Hastings` thriving old town Redoubtable success

aspect
Autumn 2011
News, views and information from Ashdown Hurrey and Spectrum
Hastings’ thriving
old town
Unique blend keeps
businesses ahead of the game
Redoubtable success
for Ace Joinery
Rye’s vintage themed
The Source
Driving Through The
Economic Downturn
T
ripling turnover between 2007 and 2011 is not a bad achievement
given the economic conditions that have prevailed during that
period but that’s just what Global Service Group has achieved.
Since 1997 GSG has been offering high level distribution services
to many parts of the UK. Whether the contracts require high levels
of security, a proven chain of custody or a temperature controlled
environment, GSG’s team deliver consistently high levels of distribution
services to some of the country’s best known organisations.
Company Chairman Gordon Weston formed the business and has seen
many changes over the years: “Ashdown Hurrey has been ever present
and we have a very close relationship with Carl Read who has been
dealing with our affairs for over ten years now. Our ability to adapt
over the years to changes within our industry has been one of our key
strengths and our knowledge and specialisms have meant we can find a
bespoke solution to large organisations’ specific distribution needs.”
Managing Director Rob Berringer has been at the forefront of the
company’s dramatic expansion over the past five years, he told Aspect:
“With such a rapid period of growth it has been imperative to keep on
top of the financial side of things. Increasing turnover means nothing
if that does not filter through to the bottom line, and the monthly
management information prepared by Carl and his team has been
vital.”
In the last 12 months the team at Ashdown Hurrey has become even
more heavily involved in Global’s set up, effectively running its finance
department. Carl says that being so involved in a business really
gives him the opportunity to add value in the services that Ashdown
Hurrey supplies: “It is also great to have seen first hand the way that
the business has gone from strength to strength, especially in the
current economic climate. This is testament to Gordon’s experience and
Rob’s expertise and a huge amount of hard work from them and their
dedicated team,” says Carl.
was established
as a small BMX
and skateboard shop in Bexhill in 2003.
Founded by BMXing brothers, Richard and
Marc Moore, the business quickly launched
a website and, with innovative marketing
and expert knowledge, rapidly established
itself as one of the leading BMX retailers in
the UK. Following several moves to larger
premises they now trade from a 4000 sq ft
converted church in Braybrooke Terrace,
Hastings; complete with warehouse and its
very own indoor skatepark.
You may have noticed that Aspect has grown a bit in size; we
hope you like the new format and find something of interest
in its pages.
Ashdown Hurrey and Spectrum have always tried to be
part of the local community and it therefore seemed logical to
feature Hastings Old Town, which is undoubtedly the beating
heart of Hastings as a whole. In its winding streets and fish
market areas you will find many long-established independent
businesses and activities, many of whom look to Ashdown
Bonsucro has spent the last two years developing a standard
that measures the environmental and social impact of sugarcane
production.
This global, non-profit, initiative is run from offices in London and
works with a variety of stakeholders from small independent farmers
and mills through to large multinational conglomerates in the food
and drink industry. Its aim is to ensure that sugar is produced with
minimal impact on the environment and that working conditions for
those involved are fair.
The shop and warehouse is the biggest of
its kind in Europe but it is mail order that
has driven sales to grow by 20 per cent or
more year-on-year since the business was
founded.
The Source won the inaugural HSBC 1066
Business of The Year award in 2005 and soon
after launched a distribution arm supplying
over 100 BMX retailers in the UK. A big
part of the success has been reinvesting
resources in the BMX community by
sponsoring a team of riders, working with
the youth service and supporting BMX
events. All of this coupled with the UK’s
only BMX mail order catalogue, which goes
out to over 20,000 riders twice a year, gives
The Source the edge over its competition.
This year has seen continued rapid growth
with the addition of several new exclusive
brands to distribute and some major
website and system upgrades. The Source has also supplied scores of
schools, councils and clubs around the UK; including a recent order for
75 BMX bikes for the London Olympics.
Now employing eight staff the company has found growth challenging
but has relied on the expertise of Ashdown Hurrey to help it become a
bigger business; from incorporation, to raising finance and tax planning.
aspect
Welcome to this, the latest edition of Aspect, the publication
dedicated to all things Ashdown Hurrey and Spectrum.
Making sugar sweeter
Hurrey and Spectrum for their business needs.
