swl limited
swl limited Company Information
Company Number
SC274096
Registered Address
research park, riccarton, edinburgh, midlothian, EH14 4AP
Industry
Silviculture and other forestry activities
Telephone
01314515154
Next Accounts Due
June 2025
Group Structure
View All
Shareholders
swesot 27.5%
sip 25.2%
View Allswl limited Estimated Valuation
Pomanda estimates the enterprise value of SWL LIMITED at £176m based on a Turnover of £111.6m and 1.58x industry multiple (adjusted for size and gross margin).
swl limited Estimated Valuation
Pomanda estimates the enterprise value of SWL LIMITED at £51.5m based on an EBITDA of £5.4m and a 9.53x industry multiple (adjusted for size and gross margin).
swl limited Estimated Valuation
Pomanda estimates the enterprise value of SWL LIMITED at £39.2m based on Net Assets of £22.8m and 1.72x industry multiple (adjusted for liquidity).
Edit your figures and get a professional valuation report.
Swl Limited Overview
Swl Limited is a live company located in midlothian, EH14 4AP with a Companies House number of SC274096. It operates in the silviculture and other forestry activities sector, SIC Code 02100. Founded in October 2004, it's largest shareholder is swesot with a 27.5% stake. Swl Limited is a mature, mega sized company, Pomanda has estimated its turnover at £111.6m with low growth in recent years.
Upgrade for unlimited company reports & a free credit check
Swl Limited Health Check
Pomanda's financial health check has awarded Swl Limited a 3 rating. We use a traffic light system to show it exceeds the industry average on 3 measures and has 6 areas for improvement. Company Health Check FAQs
3 Strong
3 Regular
6 Weak
Size
annual sales of £111.6m, make it larger than the average company (£1.9m)
£111.6m - Swl Limited
£1.9m - Industry AVG
Growth
3 year (CAGR) sales growth of 1%, show it is growing at a slower rate (8.5%)
1% - Swl Limited
8.5% - Industry AVG
Production
with a gross margin of 17.8%, this company has a higher cost of product (23.8%)
17.8% - Swl Limited
23.8% - Industry AVG
Profitability
an operating margin of 4.1% make it as profitable than the average company (5%)
4.1% - Swl Limited
5% - Industry AVG
Employees
with 232 employees, this is above the industry average (11)
232 - Swl Limited
11 - Industry AVG
Pay Structure
on an average salary of £53.8k, the company has a higher pay structure (£31.8k)
£53.8k - Swl Limited
£31.8k - Industry AVG
Efficiency
resulting in sales per employee of £481.1k, this is more efficient (£111.1k)
£481.1k - Swl Limited
£111.1k - Industry AVG
Debtor Days
it gets paid by customers after 73 days, this is later than average (44 days)
73 days - Swl Limited
44 days - Industry AVG
Creditor Days
its suppliers are paid after 44 days, this is close to average (44 days)
44 days - Swl Limited
44 days - Industry AVG
Stock Days
it holds stock equivalent to 20 days, this is in line with average (18 days)
20 days - Swl Limited
18 days - Industry AVG
Cash Balance
has cash to cover current liabilities for 18 weeks, this is less cash available to meet short term requirements (46 weeks)
18 weeks - Swl Limited
46 weeks - Industry AVG
Debt Level
it has a ratio of liabilities to total assets of 45.8%, this is a higher level of debt than the average (32.2%)
45.8% - Swl Limited
32.2% - Industry AVG
SWL LIMITED financials
Swl Limited's latest turnover from September 2023 is £111.6 million and the company has net assets of £22.8 million. According to their latest financial statements, Swl Limited has 232 employees and maintains cash reserves of £6.3 million as reported in the balance sheet.
