Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
COMPANY INFORMATION
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TOOMEY MOTOR GROUP LIMITED
CONTENTS
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TOOMEY MOTOR GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's principal activity during the year continued to be that of retail motor dealers, bodyshop and petrol forecourt operations. The directors do not anticipate any significant change in the principal activity of the company.
The Motor Division expanded during 2024 with the opening of our second MG franchise in Southend and partnering with Omoda / Jaecoo in Brentwood. These two new Chinese brands launched in the UK in September 2024 and January 2025 respectively. We have also extended our partnership with Stellantis, opening a FIAT dealership within the multi franchise Stellantis building in Basildon.
During 2024 we continued to invest in our facilities, allowing us to partner with additional manufacturers using our existing property footprint. During the year we completed the refurbishment of the Nissan and Hyundai dealerships in Basildon and replicated our multi franchise Stellantis concept in Southend by bringing Peugeot and Vauxhall under the same roof. Also during the year we relocated our bodyshop and refurbished the existing building to create a trade parts distribution hub which will house the trade parts operations for all brands. New vehicle sales increased by 7% from 2023, although we were 2% behind on a like for like basis when changes in dealership operations are taken into account. The new car market was very dynamic during the year as manufacturers looked to achieve the EV mandate introduced by the government in 2024. Used vehicle sales for the year increased by 5% compared to 2023 and were also 3% ahead on a like for like basis. After the disruption seen at the end of 2023 when used vehicle values fell dramatically, used vehicle values remained stable during the year. The service departments, which have struggled in recent years due to the national shortage of trained technicians, improved significantly. Rather than increasing technician numbers the improvement is the result of investment in the management of the departments, this has improved our customer satisfaction scores and increased the manufacturer bonuses. The parts departments remain the most profitable departments within the company, led by the trade parts business which relocated into the new trade parts hub between Christmas and New Year. The performance of the service departments also benefited the volume of parts sales through our own workshop. The petrol filing stations witnessed a reduction in fuel volume in the year as increasing numbers of fully electric vehicles and hybrids replace ICE vehicles. This will be a long term trend and we expect to partner with an EV charging supplier in 2025 to bring charging to both sites. The division enters 2025 well placed to benefit from the investment in facilities and the introduction of new brands during 2024. At the start of 2025 we welcomed another new brand, Leap Motors, a joint venture between Stellantis and a Chinese EV manufacturer.
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.
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TOOMEY MOTOR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's key financial performance indicators during the year were as follows:
2024 2023 Change £ £ % Turnover 289,609,658 272,817,876 6.2 Gross profit 30,674,027 28,194,866 8.8 Operating profit 3,964,254 3,158,318 25.5 Profit after tax 2,214,051 991,033 123.4 Shareholders funds 15,574,139 13,914,144 11.9 Gross profit as a % of turnover 10.6% 10.3% 0.3 Profit before tax as a % of turnover 0.8% 0.4% 0.4 Average monthly number of employees 377 351 7.4 Section 172(1) statement When making decisions, the directors consider what is likely to lead to the success of the company and to be of benefit to the members as a whole over the long term. When making such decisions, the directors also consider the interests of other key stakeholders and seek to arrive at conclusions which do not adversely impact those groups as a whole. For the purposes of decision making, the directors have identified key stakeholder groups, have evaluated their interests, and describe below how they have engaged with, and responded to, the interests of those stakeholders during the year. The areas below demonstrate the board's commitment to maintaining high standards of business conduct and professionalism. Customers - Dealing with a trusted organisation and maintaining a relationship over the longer term. - Dealing with knowledgeable staff and receiving balanced advice when purchasing goods or services. - Obtaining good value for money. - Having clarity over the pricing of goods and services. This is achieved by: - Obtaining frequent customer satisfaction surveys. - Monitoring customer complaints and addressing any common themes that may arise. - Maintaining strong relationships with the company's suppliers to deliver the best value for money to customers. Employees - Providing a safe working environment. - Being part of a successful and secure organisation. This is achieved by: - Providing diversity within the workplace. - Maintaining a friendly working environment, with organisational values and working policies. - Providing adequate training to staff to ensure they are well equipped to fulfill their roles. - Providing health and safety training to promote safe working practices. Suppliers - Prompt, clear and regular communication with suppliers. - Developing an open and collaborative relationship. This is achieved by: - Maintaining strong relationships with major suppliers through regular meetings with senior management. - Long term partnerships with major suppliers whose principles are aligned with our own.