You can also read about our other client successes and we
flag up a few business issues which may have passed you
by, together with the usual items of in-house gossip to help
you see our human side.
We hope you enjoy this issue. If you have any comments or
would like to be featured in a future edition, we are waiting
to hear from you.
Patrick Lee and Carl Read
Editors
boutique with a real
touch of class
Karena Callen was beauty director at Red Magazine for 10 years, having
previously worked at ELLE and Cosmopolitan. She has now decided
to turn her attention to Violetta, a vintage-style beauty apothecary and
perfumery based on Rye High Street that sells the kind of items that
Karena knows – and loves – best.
Rather than selling the fragrances, skin care and cosmetics that are
available from most high street stores, Violetta sell more specialised items
such as Miller Harris and Serge Lutens fragrances, Paul & Joe Cosmetics,
Caudalie and This Works skin care, lingerie from Tallulah Love, which
comes in powder-style boxes along with vintage items, including French
decorative antique furniture.
Sam Carter has helped Karena and her partner Nick Shaddick, an art
historian, get the business up and running along with the support of Vicky
Wallington from Daily Business Support Bureau.
Natasha Schwarzbach, General Manager at Bonsucro, has been
involved since the early days and was there when Ashdown Hurrey
was appointed as auditors in 2009, she says: “At that point, large
amounts of funding were being received from stakeholders to fund
the research and implementation of the systems needed for the
certification model. Although no audit was required when Ashdown
Hurrey was first appointed, Mark Weeks-Pearson initially assisted
us through the VAT registration process and has since guided us
through the operation of VAT with our suppliers and customers who
are based worldwide. The annual audit of the accounts is vital, as
our stakeholders want the reassurance that the accounts correctly
reflect all income and expenditure.”
Bearing in mind the wide use of sugar, there has been a lot of
interest in the standard developed by Bonsucro and you should look
out for the Bonsucro stamp of approval on food and drink in the
coming years.
Whilst Karena and Nick have a depth of knowledge about the fashion,
beauty and design industry, they have made the shrewd decision to make
use of the expertise that Sam and Vicky can both offer so that they can
focus on the areas where they have experience and push Violetta forward,
making sure it goes from strength to strength.
In addition to buying niche fragrances
and beauty products, you can get
personal advice from Karena or book
in to one of Violetta’s special Pop Up
Salons hosted at the shop where top
hair stylists and make-up artists are
on hand for make-up masterclasses
and hair styling. As well as being a
beauty editor for glossy magazines,
Karena is also a successful author
with five books to her name.
Violetta’s new website will soon be
going live, so take a look for yourself
at www.violetta-boutique.co.uk – or
better still take a trip to Rye.
up in the wrong place. We like to have a
consistency of approach and giving personnel
the chance to work in ‘the other office’
Ashdown Hurrey has been focused into its two broadens their experience and most enjoy the
offices in Hastings and Bexhill for a number of change.”
years now and the partners and staff believe
This year movement between the offices has
they know the area very well.
been a bit more fundamental. Steve Sampson
Managing partner Patrick Lee says: “Having
and his team of Kristian Fuller and Daniel
two locations provides greater geographical
Swann moving to Hastings and Carl Read and
coverage but sometimes a person ends
Ben Sallows with their team member, Sarah
Office Shuffle
Karena and
Nick outside the
Rye boutique
Warburton, moving in the opposite direction.
Patrick explains: “The change gave practical
benefits within the organisation and with
modern communication methods, has
been viewed positively by most of those
clients affected. If a client wishes to remain
associated with a particular office, this can
always be accommodated but all those
involved have reacted positively to the
changes and the challenges associated with
them and have settled into their new homes.”
I
n times of recession businesses have to take every opportunity to
make their mark and establish their own identity.
as
pe
ct
In an age where multiple retailers are dominating our town centres
independent businesses have to carve out their own unique place in
the hearts of the public and that’s just what is happening in Hastings
Old Town.
The Old Town is delightful with its wonderful vintage shops,
independent food stores and restaurants serving locally caught or
sourced produce. After a shopping trip or a relaxing meal you can
take a walk on the pebbly beach to soak in the atmosphere or take
a trip to the top of the east or west hill on one of the two funicular
railways that have helped make the town famous.
Adults will enjoy the meandering streets of the Old Town and there
are special events including the annual Old Town Carnival and
events like the Coastal Current Arts Festival.
