Registered number:
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
COMPANY INFORMATION
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MW EAT LIMITED
CONTENTS
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MW EAT LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
The directors present their report and financial statements for the period ended 31 March 2020.
The principal activity of the Company is that of a holding company. The Group operates a number of restaurants at the exclusive end of the Indian Restaurant sector, and operate a number of London's most prestigious Indian restaurants.
The Group's objective is to continue to grow profitably, generating positive cash flows through its trading operations and maintaining the brands position at the forefront of the premium Indian Restaurant sector. This is achieved through the Group's continued focus on providing excellent quality Indian food to customers combined with alluring interiors and sophisticated service at premium locations. Results and performance In line with the vast majority of businesses in the hospitality sector, Covid-19 has had a significant impact on the group and resulted in the business suffering losses in the financial year ending March 2021. We are utilizing to the best potential the various government schemes available and continue to manage our cash-flow carefully to ensure that we minimise the considerable impact of the current restrictions on our trade. As a result we are confident that we will have sufficient resources available to continue to trade as business gradually returns following the anticipated easing of trading restrictions from May 2021.
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MW EAT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
Economic / Brexit uncertainties
Whilst the Group has experienced growth in all of the principal sectors of its business, the Group is always at risk of potential reduced revenue due to outside influences and general economic trends. This is particularly the case with the uncertainties surrounding Brexit which could impact both demand, and labour costs through a reduction in supply of European staff. The group has been focusing on further performance enhancement measures. The Group’s strong market position, financial strength, above average profitability, rigorous processes and controls makes it well-positioned to ride out these potential challenges Liquidity Risk The Group manages its cash and borrowing requirements in order to meet the needs of the Company, maximise interest income and minimise interest expense; whilst ensuring the Group has sufficient liquid assets to underwrite the operating and growth plans of the business. Interest Rate Risk The Group is exposed to interest rate risk on loans. The Directors monitor this risk regularly and consider likely interest rates when deciding large expenditure outgoings. Credit Risk The group invests cash surpluses through banks and companies which fulfil credit rating criteria approved by the board. Given the nature of the industry business on credit is relatively low, and is spread across a large number of accounts. The process of risk acceptance and risk management is addressed through a process whereby proposals and matters of interest are subject to Board discussion and approval.
The Group monitors its progress through close comparison of the performance of each individual restaurant, measured through a number of KPIs:
- Profitability of each restaurant and outlet against both the budgeted profitability and the prior period's profitability. - Staff recruitment and retention. - Cashflow management of each restaurant and the Group as a whole against budgeted cashflow, taking particular account of capital expenditure. Senior management constantly review processes and procedures with a view to improve controls & working practices
In the coming year, the Group's objectives remain consistent, with particular emphasis on profitability and continuing to grow the prominence of the brands as some of the world’s most premium Indian dining establishments.
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MW EAT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
This report was approved by the board on 29 April 2021
and signed on its behalf.
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MW EAT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
The directors present their report and the financial statements for the period ended 31 March 2020.
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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
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;
∙
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.
In regards to the different types of risk affecting the Company, the directors have chosen to include this information in the Strategic Report.
The profit for the period, after taxation and minority interests, amounted to £
487,837
(2019 -
£
3,384,801
)
.
An interim ordinary dividend was paid amounting to £3,640,000 (2019 - £nil). The Directors do not recommend payment of a final dividend.
The directors who served during the period were:
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MW EAT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
Please see note 24 to these financial statements regarding significant events affecting the Company since the
balance sheet date.
The auditors, WMT, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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MW EAT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED
We have audited the financial statements of MW Eat Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2020, which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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MW EAT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Group Strategic Report and the Directors' Report for the financial period 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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MW EAT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED)
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MW EAT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT 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.
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.
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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational requirements, trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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MW EAT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT 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 and Statutory Auditors
Verulam Point
Station Way
Hertfordshire
AL1 5HE
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MW EAT LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
REGISTERED NUMBER:
02282732
CONSOLIDATED BALANCE SHEET
AS AT
31 MARCH 2020
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MW EAT LIMITED
REGISTERED NUMBER:
02282732
CONSOLIDATED BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 36 form part of these financial statements.
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MW EAT LIMITED
REGISTERED NUMBER:
02282732
COMPANY BALANCE SHEET
AS AT
31 MARCH 2020
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MW EAT LIMITED
REGISTERED NUMBER:
02282732
COMPANY BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 36 form part of these financial statements.
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MW EAT LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 MARCH 2020
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MW EAT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 MARCH 2020
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MW EAT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
MW Eat Limited is a company, limited by shares, incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the strategic report on page 1.
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 Profit and Loss Account in these financial statements.
The financial statements are presented in GBP because that is the currency of the primary economic environment in which the company operates.
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 Profit and Loss Account 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 27 March 2016.
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
The group is ultimately reliant on its financiers, including Directors, shareholders and landlords. The Directors are confident that this support will be there for the foreseeable future and enable the group to meet its working capital requirements, and on this basis deem it appropriate to prepare the financial statements on a going concern basis. Please also see note 24 to these financial statements regarding significant events affecting the group since the balance sheet date.
Although the Directors have taken all necessary measures to satisfy themselves that the group will continue to be able to operate throughout the current coronavirus pandemic and beyond, due to the industry in which the group operates there are external factors which are beyond the control of the Directors. These may include, for example, further lockdowns and prolonged restrictions on the ability of the group to trade profitably. Therefore, there is an inherent uncertainty related to events or conditions that may cast doubt on the group's ability to trade profitably. The Directors have prepared detailed projections for at least the next 12 months and considered various scenarios and are confident that the group has sufficient resources to continue to trade.
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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 Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Key assumptions have been made in determining whether the Company's investments in subsidiaries have been impaired. Quantifying possible impairment requires estimations of an investments' value in use. The value in use calculations require the entity to estimate the future cash flow expected to arise from the investments and suitable discount rates in order to calculate present values. The carrying amount of investments in subsidiaries at the balance sheet date was £1,500,002 (2019: £1,500,002) with no impairment having been recognised in either the current or the prior period.
The whole of the turnover of the company for the period has been derived from its principal activity (and falls into the class of sale of goods).
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
9.
Taxation (continued)
There are no factors that may affect future tax charges
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
12.
Tangible fixed assets (continued)
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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MW EAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
Therefore, the group is considered to be a going concern and no further adjustments have been made to the figures in these financial statements. The Directors have considered the effect on the value of the assets and liabilities of the group since the balance sheet date, as well as actual and expected future income and expenditure, cash flow requirements and the group’s ability to continue as a going concern. They have taken steps to protect the workforce and the business, including its cash flow, so as to be able to maintain liquidity given that the effects of the current crisis are likely to continue to last for several months.
The Company is a wholly owned subsidiary of Echowalk Limited.
The Directors report that the ultimate parent company is Browside Developments Limited, a company registered in the British Virgin Islands. The whole of the issued share capital of Browside Developments Limited is held in trust for the benefit of Ranjit Mathrani and Namita Panjabi who are Directors of Masala Zone Limited.
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