Data source: Companies House, Pomanda Estimates
| Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 | Sep 2019 | Sep 2018 | Sep 2017 | Sep 2016 | Sep 2015 | Sep 2014 | Sep 2013 | Sep 2012 | Sep 2011 | Sep 2010 | Sep 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Turnover | 111,604,000 | 117,260,000 | 125,140,000 | 108,424,000 | 115,234,000 | 92,342,000 | 76,801,000 | 70,358,000 | 69,463,000 | 73,875,000 | 63,908,000 | 63,901,000 | 58,197,000 | 46,219,000 | 40,275,000 |
| Other Income Or Grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost Of Sales | 91,730,000 | 98,064,000 | 107,304,000 | 92,209,000 | 100,078,000 | 78,799,000 | 64,833,000 | 59,455,000 | 59,352,000 | 63,353,000 | 54,221,000 | 54,440,000 | 49,558,000 | 38,729,000 | 33,852,000 |
| Gross Profit | 19,874,000 | 19,196,000 | 17,836,000 | 16,215,000 | 15,156,000 | 13,543,000 | 11,968,000 | 10,903,000 | 10,111,000 | 10,522,000 | 9,687,000 | 9,461,000 | 8,639,000 | 7,490,000 | 6,423,000 |
| Admin Expenses | 15,265,000 | 14,249,000 | 13,079,000 | 12,193,000 | 11,556,000 | 10,283,000 | 9,676,000 | 9,328,000 | 8,796,000 | 8,962,000 | 8,455,000 | 8,058,000 | 7,254,000 | 6,656,000 | 6,245,000 |
| Operating Profit | 4,609,000 | 4,947,000 | 4,757,000 | 4,022,000 | 3,600,000 | 3,260,000 | 2,292,000 | 1,575,000 | 1,315,000 | 1,560,000 | 1,232,000 | 1,403,000 | 1,385,000 | 834,000 | 178,000 |
| Interest Payable | 61,000 | 38,000 | 64,000 | 65,000 | 96,000 | 122,000 | 84,000 | 135,000 | 679,000 | 737,000 | 756,000 | 803,000 | 812,000 | 805,000 | 854,000 |
| Interest Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 493,000 | 614,000 | 506,000 | 552,000 | 582,000 | 524,000 | 537,000 |
| Pre-Tax Profit | 4,548,000 | 5,014,000 | 4,798,000 | 4,077,000 | 3,327,000 | 3,138,000 | 2,208,000 | 1,440,000 | 1,129,000 | 1,437,000 | 796,000 | 942,000 | 1,161,000 | 554,000 | 16,000 |
| Tax | -1,053,000 | -899,000 | -979,000 | -754,000 | -643,000 | -592,000 | -471,000 | -307,000 | -218,000 | -327,000 | -236,000 | -306,000 | -348,000 | -181,000 | -12,000 |
| Profit After Tax | 3,495,000 | 4,115,000 | 3,819,000 | 3,323,000 | 2,684,000 | 2,546,000 | 1,737,000 | 1,133,000 | 911,000 | 1,110,000 | 560,000 | 636,000 | 813,000 | 373,000 | 4,000 |
| Dividends Paid | 315,000 | 310,000 | 273,000 | 232,000 | 209,000 | 181,000 | 160,000 | 153,000 | 135,000 | 123,000 | 97,000 | 84,000 | 97,000 | 0 | 28,000 |
| Retained Profit | 3,180,000 | 3,805,000 | 3,546,000 | 3,091,000 | 2,475,000 | 2,365,000 | 1,577,000 | 980,000 | 776,000 | 987,000 | 463,000 | 552,000 | 716,000 | 373,000 | -24,000 |
| Employee Costs | 12,481,000 | 11,478,000 | 10,227,000 | 9,721,000 | 8,469,000 | 7,358,000 | 6,826,000 | 6,411,000 | 6,084,000 | 6,019,000 | 5,527,000 | 5,413,000 | 4,941,000 | 4,425,000 | 4,209,000 |
| Number Of Employees | 232 | 220 | 205 | 194 | 174 | 154 | 148 | 143 | 141 | 141 | 143 | 141 | 131 | 126 | 124 |