And a common thread running through the success of many
businesses which make the Old Town what it is, is the involvement of
local accountants and business advisors Ashdown Hurrey. Here we
take a look at just a few of the unique Old Town businesses that work
in association with Ashdown Hurrey and Spectrum.
Hastings Fishing Fleet
H
astings fishing fleet is one
of the oldest in the country;
boats have worked in
front of the ancient town for
over a thousand years. Hastings
Fishermen’s Protection Society
was founded in 1831 and
protects the fishermen’s rights
to work from the stone beach
known as The Stade.
With the advent of the European
Common Fishery Policy Reform,
there is hope for a brighter future
for local fishermen.
Paul Joy who speaks
on behalf of
Hastings fishing
fleet says:
“Proposals
from
WHITE’S SEAFOOD
and STEAK BAR
F
or Darren and Michelle
Russell (pictured below with
their children) no visit to
Hastings is complete without
a visit to Whites, they even
described their most recent visit
as a ‘pilgrimage’ to the seafood
and steak bar located in George
Street, the very heart of Hastings
Old Town.
The menu offers a wide range
of dishes, with, as the name
suggests, fish and steaks a
speciality. A new addition is the
fresh fish counter, replenished
every day from locally caught
produce.
A family run business, Alex
White and Ellie Chapman
offer a warm welcome to all
their customers.Rave reviews
central government have been
very positive in their support for
the inshore coastal communities
like Hastings.
“Hastings Fishery has
Marine Stewardship Council
accreditation on Dover Sole,
Mackerel and Herring. Fish
landed at Hastings is caught
using artisanal methods and
taken to Hastings Fishmarket by
the boys-ashore. Hastings Fishmarket Enterprise administers
the market and has three
wholesalers and several fish
hawkers working from the
premise.
“Hastings fish CIC based at
the Fishmarket sells Marine
Stewardship Council sustainable
fish to a number of local and
regional restaurants and shops.”
on TripAdvisor suggest
that they have found the
recipe for success and the
Russells’ glowing personal
recommendation backs that up.
Ann Grant has been involved
with the business from day one,
providing a full book-keeping
and accountancy service, and
is a regular sounding board for
new ideas, and assistance with
all financial decisions.
Ellie says: “With Ann looking
after the numbers, Alex and I
can concentrate on making a
success of the
restaurant”.
“Cockles and Penny Royal
mussels”…
...A
mong other things
are available from
The Net Shop
Jellied Eel Bar albeit not from
a barrow on the corner of the
street! Situated in Rock-a-Nore
Road the family business has
been successfully run by the
current owner Johnny Swann for the last 20-odd
years and provides some of the highest quality seafood on offer in
the Old Town. A client of Ashdown Hurrey for a number of years
Johnny who has known partner Paul Bradbury from his school
days has said that he cannot fault the service and advice received
from Ashdown Hurrey. And the Jellied Eel Bar has a fan base that
spreads well beyond Hastings, when our photographer visited a
family had just arrived down from Crawley and whenever they visit
Hastings Johnny Swann’s Jellied Eel Bar is their first port of call.
Having started with her first gift
and card shop in Rye, Deanne
Smith has more recently opened
shops in Battle High Street and
in George Street in Hastings Old
Town.
The shop has always sold gifts
from various local sources and
also carries many well known
global brands, such as Cath
Kidston, Emma Bridgewater and
Five Dollar Shake.
Deanne has been trading for
a number of years and has
experience in running the day-today affairs of the business. Patrick
Lee and Mark Weeks-Pearson at
Ashdown Hurrey have guided
Deanne through the process of
setting up a limited company
to ensure she is trading as tax
efficiently as possible.
Mark says: “The Penny Royal
shops add something different
to the high street which is so
often dominated by the usual
nationwide chain stores. Deanne
has a great eye for detail so the
shops always look superb.”
A
and advising on the business
structure. That was in the summer
of 2005, and each year has seen
the business grow.
Ann Grant became involved
before the family bought the pub,
helping with the business plan
Mark says: “Having never run a
pub or a business before, Ann’s
support is invaluable. Not only
does she look after the figures,
but she even found someone to
train me in cellar work before we
opened.”
Alex at work
in his kitchen
Old Town Florist
Janette Carter – Room Fifty One Limited
Janette Carter opened Room Fifty
One in Battle in May 2007, and
relocated to George Street in April
2010.
