Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31true42truetruetruetruetruefalse2024-01-01falsevehicle contract hire38false 00962747 2024-01-01 2024-12-31 00962747 2023-01-01 2023-12-31 00962747 2024-12-31 00962747 2023-12-31 00962747 2023-01-01 00962747 c:CompanySecretary1 2024-01-01 2024-12-31 00962747 c:Director1 2024-01-01 2024-12-31 00962747 c:Director2 2024-01-01 2024-12-31 00962747 c:Director3 2024-01-01 2024-12-31 00962747 c:Director4 2024-01-01 2024-12-31 00962747 c:Director5 2024-01-01 2024-12-31 00962747 c:RegisteredOffice 2024-01-01 2024-12-31 00962747 d:MotorVehicles 2024-01-01 2024-12-31 00962747 d:MotorVehicles 2024-12-31 00962747 d:MotorVehicles 2023-12-31 00962747 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00962747 d:CurrentFinancialInstruments 2024-12-31 00962747 d:CurrentFinancialInstruments 2023-12-31 00962747 d:Non-currentFinancialInstruments 2024-12-31 00962747 d:Non-currentFinancialInstruments 2023-12-31 00962747 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00962747 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00962747 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 00962747 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 00962747 d:UKTax 2024-01-01 2024-12-31 00962747 d:UKTax 2023-01-01 2023-12-31 00962747 d:ShareCapital 2024-12-31 00962747 d:ShareCapital 2023-12-31 00962747 d:ShareCapital 2023-01-01 00962747 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00962747 d:RetainedEarningsAccumulatedLosses 2024-12-31 00962747 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00962747 d:RetainedEarningsAccumulatedLosses 2023-12-31 00962747 d:RetainedEarningsAccumulatedLosses 2023-01-01 00962747 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00962747 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00962747 d:RetirementBenefitObligationsDeferredTax 2024-12-31 00962747 d:RetirementBenefitObligationsDeferredTax 2023-12-31 00962747 c:OrdinaryShareClass1 2024-01-01 2024-12-31 00962747 c:OrdinaryShareClass1 2024-12-31 00962747 c:OrdinaryShareClass1 2023-12-31 00962747 c:FRS102 2024-01-01 2024-12-31 00962747 c:Audited 2024-01-01 2024-12-31 00962747 c:FullAccounts 2024-01-01 2024-12-31 00962747 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00962747 d:WithinOneYear 2024-12-31 00962747 d:WithinOneYear 2023-12-31 00962747 d:BetweenOneFiveYears 2024-12-31 00962747 d:BetweenOneFiveYears 2023-12-31 00962747 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 00962747 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 00962747 d:LeasedAssetsHeldAsLessee 2024-12-31 00962747 d:LeasedAssetsHeldAsLessee 2023-12-31 00962747 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00962747










TOOMEY LEASING GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
TOOMEY LEASING GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
A F Butcher 
S J Decelis 
D Houlgrave 
G S Miller 
N D Rickwood 




Company secretary
N D Rickwood



Registered number
00962747



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
TOOMEY LEASING GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditor's Report
6 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 23


 
TOOMEY LEASING GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
Despite a reduction in profitability for the year, a result of market factors affecting the entire industry, 2024 was a successful year for the company. 
Toomey Leasing Group has continued to increase the size of the sales team with the ultimate intention to build the fleet size further. During 2024 our fleet size increased every month and we ended the year with total fleet growth of 11%. The Sailsbury office recorded 76% fleet growth during the year and will be relocating to larger premises in 2025.
The improvement in new vehicle supply in 2023 triggered a realignment in used vehicle values at the end of 2023, resulting in our average end of contract profit per unit falling by 40% in 2024 compared to previous year. This was expected and budgeted for in 2024 and whilst lower than 2023, is still ahead of the average pre pandemic. 
Used electric vehicle prices have been significantly affected by the price realignment and on average we recorded a loss for each end of contract electric vehicle disposal. As a business we are protected from the reduction in electric vehicle prices as electric vehicles represent only 12% of the fleet, much lower than many of our competitors.
Whilst we continue to see limited demand for fully electric vehicles, demand for plug in hybrids continues to increase and 45% of our vehicle additions were plug in hybrids during 2024. Plug in hybrids now represent 36% of our fleet and has resulted in the average emissions for our car fleet falling to 66g CO2/km, from 71g CO2/km last year and over 100g CO2/km previously.  
Increased fleet growth together with an increase in the average vehicle funded value has seen an increase in our borrowing. During 2024 all of our funders increased their facilities and together with the introduction of a new funder, we are confident we have sufficient headroom in our facilities to achieve our fleet growth aspirations. 

Principal risks and uncertainties
 
The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative and financial instrument risk. From the perspective of the company, these risks are integrated with those of the group and are not managed separately. Accordingly, for a comprehensive review of the risks and uncertainties facing the company, please refer to the financial statements of MJT Securities Limited, the ultimate parent undertaking, which can be found on Companies House website.