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TOOMEY MOTOR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Communities
- Delivery of employment opportunities. This is achieved by: - Providing direct employment to more than 300 employees and indirect employment to many more. Funders - Maintaining open, longstanding and strong relationships with funders. This is achieved by: - Maintaining strong relationships through regular meetings with senior management. - Providing regular operational data. - Strong day to day working relationships with operational staff. Shareholders - Strong return on investment and continued growth. - Financial discipline and strong internal controls. This is achieved by: - Regular board meetings where periodic financials are presented. - Clear and transparent annual reporting.
This report was approved by the board and signed on its behalf.
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TOOMEY MOTOR 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.
The profit for the year, after taxation, amounted to £1,659,995 (2023 - £991,033).
No dividends will be distributed for the year ended 31 December 2024 (2023 - £NIL).
The directors who served during the year were:
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.
Regular meetings are held between local management and employees to allow a free flow of information and views. The company operates a number of bonus schemes designed to ecourage employee involvement in the company's performance.
When making decisions, the directors consider what is likely to lead to the success of the company and to be of benefit to the members as a whole over the long term. When making such decisions, the directors also consider the interests of other key stakeholders and seek to arrive at conclusions which do not adversely impact those groups as a whole, For the purposes of decision making, the directors have identified key stakeholder groups, evaluated their interests, and responded to them. This demonstrates the board's commitment to maintaining high standards of business conduct and professionalism.
Streamlined Energy and Carbon Reporting The Company's energy and carbon disclosures are included in the disclosures of MJT Securities Limited in the MJT Securities Limited financial statements for the year ended 31 December 2024.
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TOOMEY MOTOR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There have been no significant events affecting the Company since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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TOOMEY MOTOR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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TOOMEY MOTOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR GROUP LIMITED
We have audited the financial statements of Toomey Motor 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 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 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TOOMEY MOTOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR GROUP LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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TOOMEY MOTOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR GROUP 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 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, 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 the financial statement disclosures and testing to supporting documentation to assess 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.
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TOOMEY MOTOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR GROUP 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 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.
for and on behalf of
Statutory Auditor
Colchester, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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TOOMEY MOTOR GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
REGISTERED NUMBER: 00335325
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 27 form part of these financial statements.
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TOOMEY MOTOR GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Toomey Motor Group Limited, formerly J Toomey Motors 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 (£). The company's principal activity during the year continued to be that of retail motor dealers, bodyshop and petrol forecourt operators.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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 its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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. Commissions receivable for arranging vehicle financing and related insurance products are included in revenue. Manufacturer bonuses are considered a reduction in the cost of vehicles sold, and hence are credited against cost of sales in the Statement of Comprehensive Income.
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Used vehicle stock is a depreciating stock item and devalues monthly, making the estimated stock value uncertain. Consideration has been given by the directors to the level of provisions against vehicle stocks. In determining the provision required, the directors have used guidance from independent valuation tools and their knowledge of the industry. Parts stocks held for more than 24 months are written off in full.
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Financial Conduct Authority (FCA) is currently investigating Discretionary Commission Arrangements (“DCAs”) within automotive finance. Under such arrangements, automotive dealers received variable commissions from lenders in respect of brokering finance for customers. Preliminary findings from the FCA review suggest that motor finance providers, and motor finance credit brokers (including motor dealers), who have engaged in motor finance agreements involving DCAs could be impacted and an update on this investigation is expected to be made by December 2025.
As this investigation is still ongoing, the company does not have sufficient certainty over the nature, timing or value of any potential financial impact to be able to estimate the liability, if any, that may arise for the company. As a result, no liability has been recognised at 31 December 2024 in respect of this investigation. The company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).
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TOOMEY MOTOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 and directed by the Directors of MJT Securities Limited. The immediate parent undertaking of Toomey Motor Group Limited is Laindon Holdings Limited. The ultimate parent undertaking of Toomey Motor 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.
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