| EBITDA* | 5,406,000 | 5,724,000 | 5,586,000 | 4,695,000 | 4,060,000 | 3,561,000 | 2,447,000 | 1,748,000 | 1,501,000 | 1,742,000 | 1,524,000 | 1,708,000 | 1,680,000 | 1,130,000 | 412,000 |
* Earnings Before Interest, Tax, Depreciation and Amortisation
| Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 | Sep 2019 | Sep 2018 | Sep 2017 | Sep 2016 | Sep 2015 | Sep 2014 | Sep 2013 | Sep 2012 | Sep 2011 | Sep 2010 | Sep 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tangible Assets | 3,143,000 | 2,470,000 | 2,780,000 | 2,014,000 | 1,945,000 | 1,566,000 | 685,000 | 680,000 | 744,000 | 859,000 | 661,000 | 775,000 | 858,000 | 992,000 | 1,222,000 |
| Intangible Assets | 411,000 | 319,000 | 22,000 | 0 | 0 | 0 | 2,000 | 9,000 | 21,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments & Other | 645,000 | 645,000 | 540,000 | 435,000 | 315,000 | 300,000 | 200,000 | 0 | 155,000 | 155,000 | 155,000 | 155,000 | 228,000 | 1,071,000 | 987,000 |
| Debtors (Due After 1 year) | 0 | 37,000 | 234,000 | 386,000 | 285,000 | 244,000 | 388,000 | 492,000 | 524,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Fixed Assets | 4,199,000 | 3,471,000 | 3,576,000 | 2,835,000 | 2,545,000 | 2,110,000 | 1,275,000 | 1,181,000 | 1,444,000 | 1,014,000 | 816,000 | 930,000 | 1,086,000 | 2,063,000 | 2,209,000 |
| Stock & work in progress | 5,121,000 | 4,734,000 | 4,163,000 | 2,242,000 | 2,120,000 | 3,078,000 | 1,200,000 | 610,000 | 1,215,000 | 866,000 | 733,000 | 628,000 | 990,000 | 163,000 | 401,000 |
| Trade Debtors | 22,451,000 | 21,457,000 | 29,871,000 | 21,958,000 | 20,997,000 | 21,998,000 | 16,746,000 | 17,291,000 | 16,899,000 | 17,247,000 | 18,648,000 | 16,771,000 | 15,516,000 | 12,926,000 | 9,777,000 |
| Group Debtors | 2,950,000 | 3,321,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Misc Debtors | 1,105,000 | 714,000 | 535,000 | 353,000 | 293,000 | 732,000 | 511,000 | 332,000 | 191,000 | 252,000 | 177,000 | 206,000 | 196,000 | 193,000 | 231,000 |
| Cash | 6,254,000 | 7,020,000 | 2,197,000 | 6,703,000 | 3,909,000 | 1,647,000 | 2,446,000 | 1,062,000 | 933,000 | 644,000 | 443,000 | 267,000 | 199,000 | 90,000 | 170,000 |
| misc current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| total current assets | 37,881,000 | 37,246,000 | 36,766,000 | 31,256,000 | 27,319,000 | 27,455,000 | 20,903,000 | 19,295,000 | 19,238,000 | 19,009,000 | 20,001,000 | 17,872,000 | 16,901,000 | 13,372,000 | 10,579,000 |
| total assets | 42,080,000 | 40,717,000 | 40,342,000 | 34,091,000 | 29,864,000 | 29,565,000 | 22,178,000 | 20,476,000 | 20,682,000 | 20,023,000 | 20,817,000 | 18,802,000 | 17,987,000 | 15,435,000 | 12,788,000 |
| Bank overdraft | 12,000 | 136,000 | 133,000 | 0 | 0 | 0 | 0 | 0 | 1,000 | 0 | 0 | 153,000 | 597,000 | 373,000 | 320,000 |
| Bank loan | 0 | 0 | 0 | 0 | 0 | 0 | 177,000 | 177,000 | 0 | 13,000 | 16,000 | 0 | 0 | 0 | 0 |