Room Fifty One stocks a range of
ladies quality clothing including
top European brands such as Hoss
Intropia, Full Circle and Part
Two. It also specialises in amazing
evening and occassionwear by
Blank London.
Janette feels there is a real
community spirit in the old
town, and says it’s great to be
part of festivals and carnivals so
brilliantly organised by the Old
Town Association.
Janette
says: “The
old town is
becoming
a trendy
shopping
venue with
individual and
interesting shops,
bars and restaurants.”
Janette is looking to design
her own range which will be
exclusive to Room Fifty One, and
will hopefully be available from
autumn 2012.
A
s its website says: “At the
Old Town Florist we offer
a wide choice of flowers to
suit every occasion.” Located on
George St and painted a wonderful
shade of pink, Old Town Florist is
owned by Jackie Wareham, the
florist, and Chris Atkins – deliveries
and everything else.
Jackie and Chris have been running
the business for nearly four years,
with Ashdown Hurrey advising
since August 2010.
Chris says: “Paperwork is not our
strong point and Ann Grant has
relieved the burden of VAT returns
and accounts and freed us up to keep everything
under control and up-to-date. I only wish we had met
sooner!”
family run local pub,
located opposite the fishing
huts at Rock-a-Nore, the
Dolphin offers a wide range of
carefully tended real ales, good
food and a warm welcome from
Mark and Maureen Little and their
daughters Laura and Louise.
Serving an Ace at
Eastbourne Redoubt
F
or more than 200 years the
Redoubt has stood ready
to defend the Eastbourne
coast. It formed part of a chain
of fortifications built to deter
Napoleon’s forces in the early
1800s and it still stands as a unique
monument to that time.
Garrisoned by troops until the early
1900s and again during World War
II the fortress is now a suitable and
atmospheric home to three exciting
military collections.
When it came to doing some
running repairs Ace Joinery
Solutions was commissioned by
Eastbourne Borough Council –
through architects John D Clarke of
Eastbourne – to manufacture brand
new bespoke European Oak entrance
gates for the fortress.
conditions and therefore great
care was taken with the materials
and construction methods used to
ensure that the new gates will last for
generations.
After crafting the new gates Ace
Joinery Solutions then installed
them utilising the existing wrought
iron hinges and cups that had been
restored to their former glory.
Each gate weighed in at around
400kg however the installation went
without a hitch and the new gates
were fully operational in time for the
spring opening of the museum.
The final result is truly impressive
and the work completed on the
Redoubt, of which the gates were
a part, is being put forward for a
heritage award by the architect.
Chris Addison, Managing Director
of Ace Joinery Solutions, said:
“When you are asked to work on an
historic monument, it’s a daunting
prospect and a real privilege. We
are always keen to work with local
architects and builders on projects
The location of the fortress provided that demonstrate the real beauty of
its own challenges; being right on the wood.”
seafront the gates
will be subject to
extreme weather
Working with Richard Crook, a
partner at John D Clarke, Ace aimed
to produce gates fit for the 21st
century but which would resemble
the original design as closely as
possible.
Sweet taste of success
for Sugar Group
Ashdown Hurrey and
Spectrum have recently
become sponsors of the
ladies networking club Sugar
Group which was founded
nearly two years ago by
Geraldine Brooks and Jane
Plouviez who decided to
do networking for ladies
differently
and ultimately
to enjoy the
experience.
Sugar Group
is not all about
sit-down
formal lunches,
it is also about
hosting events
in new venues
in the town and
experiencing
new things.
Eat@thestade
and the new
restaurant Pier Nine at the
Zanzibar Hotel have been the
recent venues for the group in
Hastings.
Wine tasting with Cooden
Cellars, visits to the Wellington
Centre for treatments and
a visit to see the Antony
Gormley’s Critical Mass
exhibition at the De La Warr
are just a few of the treats
Sugar Group has put on for its
members.
But this ladies club doesn’t
just network in Hastings and
Bexhill, its sphere of influence
stretches as far as London,
Brighton, Tunbridge Wells,
Eastbourne and Horsham with
over 1,000 ladies registered
to the Sugar Group website.
Ashdown Hurrey and Sugar
Group actively promote each
other’s events with Ashdown
Hurrey’s Women
in Business
Lunch Club
continuing to be
a success.