Financial key performance indicators
 
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Page 1

 
TOOMEY LEASING GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



................................................
S J Decelis
Director

Date: 31 March 2025

Page 2

 
TOOMEY LEASING GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,957,472 (2023 - £3,560,579).

No dividend was distributed for the year ended 31 December 2024 (2023 - £Nil).

Directors

The Directors who served during the year were:

A F Butcher 
S J Decelis 
D Houlgrave 
G S Miller 
N D Rickwood 

Future developments

The directors are confident that the company can continue as a going concern. The board feels that the group structure, within which the company operates, ensures a sound financial position to maximise any opportunities throughout the year, as it actively seeks to expand through organic growth.
Qualifying third party indemnity provisions
During the year and up to the date of this report, the company maintained liability insurance and third party indemnification provisions for its directors, under which the company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the company.

Page 3

 
TOOMEY LEASING GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies 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 2006They 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.

Page 4

 
TOOMEY LEASING GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Matters covered in the Strategic Report
In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report:
• Business review
• Principal risks and uncertainties
 
Auditor

The auditor, MHAwill 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.
 





................................................
S J Decelis
Director

Date: 31 March 2025

Page 5

 
TOOMEY LEASING GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED
 

Opinion


We have audited the financial statements of Toomey Leasing Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
TOOMEY LEASING GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the 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.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
TOOMEY LEASING GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims; 
- Enquiry of staff to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and 
- Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.


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 Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditor's 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.





Cara Miller ACCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Colchester, United Kingdom

31 March 2025
Page 8

 
TOOMEY LEASING GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,182,574
24,945,390

Cost of sales
  
(19,308,054)
(13,369,970)

Gross profit
  
10,874,520
11,575,420

Administrative expenses
  
(3,825,075)
(3,962,500)

Operating profit
  
7,049,445
7,612,920

Interest payable and similar expenses
 8 
(4,397,011)
(2,952,179)

Profit before tax
  
2,652,434
4,660,741

Tax on profit
 9 
(694,962)
(1,100,162)

Profit for the financial year
  
1,957,472
3,560,579

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
TOOMEY LEASING GROUP LIMITED
REGISTERED NUMBER: 00962747

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
78,406,972
65,822,509

  
78,406,972
65,822,509

Current assets
  

Debtors: amounts falling due within one year
 11 
14,114,932
14,871,706

Cash at bank and in hand
 12 
13,706,680
11,693,741

  
27,821,612
26,565,447

Creditors: amounts falling due within one year
 13 
(30,942,988)
(23,919,980)

Net current (liabilities)/assets
  
 
 
(3,121,376)
 
 
2,645,467

Total assets less current liabilities
  
75,285,596
68,467,976

Creditors: amounts falling due after more than one year
 14 
(47,716,459)
(42,856,311)

  

Net assets
  
27,569,137
25,611,665


Capital and reserves
  

Called up share capital 
 16 
51,000
51,000

Profit and loss account
 17 
27,518,137
25,560,665

  
27,569,137
25,611,665


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D Houlgrave
Director

Date: 31 March 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
TOOMEY LEASING GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
51,000
22,000,086
22,051,086


Comprehensive income for the year

Profit for the year
-
3,560,579
3,560,579



At 1 January 2024
51,000
25,560,665
25,611,665


Comprehensive income for the year

Profit for the year
-
1,957,472
1,957,472


At 31 December 2024
51,000
27,518,137
27,569,137


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Toomey Leasing Group Limited is a private company, incorporated in England, limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest pound.
The company's principal activity continued to be that of vehicle contract hire.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 MJT Securities Limited as at 31st December 2024 and these financial statements may be obtained from Service House, West Mayne, Basildon, Essex, SS15 6RW.

 
2.3

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 
This judgement has been reached having produced budgets, reviewed positive post year end trading and reviewed the financing facilities available to the group.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Leasing income
All leasing income is recognised on a straight line basis over the period of the lease.

 
2.5

Hire purchase and leasing agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the Statement of Comprehensive Income on a straight-line basis.

Finance lease liabilities are secured by the related assets held under finance leases. The lease agreements generally include fixed lease payments and a purchase option at the end of the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Motor vehicles
-
over the term of the lease

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors consider the residual valuation of leased assets to be a critical estimate and judgement applicable to the financial statements.
Applying residual values to assets that will not be disposed of for a number of years makes the estimated value uncertain and requires careful consideration and judgement. Consideration has been given by the Directors to the residual values applied using guidance from independent valuation tools and their knowledge of the industry.

Page 15

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to services supplied by the company exclusive of VAT. 
Vehicle leasing income is attributable to assets leased out under operating leases.