| Trade Creditors | 11,165,000 | 13,544,000 | 16,567,000 | 11,713,000 | 11,371,000 | 12,663,000 | 9,429,000 | 9,009,000 | 8,843,000 | 7,440,000 | 6,808,000 | 6,189,000 | 5,882,000 | 5,082,000 | 2,709,000 |
| Group/Directors Accounts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 177,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| other short term finances | 0 | 0 | 0 | 0 | 0 | 2,120,000 | 0 | 76,000 | 1,330,000 | 2,901,000 | 6,057,000 | 3,324,000 | 3,174,000 | 2,192,000 | 2,594,000 |
| hp & lease commitments | 120,000 | 0 | 89,000 | 105,000 | 105,000 | 0 | 0 | 24,000 | 35,000 | 78,000 | 65,000 | 21,000 | 0 | 0 | 0 |
| other current liabilities | 6,070,000 | 4,906,000 | 4,928,000 | 6,533,000 | 5,261,000 | 4,503,000 | 4,380,000 | 3,959,000 | 3,471,000 | 3,499,000 | 3,158,000 | 3,686,000 | 2,918,000 | 2,491,000 | 1,968,000 |
| total current liabilities | 17,367,000 | 18,586,000 | 21,717,000 | 18,351,000 | 16,737,000 | 19,286,000 | 13,986,000 | 13,245,000 | 13,857,000 | 13,931,000 | 16,104,000 | 13,373,000 | 12,571,000 | 10,138,000 | 7,591,000 |
| loans | 0 | 12,000 | 148,000 | 0 | 0 | 0 | 0 | 177,000 | 354,000 | 533,000 | 13,000 | 868,000 | 1,184,000 | 1,528,000 | 1,653,000 |
| hp & lease commitments | 179,000 | 0 | 0 | 89,000 | 194,000 | 0 | 0 | 0 | 25,000 | 60,000 | 44,000 | 33,000 | 0 | 0 | 0 |
| Accruals and Deferred Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| provisions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| total long term liabilities | 1,907,000 | 834,000 | 1,911,000 | 2,853,000 | 2,407,000 | 1,479,000 | 2,117,000 | 2,691,000 | 2,427,000 | 2,055,000 | 991,000 | 1,938,000 | 1,650,000 | 2,475,000 | 2,893,000 |
| total liabilities | 19,274,000 | 19,420,000 | 23,628,000 | 21,204,000 | 19,144,000 | 20,765,000 | 16,103,000 | 15,936,000 | 16,284,000 | 15,986,000 | 17,095,000 | 15,311,000 | 14,221,000 | 12,613,000 | 10,484,000 |
| net assets | 22,806,000 | 21,297,000 | 16,714,000 | 12,887,000 | 10,720,000 | 8,800,000 | 6,075,000 | 4,540,000 | 4,398,000 | 4,037,000 | 3,722,000 | 3,491,000 | 3,766,000 | 2,822,000 | 2,304,000 |
| total shareholders funds | 22,806,000 | 21,297,000 | 16,714,000 | 12,887,000 | 10,720,000 | 8,800,000 | 6,075,000 | 4,540,000 | 4,398,000 | 4,037,000 | 3,722,000 | 3,491,000 | 3,766,000 | 2,822,000 | 2,304,000 |
| Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 | Sep 2019 | Sep 2018 | Sep 2017 | Sep 2016 | Sep 2015 | Sep 2014 | Sep 2013 | Sep 2012 | Sep 2011 | Sep 2010 | Sep 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||
| Operating Profit | 4,609,000 | 4,947,000 | 4,757,000 | 4,022,000 | 3,600,000 | 3,260,000 | 2,292,000 | 1,575,000 | 1,315,000 | 1,560,000 | 1,232,000 | 1,403,000 | 1,385,000 | 834,000 | 178,000 |
| Depreciation | 785,000 | 770,000 | 829,000 | 673,000 | 460,000 | 299,000 | 148,000 | 160,000 | 173,000 | 182,000 | 292,000 | 305,000 | 295,000 | 296,000 | 234,000 |