The Ashdown
Hurrey Women
in Business
Lunch Club
was originally
founded in 2005
by partner Ann
Grant and is
now organised
and hosted by
Gemma Steer.
Between 40 and 60
women gather for each of
the quarterly meetings to
network, share experiences
and enjoy a well earned
break from the office at our
current venue, Benton’s in
Robertson Street, Hastings.
If you would like any
information about the
Ashdown Hurrey Women
in Business lunch club or
Sugar Group, please email
Gemma Steer at gemmas@
ashdownhurrey.co.uk for
more details.
THE BRIBERY ACT
The Bribery Act came into force this year and while the thrust may be to cut out the nefarious
activities of international companies, it does in fact apply to all businesses, no matter how
small.
The Act seeks to prevent either the giving or the accepting of a bribe and to demonstrate
compliance, all businesses must either carry out an assessment to show that no risk is expected,
or, if it is, to have policies in place to prevent it occurring.
Businesses do not need to be concerned about customer entertaining or sponsorship, providing
it is proportionate and reasonable for the level of business concerned but they will need to be
able to demonstrate that they have considered the issue and acted sufficiently to ensure that
bribes are neither given nor received.
Ashdown Hurrey Staff Profile
Patrick Ovens
New Mothers
Juggling the needs of a new
baby and the requirements of a
professional career are not always
straightforward, but Bexhill office
based Tamsyn Rayner-Vincent and
Natalie Wordsworth are coping
very well.
How long have you been with Ashdown Hurrey?
Ten years and ten months.
Proudest moment?
When my wife and I were told we were expecting a son the
in the same month as I qualified as an accountant and got the
chance to hold the Premier League Trophy.
Natalie’s son, Kai, was born
in late December last year and
Tamsyn’s daughter, Isabel,
this June. Office partner, Paul
Bradbury, said: “We know we
have to take a flexible approach
so that everyone can get the best
out of the arrangement; it’s great
to have the two of them back in
the office and we are committed to
giving them the support they need
for their two important roles.”
What do you like doing outside of work?
My main passion is football and I have been an avid Crystal
Palace fan for the last 20 years including being a season ticket
holder for 15 years.
Favourite holiday destination?
Las Vegas – I have been on a couple of occasions for my
brother’s and my stag do – I can’t recommend it enough for a
perfect lads’ holiday.
Secret ambition?
I would love to be able to play darts professionally. That or
my boy playing for Palace in the future as I think my time has
passed on that one.
The baby in Hastings partner
Ann Grant’s life is her new
granddaughter, Bethany. Ann
says: “This time round my work
is unaffected but I do understand
what Tamsyn and Natalie have to
cope with.”
Favourite film?
Jaws – I have probably watched it at least 20 times.
Fantasy dinner guests?
Harrison Ford, Steve Coppell and Karl Pilkington.
Place I would like most to visit?
China – I have always visited places in the
west so would love to experience the east’s
culture and food.
Worst moment?
Experiencing relegation for the
first time with Crystal Palace back
in 1993, I have since got used
to it.
My perfect weekend?
Spending time with my family,
watching as much football
as my wife will allow and
having a few drinks down the
pub with my mates.
Making His Mark
Life has been busy for Hastings
based Mark Weeks-Pearson.
Having led the firm’s halfmarathon team home in March he
went on and completed his first
London marathon at the end of
April recording a sub-four hour
time and raising more than £2,500
for the Sara Lee Trust.
“We are always encouraged to see
the bigger community picture and
completing the marathon fulfilled
a long-held ambition,” said Mark.
Mark has also been rewarded for
his acknowledged client-facing
skills within the
practice by being
appointed to the
role of Associate:
“I see myself as a
people person and
enjoy the regular
contact I get with
clients, staff and
business contacts.
It’s great to see the
opportunities for
career progression
within the practice
and rewarding to
see my hard work
paying off.”
T h e y ’ r e n o t j u s t v o u c h e r s t h e y ’ r e M & S Vo u c h e r s
At a guess roughly 80 per cent of the new work that
Ashdown Hurrey obtains comes from existing client
recommendations which is great for several reasons:
1. The clients who are recommending us must be happy with the
service they receive.
2. We are happy to gain the new business.
3. Most importantly, the recommendation results in a £25 Marks
& Spencer’s voucher as a thank you if we are appointed.
