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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
COMPANY INFORMATION
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FORWARD TRUCKING SERVICES LIMITED
CONTENTS
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FORWARD TRUCKING SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
This Strategic Report outlines the objectives and priorities of Forward Trucking Services Limited and The FTS Group as a whole for the 2025 financial year.
Following a period of significant transition, including a management buyout the Group now enters 2026 with a stable platform and a clear focus on consolidation, operational excellence, and selective growth. The report reviews current market conditions, summarises business performance, identifies principal risks, and sets out strategic initiatives designed to strengthen the Group’s position as a high-quality, customer-focused provider of warehousing and haulage solutions across the UK.
The UK freight, warehousing, and logistics market continues to experience structural change driven by:
• E-commerce growth and evolving distribution models • Increased cost pressures across fuel, labour, insurance, and finance • Greater customer focus on resilience, visibility, and service quality • Growing regulatory and customer expectations around sustainability While competition remains intense and price pressure persists, the market also presents opportunities for well-run operators capable of delivering reliable service, flexible solutions, and long-term partnerships. Performance Overview The Group’s financial and operational performance during 2025 represented a major improvement on prior years and confirmed the success of recent strategic decisions. The business delivered: • Improved operational controls • Strong customer retention and engagement • Continued performance in excess of budget expectations post year-end The focus for 2026 is to convert this momentum into sustainable, repeatable performance. Strengths • Energised and aligned leadership team following the management buyout • Strong customer relationships built on service and responsiveness • Investment in modern assets, technology, and infrastructure • Ability to offer integrated warehousing and transport solutions • Proven willingness to challenge traditional operating models Weaknesses • Continued exposure to elevated staffing costs • High finance costs relative to historical norms • Margin pressure arising from highly competitive pricing in certain sectors Management actions are in place to mitigate these risks through efficiency improvements, cost discipline, and careful contract selection.
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FORWARD TRUCKING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Technology and Innovation
Digitisation remains central to the Group’s strategy. During 2026, FTS will continue to: • Develop and refine route optimisation and telematics systems • Improve real-time shipment visibility and proof-of-delivery capability • Automate administrative and reporting processes where practical • Use data to support pricing discipline, utilisation, and cost control Technology investment will remain focused on measurable operational benefit rather than complexity for its own sake. Sustainability FTS Group continues to align its strategy with the UN Sustainable Development Goals. Key initiatives include: • Ongoing evaluation and trials of electric and low-emission vehicles • A fully electric forklift truck fleet • Site-wide LED lighting and sensor-based energy controls • Waste reduction and recycling programmes During 2026, the Group will focus on embedding sustainability into procurement, fleet planning, and customer engagement in a commercially responsible manner.
Financing and Interest Rates
The Group operates with finance leases and hire purchase contracts. Although interest rates remain elevated, management continues to actively manage funding arrangements, ensuring competitive terms through due diligence and lender negotiation. Competitive Pressure The sector remains highly competitive, with some operators continuing to trade at unsustainable rates. The failure of several competitors during the past year highlights the importance of financial discipline. FTS Group’s strategy prioritises service quality, reliability, and long-term customer relationships over unprofitable volume. Customer Credit Risk Credit risk is an inherent feature of the sector. Robust credit control procedures, regular management review, and close customer engagement remain in place. There have been no material bad debt issues in recent years.
The Group measures and monitors a broad range of KPIs, including:
• Turnover • Gross profit • Net profit • Fleet utilisation • Cost per mile • On-time delivery performance • Health and safety metrics KPIs for 2026 will focus increasingly on quality of margin, cash generation, and operational efficiency rather than top-line growth alone.
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FORWARD TRUCKING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Operational Excellence
• Further optimisation of routes, assets, and driver utilisation • Continued investment in driver training, safety, and retention • Active fuel procurement and cost-management strategies • Reduction of avoidable overheads through automation and process improvement Service Development • Refinement and expansion of niche and specialist service offerings • Collaboration with customers to design bespoke logistics solutions • Selective onboarding of customers aligned with margin and operational criteria Technology Integration • Enhanced tracking and communication systems • Improved internal reporting and management information • Practical application of data analytics to support decision-making People and Culture • Ongoing investment in staff development and wellbeing • Clear accountability and empowerment within the management structure • Reinforcement of a professional, safety-led, customer-focused culture Financial Discipline • Continued focus on cash flow management • Careful control of capital expenditure • Diversification of revenue streams where commercially justified • Conservative approach to leverage and funding commitments Future Outlook Forward Trucking Services Limited and The FTS Group enter 2026 in a significantly stronger position than in previous years. With a stable leadership team, improving financial performance, and a clearly defined strategy, Forward Trucking Services is well positioned to manage ongoing market challenges while pursuing sustainable growth. By maintaining discipline, investing selectively, and continuing to differentiate through service, technology, and people, Forward Trucking Services aims to strengthen its reputation as a dependable, forward-thinking logistics partner.
This report was approved by the board and signed on its behalf.
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FORWARD TRUCKING SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements and then apply them consistently;
∙make judgments 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £8,256 (2024 - £217,341).
Total dividends of £150,000 (2024: £nil) were paid in the current year.
The directors who served during the year were:
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FORWARD TRUCKING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FORWARD TRUCKING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORWARD TRUCKING SERVICES LIMITED
We have audited the financial statements of Forward Trucking Services Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 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.
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FORWARD TRUCKING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORWARD TRUCKING SERVICES LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FORWARD TRUCKING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORWARD TRUCKING SERVICES 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙assess the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in
∙the financial statements and any potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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.
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FORWARD TRUCKING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORWARD TRUCKING SERVICES LIMITED (CONTINUED)
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
Radius House
51 Clarendon Road
Hertfordshire
WD17 1HP
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FORWARD TRUCKING SERVICES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
REGISTERED NUMBER: 04167837
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Forward Trucking Services Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 6 Old Parkbury Lane, Colney Street, St Albans, Hertfordshire, AL2 2DL and its registration number is 04167837.
The Company's principal activity is that of freight transport by road. The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of FTS Group Holdings Ltd as at 31 December 2025 and these financial statements may be obtained from the Company's registered office address.
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.
During the year, the Company has experienced cashflow pressures which have impacted its ability to meet liabilities as they fall due. These have primarily arisen from the ongoing servicing of debt within the group related to the MBO. The directors review cashflow forecasts in the short, medium and long term to ensure all future payments can either be made on time or that arrangements have been made with creditors to extend credit terms. In assessing the appropriateness of the going concern basis, the directors have carefully considered these cashflow forecasts and constraints together with the growth the group is experiencing and the wider current economic conditions. The directors have also taken into account the continued financial support available from the parent company, FTS Group Holdings Ltd. The parent has confirmed that, in the event the Company is unable to settle its liabilities as they fall due, it will provide the necessary financial support to enable the Company to continue trading. There can be no certainty in relation to these matters. However, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Functional and presentation currency
Transactions and balances
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 and on a reducing balance basis.
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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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Depreciation and residual value The directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate. Provision for bad debt The recoverability of trade debtors has been assessed as at the balance sheet date and up to the date of approval of these financial statements. The directors have made provisions where there are significant doubts concerning recoverability. The directors have based this decision on their judgement of all the available information, and their experience of the trade debtors in question
The whole of the turnover is attributable to the primary business activity.
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FORWARD TRUCKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69,167 (2024 - £42,055).
The amount outstanding at the year end amounted to £12,858 (2024 - £14,962).
The Company's immediate parent company is FTS Group Holdings Ltd, a company registered in England and Wales. The Company's ultimate parent company and controlling party is Pantrad Ltd, a company registered in England and Wales.
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