| Amortisation | 12,000 | 7,000 | 0 | 0 | 0 | 2,000 | 7,000 | 13,000 | 13,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tax | -1,053,000 | -899,000 | -979,000 | -754,000 | -643,000 | -592,000 | -471,000 | -307,000 | -218,000 | -327,000 | -236,000 | -306,000 | -348,000 | -181,000 | -12,000 |
| Stock | 387,000 | 571,000 | 1,921,000 | 122,000 | -958,000 | 1,878,000 | 590,000 | -605,000 | 349,000 | 133,000 | 105,000 | -362,000 | 827,000 | -238,000 | 401,000 |
| Debtors | 977,000 | -5,111,000 | 7,943,000 | 1,122,000 | -1,399,000 | 5,329,000 | -470,000 | 501,000 | 115,000 | -1,326,000 | 1,848,000 | 1,265,000 | 2,593,000 | 3,111,000 | 10,008,000 |
| Creditors | -2,379,000 | -3,023,000 | 4,854,000 | 342,000 | -1,292,000 | 3,234,000 | 420,000 | 166,000 | 1,403,000 | 632,000 | 619,000 | 307,000 | 800,000 | 2,373,000 | 2,709,000 |
| Accruals and Deferred Income | 1,164,000 | -22,000 | -1,605,000 | 1,272,000 | 758,000 | 123,000 | 421,000 | 488,000 | -28,000 | 341,000 | -528,000 | 768,000 | 427,000 | 523,000 | 1,968,000 |
| Deferred Taxes & Provisions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operations | 1,774,000 | 6,320,000 | -2,008,000 | 4,311,000 | 5,240,000 | -881,000 | 2,697,000 | 2,199,000 | 2,194,000 | 3,581,000 | -574,000 | 1,574,000 | -861,000 | 972,000 | -5,332,000 |
| Investing Activities | |||||||||||||||
| capital expenditure | 0 | 0 | 0 | 0 | 0 | -1,265,000 | -343,000 | -43,000 | -91,000 | -112,000 | -182,000 | -145,000 | 123,000 | -144,000 | -273,000 |
| Change in Investments | 0 | 105,000 | 105,000 | 120,000 | 15,000 | 100,000 | 200,000 | -155,000 | 0 | 0 | 0 | -73,000 | -843,000 | 84,000 | 987,000 |
| cash flow from investments | 0 | -105,000 | -105,000 | -120,000 | -15,000 | -1,365,000 | -543,000 | 112,000 | -91,000 | -112,000 | -182,000 | -72,000 | 966,000 | -228,000 | -1,260,000 |
| Financing Activities | |||||||||||||||
| Bank loans | 0 | 0 | 0 | 0 | 0 | -177,000 | 0 | 177,000 | -13,000 | -3,000 | 16,000 | 0 | 0 | 0 | 0 |
| Group/Directors Accounts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -177,000 | 177,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Short Term Loans | 0 | 0 | 0 | 0 | -2,120,000 | 2,120,000 | -76,000 | -1,254,000 | -1,571,000 | -3,156,000 | 2,733,000 | 150,000 | 982,000 | -402,000 | 2,594,000 |
| Long term loans | -12,000 | -136,000 | 148,000 | 0 | 0 | 0 | -177,000 | -177,000 | -179,000 | 520,000 | -855,000 | -316,000 | -344,000 | -125,000 | 1,653,000 |
| Hire Purchase and Lease Commitments | 299,000 | -89,000 | -105,000 | -105,000 | 299,000 | 0 | -24,000 | -36,000 | -78,000 | 29,000 | 55,000 | 54,000 | 0 | 0 | 0 |
| other long term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| share issue | |||||||||||||||
| interest | -61,000 | -38,000 | -64,000 | -65,000 | -96,000 | -122,000 | -84,000 | -135,000 | -186,000 | -123,000 | -250,000 | -251,000 | -230,000 | -281,000 | -317,000 |