So next time someone
you know needs
an accountant it
could result in
your favourite
M&S treat
being on us!
How to eclipse Inheritance Tax
The late Roy Jenkins famously referred to
Inheritance Tax (IHT) as a ‘voluntary tax paid
by those who distrust their relatives more than
they hate the Inland Revenue’.
With the introduction of the transferable nil
rate band (NRB) matters have simplified,
however, many estates still face the prospect of
HMRC being one of their largest beneficiaries.
Where possible the annual tax free gift
allowance of £3,000 should be used, which can
be doubled up if not used in the previous tax
year.
Married couples and those in civil partnerships
now have a definite advantage. Not the most
romantic gesture in the world for tying the
knot, but highly tax efficient. Even a divorce
can reduce or eliminate the liability!
In planning to mitigate Inheritance Tax it
is usually necessary to make an absolute gift
of assets and then survive seven years. This
is often undesirable as, typically, the gifted
assets may be required to generate income. By
retaining access to income, without careful
planning, such strategies will fall foul of the
Gifts With Reservation (GWR) provisions.
Spectrum has access to a proven strategy,
backed up by robust Counsel’s opinion that has
been designed to cater for those who wish to
successfully mitigate Inheritance Tax, but not
at the cost of compromising their current or
future lifestyle.
In essence, and in the right circumstances, the Eclipse concept can offer the following benefits:✤
IHT free after seven years
✤
Appointment of capital can be made to beneficiaries
✤
No Income Tax
✤
Low risk, proven investment strategy
✤
No Capital Gains Tax
✤
Simple structure
✤
Income available to creator of the Trust by way of reversions
✤
Competitively priced
For more information on the Eclipse strategy or any other IHT mitigation strategy, including the use of the family home,
please contact your Spectrum consultant.
A Qualified Success
Did you know that while many
professional titles, such as doctor
and solicitor, are legally protected
and can only be used by those
who have passed the exams of
the supervising professional body,
there is no restriction on who
can describe themselves as an
accountant.
For accountants, the position is
L-r: Natasha Parsons, Martin
Copland, Francesca Diethelm
and Jason Miller who have
all fully qualified this year.
further confused by there being
not only more than one senior
accounting body but also a
confusing array of more junior
qualifications, some requiring
little more than the payment of an
annual subscription.
Ashdown Hurrey is a fully
recognised firm of Chartered
Accountants under the supervision
of the Chartered Institute. All the
partners and associates working
in the accounting practice are fully
qualified members of either the
Institute of Chartered Accountants
(ACA) or the Association of
Chartered Certified Accountants
(ACCA) and the practice remains
committed to this ideal.
Ashdown Hurrey believes that
an accountant should be able to
demonstrate their ability through
being fully qualified, when holding
a senior position. Ashdown Hurrey
is fully regulated by the Institute of
Chartered Accountants; if anything
goes wrong, there is a full system
of redress.
Partner Jeff Moore says: “Clients
should expect the best and this
ensures they get it.”
In excess of one million people could face unexpected demands for tax
due to tax coding errors by HM Revenue & Customs.
This includes the recently retired who have started to draw their
pension for the first time.
If you have any concerns about the tax you’ve been deducted, please
contact your Ashdown Hurrey representative.
The Government has introduced some interesting changes to pensions
legislation. In summary, the changes are:✤ Requirement to annuitise at age 75 removed.
✤ Drawdown can continue for life.
✤ Flexible drawdown allows unlimited withdrawals for certain clients.
✤ Access benefits after age 75, recovery tax increased to 55 per cent. ✤ Annual contribution limit reduced to £50,000.
www.ashdownhurrey.co.uk
Bexhill 01424 730300
Hastings 01424 720222
www.spectrumfs.co.uk
Bexhill 01424 739222
Hastings 01424 710360
28 Wilton Road, Bexhill-on-Sea TN40 1EZ
20 Havelock Road, Hastings TN34 1BP
If you would like more information on this issue please contact
Jools Stebbings on 01424 720222 or
email [email protected]
Whilst every care has been taken in the preparation of this newsletter, it is published without responsibility on the part of Ashdown Hurrey
or Spectrum for anyone acting upon or refraining to act upon the information contained herein. The information is of a general nature and
is not a substitute for professional advice. You are recommended to obtain specific professional advice before you take any action.