All turnover arose within the United Kingdom.


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
12,000
11,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,409,184
2,415,875

Social security costs
282,062
292,872

Cost of defined contribution scheme
36,689
35,891

2,727,935
2,744,638


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative staff
8
8



Management staff
11
10



Sales staff
20
18



Other staff
3
2

42
38

Pension commitments
The company operates a defined contribution 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 £36,689 (2023 - £35,891). Contributions totaling £9,379 (2023 - £8,495) were payable to the fund at the reporting date.


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
488,748
557,807

Company contributions to defined contribution pension schemes
1,321
3,963

490,069
561,770


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £213,800 (2023 - £226,025).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,321 (2023 - £1,321).

Page 17

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
4,397,011
2,952,179

4,397,011
2,952,179


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
771,487
1,025,585

Adjustments in respect of previous periods
(430,432)
-


Total current tax
341,055
1,025,585

Deferred tax


Origination and reversal of timing differences
(103,627)
74,577

Adjustments in respect of previous periods
457,534
-

Total deferred tax
353,907
74,577


Tax on profit
694,962
1,100,162
Page 18

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 23.52% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,652,434
4,660,741


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2023 - 19%)
663,108
1,096,206

Effects of:


Expenses not deductible for tax purposes
4,752
241

Adjustments to tax charge in respect of prior periods
(430,432)
-

Adjustments to tax charge in respect of prior periods - deferred tax
457,534
-

Change in rate of deferred tax and unrecognised amounts
-
3,715

Total tax charge for the year
694,962
1,100,162


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 January 2024
92,699,260


Additions
38,319,849


Disposals
(21,772,614)



At 31 December 2024

109,246,495



Depreciation


At 1 January 2024
26,876,751


Charge for the year on owned assets
17,995,628


Disposals
(14,032,856)



At 31 December 2024

30,839,523



Net book value



At 31 December 2024
78,406,972



At 31 December 2023
65,822,509

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
78,406,972
65,822,509

78,406,972
65,822,509

Page 20

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Debtors

2024
2023
£
£


Trade debtors
471,744
911,668

Amounts owed by group undertakings
11,780,094
11,771,448

Other debtors
1,041
77,720

Prepayments and accrued income
930,017
824,927

Deferred taxation
932,036
1,285,943

14,114,932
14,871,706



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,706,680
11,693,741

13,706,680
11,693,741



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,280,183
1,822,572

Advance rentals
251,860
252,107

Amounts owed to group undertakings
93,719
18,588

Corporation tax
53,778
458,484

Other taxation and social security
167,572
73,903

Hire purchase contracts
28,133,426
20,330,710

Other creditors
9,379
8,495

Accruals and deferred income
953,071
955,121

30,942,988
23,919,980


Page 21

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Hire purchase contracts
45,416,957
40,985,002

Advance rentals
2,299,502
1,871,309

47,716,459
42,856,311



15.


Deferred taxation




2024


£






At beginning of year
1,285,943


Charged to profit or loss
(353,907)



At end of year
932,036

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
931,250
1,285,187

Short term timing differences
786
756

932,036
1,285,943


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



51,000 (2023 - 51,000) Ordinary shares of £1.00 each
51,000
51,000

Share capital represents the nominal value of shares issued. Shares carry voting rights and an entitlement to dividends.


Page 22

 
TOOMEY LEASING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Reserves

Profit and loss account

Retained earnings include all current and prior period retained profits and losses.


18.


Contingent liabilities

The company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).


19.


Leasing agreements

At 31 December 2024 the Company had future minimum lease payments due under hire purchase for each of the following periods:

2024
2023
£
£


Not later than 1 year
28,133,426
20,330,710

Later than 1 year and not later than 5 years
45,416,957
40,985,001

73,550,383
61,315,711


20.


Related party transactions

The directors have taken advantage of the exemptions conferred by section 33.1A Financial Reporting Standard 102 and accordingly no disclosure has been made of transactions between group companies.
Amounts owed by/to group undertakings are classified between; trade accounts which are subject to monthly repayment terms, and other accounts, which reflect short-term inter-group funding requirements and are usually payable/repayable on demand. They are unsecured and interest free.


21.


Controlling party

The Directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital in MJT is held by the Joseph Toomey Charitable Foundation, the charity does not have the power to govern and direct the financial or operational activities of MJT Securities Limited under any statute or agreement. The operational policies of MJT Securities Limited are determined by the Directors of MJT Securities Limited.
The immediate parent undertaking of Toomey Leasing Group Limited is Laindon Holdings Limited. The ultimate parent undertaking of Toomey Leasing Group Limited is MJT Securities Limited. MJT Securities Limited is the parent undertaking of the smallest and largest group of which the company is a member and for which group financial statements are prepared. Copies of the parent's consolidated financial statements, which include the company, are available from its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.

Page 23