a strong operational infrastructure, a diverse customer base, and ongoing investment in its people, plant, and equipment.

The Company's strategic objective remains the continued development of its position as a leading regional recycling and industrial services provider. Through investment in operational efficiency, transport capability, and higher-margin material streams, the business aims to strengthen profitability whilst maintaining high standards of customer service and environmental compliance.

Key strategic priorities for the coming years include:

- Expanding commercial and industrial customer contracts.

- Strengthening environmental, social and governance (ESG) performance and sustainability initiatives.

- Increasing access to higher-margin material opportunities.

- Pursuing sustainable growth across the Midlands region.

- Continuing the development of a robust health and safety management system across all areas of the business.

- Enhancing the Transport Management System to improve efficiency, service delivery and support future growth.

Business Review

The year under review presented a number of challenges across the recycling and transport sectors. The liquidation of several large competitors within the local market resulted in a reduction in available third-party transport capacity, creating additional pressure on logistics operations and impacting the Company's ability to deliver material efficiently in support of contractual obligations.

Recruitment and retention of suitably skilled employees also remained challenging throughout the year. The availability of experienced candidates for both transport and yard-based operational roles has been limited, placing additional pressure on maintaining service levels and supporting future growth plans. To address these challenges, the Company has strengthened relationships with professional recruitment agencies and continues to invest in workforce development and training initiatives.

The business also experienced increased operating costs during the year, driven by volatility in fuel availability and pricing, together with wider economic factors affecting the supply of recyclable materials within the UK market. These conditions have required careful management of margins and operational resources whilst maintaining competitive service levels.

Future Developments

The directors remain confident in the long-term prospects of the business. Continued investment in plant, processing equipment and motor vehicles will remain a key priority during the coming year. This investment strategy is intended to minimise repair and maintenance costs, improve operational reliability, increase efficiency, and support the Company's growth objectives.

The Company will continue to focus on operational excellence, customer service, health and safety performance, and sustainable growth opportunities whilst maintaining a strong financial position and adapting to changing market conditions.

Principal Risks and Uncertainties

The principal risks facing the Company include:

- Fluctuations in global and domestic scrap metal prices.

- Availability and cost of transport and fuel.

- Recruitment and retention of skilled employees.

- Changes in environmental and regulatory requirements.

- Economic conditions affecting the availability of recyclable materials and customer demand.

The directors continually monitor these risks and implement appropriate measures to mitigate their potential impact on the business.

SECTION 172(1) STATEMENT

Set out below is the Company's section 172 report as required by the Regulations. The Regulations require Chris Allsop Metal Recycling Ltd to report how the Directors of the Company have considered their duties under section 172 (of the Companies Act 2006) to promote the success of the Company for the benefit of its sole members, and in doing so have regard (amongst other matters) to:

· the likely consequences of any decision in the long term;

· the interest of the Company's employees;

· the need to foster the Company's business relationships with suppliers, customers and others;

· the impact of the Company's operating on the community and the environment;

· the desirability of the Company maintaining a reputation for high standards of business conduct; and

· the need to act fairly between members of the Company.

In giving due regard to their section 172 duty the Directors are mindful of the Company's principal activities and its purpose and function with the business. The Directors are particularly focused on the impact of the Company's operations on its workforce, the community and the environment.

On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and effective manner. This is taken into consideration when setting objectives, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to success of the business, and the Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The Company monitors staff turnover and performance to understand staff progression within the business.

ON BEHALF OF THE BOARD:

J R Allsop - Director

3 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of metal recycling.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary £1

-

£1466.67

- 31 March 2026

Ordinary "A" £1

-

£320

- 31 March 2026

The total distribution of dividends for the year ended 31 March 2026 will be £ 118,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

J R Allsop

Mrs N S Allsop

POLITICAL DONATIONS AND EXPENDITURE

All donations are non political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J R Allsop - Director

3 July 2026

Opinion

We have audited the financial statements of Chris Allsop Metal Recycling Ltd (the 'company') for the year ended 31 March 2026 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Susanna D Ault FCA FCCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

3 July 2026

TURNOVER

4

15,013,775

17,800,058

Cost of sales

(12,425,281

)

(15,296,033

)

GROSS PROFIT

2,588,494

2,504,025

Administrative expenses

(1,964,373

)

(1,987,341

)

OPERATING PROFIT

6

624,121

516,684

Interest receivable and similar income

3,323

-

627,444

516,684

Interest payable and similar expenses

8

(27,618

)

(35,960

)

PROFIT BEFORE TAXATION

599,826

480,724

Tax on profit

9

(125,255

)

(113,842

)

PROFIT FOR THE FINANCIAL YEAR

474,571

366,882

PROFIT FOR THE YEAR

474,571

366,882

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

474,571

366,882

FIXED ASSETS

Tangible assets

11

5,195,944

5,405,252

CURRENT ASSETS

Stocks

12

991,434

553,462

Debtors

13

2,257,514

2,168,896

Cash at bank

712,404

1,322,533

3,961,352

4,044,891

CREDITORS

Amounts falling due within one year

14

(1,328,164

)

(1,898,960

)

