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Registered number: 00335325










TOOMEY MOTOR GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
TOOMEY MOTOR GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
J Becker 
S J Decelis 
K J Hills 
L Pembroke 
N D Rickwood 
D Sycamore 
R Kanani (appointed 1 March 2024)




Company secretary
N D Rickwood



Registered number
00335325



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA
Statutory Auditor

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
TOOMEY MOTOR GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditor's Report
7 - 10
Statement of Comprehensive Income
11
Balance Sheet
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 27


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

Introduction
 
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.

Business review
 
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. 

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.

Page 1

 
TOOMEY MOTOR GROUP LIMITED
 

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

Financial key performance indicators
 
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.
 
Page 2

 
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.



N D Rickwood
Director

Date: 31 March 2025

Page 3

 
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.

Results and dividends

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).

Directors

The directors who served during the year were:

J Becker 
S J Decelis 
K J Hills 
L Pembroke 
N D Rickwood 
D Sycamore 
R Kanani (appointed 1 March 2024)

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.

Engagement with employees

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.

Engagement with suppliers, customers and others

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.

Page 4

 
TOOMEY MOTOR 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;

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 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.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
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.
 





N D Rickwood
Director

Date: 31 March 2025

Page 6

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

Opinion


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 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 7

 
TOOMEY MOTOR GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR 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 5, 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 8

 
TOOMEY MOTOR GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY MOTOR 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, 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.


Page 9

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


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
 
Statutory Auditor
  
Colchester, United Kingdom

31 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 10

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

2024
2023
Note
£
£

  

Turnover
 4 
289,609,658
272,817,876

Cost of sales
  
(258,935,631)
(244,623,010)

Gross profit
  
30,674,027
28,194,866

Administrative expenses
  
(26,709,773)
(25,036,548)

Operating profit
 5 
3,964,254
3,158,318

Interest payable and similar expenses
 8 
(1,750,203)
(1,847,616)

Profit before tax
  
2,214,051
1,310,702

Tax on profit
 9 
(554,056)
(319,669)

Profit for the financial year
  
1,659,995
991,033

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

The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
TOOMEY MOTOR GROUP LIMITED
REGISTERED NUMBER: 00335325

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
-
-

  
-
-

Current assets
  

Stocks
 11 
19,095,842
18,179,929

Debtors: amounts falling due within one year
 12 
12,158,411
13,743,718

Cash at bank and in hand
 13 
4,774,846
3,309,640

  
36,029,099
35,233,287

Creditors: amounts falling due within one year
 14 
(20,377,776)
(21,205,671)

Net current assets
  
 
 
15,651,323
 
 
14,027,616

Total assets less current liabilities
  
15,651,323
14,027,616

Creditors: amounts falling due after more than one year
 15 
(77,184)
(113,472)

  

Net assets
  
15,574,139
13,914,144


Capital and reserves
  

Called up share capital 
 18 
3,273
3,273

Profit and loss account
 19 
15,570,866
13,910,871

  
15,574,139
13,914,144


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




S J Decelis
Director

Date: 31 March 2025

The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
TOOMEY MOTOR 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
3,273
12,919,838
12,923,111


Comprehensive income for the year

Profit for the year
-
991,033
991,033



At 1 January 2024
3,273
13,910,871
13,914,144


Comprehensive income for the year

Profit for the year
-
1,659,995
1,659,995


At 31 December 2024
3,273
15,570,866
15,574,139


The notes on pages 14 to 27 form part of these financial statements.

Page 13

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

1.


General information

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

 
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 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:

 
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 its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.

Page 14

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

2.Accounting policies (continued)

 
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.

 
2.4

Revenue

Revenue is recognised at the fair value of the consideration received or receivable, excluding any discounts, rebates and value added tax.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Commission income and manufacturer bonuses
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.

Page 15

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

2.Accounting policies (continued)

 
2.5

Leased assets: the Company as lessee

Operating lease assets and commitments represent short term contract hire vehicles used in the course of business. The cost of the vehicles is recognised in the profit and loss account, which the directors believe is the accounting treatment which provides a true and fair view due to the short term nature of the contracts.

 
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.

 
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.

Page 16

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (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:

Leased plant and machinery
-
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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 17

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

2.Accounting policies (continued)

 
2.13

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 may differ from those estimates. The directors consider the valuation of stock to be a critical estimate and judgement applicable to the financial statements.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
279,297,486
263,664,025

Rendering of services
6,920,504
5,998,882

Commission income
3,391,668
3,154,969

289,609,658
272,817,876


All turnover arose within the United Kingdom.