| cash flow from financing | -1,445,000 | 515,000 | 260,000 | -1,094,000 | -2,472,000 | 2,181,000 | -403,000 | -2,440,000 | -2,265,000 | -3,405,000 | 1,467,000 | -1,190,000 | 636,000 | -663,000 | 6,258,000 |
| cash and cash equivalents | |||||||||||||||
| cash | -766,000 | 4,823,000 | -4,506,000 | 2,794,000 | 2,262,000 | -799,000 | 1,384,000 | 129,000 | 289,000 | 201,000 | 176,000 | 68,000 | 109,000 | -80,000 | 170,000 |
| overdraft | -124,000 | 3,000 | 133,000 | 0 | 0 | 0 | 0 | -1,000 | 1,000 | 0 | -153,000 | -444,000 | 224,000 | 53,000 | 320,000 |
| change in cash | -642,000 | 4,820,000 | -4,639,000 | 2,794,000 | 2,262,000 | -799,000 | 1,384,000 | 130,000 | 288,000 | 201,000 | 329,000 | 512,000 | -115,000 | -133,000 | -150,000 |
swl limited Credit Report and Business Information
Swl Limited Competitor Analysis
Perform a competitor analysis for swl limited by selecting its closest rivals, whether from the AGRICULTURE, FORESTRY AND FISHING sector, other mega companies, companies in EH14 area or any other competitors across 12 key performance metrics.
swl limited Ownership
SWL LIMITED group structure
Swl Limited has 1 subsidiary company.
swl limited directors
Swl Limited currently has 7 directors. The longest serving directors include Mr Tom Bruce-Jones (Feb 2016) and Mr Richard Walker (Apr 2016).
| officer | country | age | start | end | role |
|---|---|---|---|---|---|
| Mr Tom Bruce-Jones | Scotland | 56 years | Feb 2016 | - | Director |
| Mr Richard Walker | 43 years | Apr 2016 | - | Director | |
| Mr Ian Robinson | Scotland | 60 years | Oct 2020 | - | Director |
| Mr Stuart Roberts | Scotland | 51 years | Jul 2022 | - | Director |
| Mr Desmond Henry | Scotland | 51 years | Apr 2023 | - | Director |
| Mr David Robertson | 53 years | Apr 2023 | - | Director | |
| Mr Craig Nimmo | 55 years | Apr 2023 | - | Director |
P&L
September 2023turnover
111.6m
-5%
operating profit
4.6m
-7%
gross margin
17.9%
+8.78%
turnover
Turnover, or revenue, is the amount of sales generated by a company within the financial year.
Balance Sheet
September 2023net assets
22.8m
+0.07%
total assets
42.1m
+0.03%
cash
6.3m
-0.11%
net assets
Total assets minus all liabilities
swl limited company details
company number
SC274096
Type
Private limited with Share Capital
industry
02100 - Silviculture and other forestry activities
incorporation date
October 2004
age
20
incorporated
UK
ultimate parent company
accounts
Group
last accounts submitted
September 2023
previous names
N/A
accountant
-
auditor
JOHNSTON CARMICHAEL LLP
address
research park, riccarton, edinburgh, midlothian, EH14 4AP
Bank
-
Legal Advisor
-
swl limited Charges & Mortgages
A charge, or mortgage, refers to the rights a company gives to a lender in return for a loan, often in the form of security given over business assets.
We did not find charges/mortgages relating to swl limited.
swl limited Companies House Filings - See Documents
| date | description | view/download |
|---|