NET CURRENT ASSETS

2,633,188

2,145,931

TOTAL ASSETS LESS CURRENT LIABILITIES

7,829,132

7,551,183

CREDITORS

Amounts falling due after more than one year

15

-

(26,500

)

PROVISIONS FOR LIABILITIES

18

(864,200

)

(916,322

)

NET ASSETS

6,964,932

6,608,361

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

6,964,832

6,608,261

SHAREHOLDERS' FUNDS

6,964,932

6,608,361

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2026 and were signed on its behalf by:

J R Allsop - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

100

6,296,379

6,296,479

Changes in equity

Dividends

-

(55,000

)

(55,000

)

Total comprehensive income

-

366,882

366,882

Balance at 31 March 2025

100

6,608,261

6,608,361

Changes in equity

Dividends

-

(118,000

)

(118,000

)

Total comprehensive income

-

474,571

474,571

Balance at 31 March 2026

100

6,964,832

6,964,932

Cash flows from operating activities

Cash generated from operations

1

721,333

1,765,416

Interest element of hire purchase payments paid

(27,618

)

(35,960

)

Tax paid

(183,145

)

(9,387

)

Net cash from operating activities

510,570

1,720,069

Cash flows from investing activities

Purchase of tangible fixed assets

(674,585

)

(1,194,914

)

Sale of tangible fixed assets

137,612

68,395

Interest received

3,323

-

Net cash from investing activities

(533,650

)

(1,126,519

)

Cash flows from financing activities

Capital repayments in year

(172,144

)

(233,473

)

Amount introduced by directors

118,000

55,000

Amount withdrawn by directors

(414,905

)

(53,402

)

Equity dividends paid

(118,000

)

(55,000

)

Net cash from financing activities

(587,049

)

(286,875

)

(Decrease)/increase in cash and cash equivalents

(610,129

)

306,675

Cash and cash equivalents at beginning of year

2

1,322,533

1,015,858

Cash and cash equivalents at end of year

2

712,404

1,322,533

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

599,826

480,724

Depreciation charges

811,928

731,095

Profit on disposal of fixed assets

(65,647

)

(39,746

)

Finance costs

27,618

35,960

Finance income

(3,323

)

-

1,370,402

1,208,033

(Increase)/decrease in stocks

(437,972

)

120,692

Decrease in trade and other debtors

206,321

235,891

(Decrease)/increase in trade and other creditors

(417,418

)

200,800

Cash generated from operations

721,333

1,765,416

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

712,404

1,322,533

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,322,533

1,015,858

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/25

Cash flow

At 31/3/26

£

£

£

Net cash

Cash at bank

1,322,533

(610,129

)

712,404

1,322,533

(610,129

)

712,404

Debt

Finance leases

(198,644

)

172,144

(26,500

)

(198,644

)

172,144

(26,500

)

Total

1,123,889

(437,985

)

685,904

1.	STATUTORY INFORMATION

Chris Allsop Metal Recycling Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land & property

-

No depreciation

Plant and machinery

-

33% on cost, 25% on cost, 20% on reducing balance, 20% on cost and 10% on cost

Fixtures and fittings

-

33% on cost, 25% on cost, 20% on cost and 10% on cost

Motor vehicles

-

25% on cost

No depreciation has been provided on the company's freehold properties in the opinion of the directors the expected useful life is sufficiently long and estimated residual values are sufficiently high that any such depreciation would be immaterial. The directors undertake an annual impairment review of these properties.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Directors have considered going concern in preparing these financial statements through review of the Company's financial position. It has been considered that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting has been adopted and no material uncertainties have been identified.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

14,932,775

17,732,749

Europe

81,000

-

Asia

-

67,309

15,013,775

17,800,058

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,426,237

1,608,731

Social security costs

187,980

193,313

Other pension costs

36,627

48,244

1,650,844

1,850,288

The average number of employees during the year was as follows:

2026

2025

Directors

2

2

Employees

23

24

25

26

2026

2025

£

£

Directors' remuneration

507,571

659,990

Directors' pension contributions to money purchase schemes

2,622

1,687

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

258,894

336,604

Pension contributions to money purchase schemes

1,321

896

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Plant hire and repair

750,348

823,501

Depreciation - owned assets

653,384

593,710

Depreciation - assets on hire purchase contracts

158,544

166,274

Profit on disposal of fixed assets

(65,647

)

(39,746

)

7.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

12,500

12,500

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Hire purchase

27,618

35,958

Corporation tax interest

-

2

27,618

35,960

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

177,377

183,145

Prior year adjustment

-

(2,646

)

Total current tax

177,377

180,499

Deferred tax

(52,122

)

(66,657

)

Tax on profit

125,255

113,842

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

599,826

480,724

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

149,957

120,181

Effects of:

Expenses not deductible for tax purposes

155

-

Depreciation in excess of capital allowances

26,997

62,148

Adjustments to tax charge in respect of previous periods

-

(2,647

)

Pension liability

268

817

Deferred tax

(52,122

)

(66,657

)

Total tax charge

125,255

113,842

10.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

110,000

35,000

Ordinary "A" shares of £1 each

Interim

8,000

20,000

118,000

55,000