Page 18

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

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Hire of plant and machinery
36,159
52,042

Other operating leases
12,300
12,300

Auditor's remuneration:
Audit of the financial statements
23,750
22,500

Taxation compliance services
4,845
4,700

Other services
3,150
3,000


6.


Employees

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


2024
2023
£
£

Wages and salaries
14,475,871
13,296,764

Social security costs
1,551,515
1,403,554

Cost of defined contribution scheme
252,061
226,321

16,279,447
14,926,639


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


        2024
        2023
            No.
            No.







Distribution and sales staff
262
241



Administrative staff
45
42



Management staff
49
46



Other staff
21
22

377
351

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 £252,061 (2023 - £226,321). Contributions totalling £49,679 (2023 - £44,896) were payable to the fund at the reporting date.

Page 19

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

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
932,817
864,597

Company contributions to defined contribution pension schemes
1,321
6,604

934,138
871,201


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £314,798 (2023 - £315,000).

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).


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
918,904
802,149

Stocking interest payable
831,299
1,045,467

1,750,203
1,847,616


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
553,225
326,787


Total current tax
553,225
326,787

Deferred tax


Origination and reversal of timing differences
831
(7,118)

Total deferred tax
831
(7,118)


Tax on profit
554,056
319,669
Page 20

 
TOOMEY MOTOR 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 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,214,051
1,310,702


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
553,513
308,284

Effects of:


Other timing differences leading to an increase (decrease) in taxation
-
(1,164)

Deferred tax not recognised
543
12,549

Total tax charge for the year
554,056
319,669


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

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

10.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2024
905,160



At 31 December 2024

905,160



Depreciation


At 1 January 2024
905,160



At 31 December 2024

905,160



Net book value



At 31 December 2024
-



At 31 December 2023
-

Page 22

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

11.


Stocks

2024
2023
£
£

Vehicle and parts stocks
19,095,842
18,179,929

19,095,842
18,179,929


The company held new vehicle consignment stock at the year end, where transfer of title has not crystallised, amounting to £20,502,104 (2023 - £13,017,513). The value of consignment stock disclosed in this note is not included within the value of stock reported in the balance sheet.
Stock recognised as an expense in cost of sales during the year was £256,337,431 (2023 - £257,242,723).
Stock impairment losses of £113,112 (2023 - £114,972) were recognised in cost of sales during the year.
The difference between the purchase price of stock and the replacement cost is not material.

Page 23

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

12.


Debtors

2024
2023
£
£


Trade debtors
5,118,176
6,505,646

Amounts owed by group undertakings
6,664,848
6,918,671

Other debtors
12,363
-

Prepayments and accrued income
354,185
309,731

Deferred taxation
8,839
9,670

12,158,411
13,743,718



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,774,846
3,309,640

4,774,846
3,309,640



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
36,288
36,288

Trade creditors
16,211,909
17,197,895

Amounts owed to group undertakings
816,772
897,620

Corporation tax
227,736
71,689

Other taxation and social security
387,093
808,583

Other creditors
455
-

Accruals and deferred income
2,697,523
2,193,596

20,377,776
21,205,671


Included within trade creditors are stocking loans amounting to £3,633,117 (2023 - £4,329,374).

Page 24

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

15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
77,184
113,472

77,184
113,472



16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
36,288
36,288

Amounts falling due 1-2 years

Other loans
36,288
36,288

Amounts falling due 2-5 years

Other loans
40,896
77,184


113,472
149,760



17.


Deferred taxation




2024


£






At beginning of year
9,670


Charged to profit or loss
(831)



At end of year
8,839

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
8,839
9,670

8,839
9,670

Page 25

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

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,273 (2023 - 3,273) Ordinary shares of £1.00 each
3,273
3,273

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



19.


Reserves

Profit and loss account

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


20.


Contingent liabilities

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).


21.


Commitments under operating leases

Minimum lease payments under finance leases fall due as follows:

2024
2023
£
£


Not later than 1 year
278,004
436,783

Later than 1 year and not later than 5 years
62,894
130,340

340,898
567,123

Page 26

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

22.


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.


23.


Ultimate parent company

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.


24.


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 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.

 
Page 27