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Registered number: 02602675










MJT SECURITIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MJT SECURITIES LIMITED
 
 
COMPANY INFORMATION


Directors
M E Briar 
J P Brook 
I R Cain 
S J Decelis 
D T Martine 
P J Plant 
N D Rickwood 




Company secretary
N D Rickwood



Registered number
02602675



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
MJT SECURITIES LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 5
Directors' Report
6 - 9
Independent Auditor's Report
10 - 13
Consolidated Statement of Comprehensive Income
14
Consolidated Balance Sheet
15 - 16
Company Balance Sheet
17 - 18
Consolidated Statement of Changes in Equity
19
Company Statement of Changes in Equity
20
Consolidated Statement of Cash Flows
21 - 22
Consolidated Analysis of Net Debt
23
Notes to the Financial Statements
24 - 48


 
MJT SECURITIES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The group’s principal activities during the year continued to be the sale and leasing of motor vehicles, the exporting of general merchandise, the provision and management of sheltered accommodation, property development and the letting of property.

Business review
 
The MJT Securities group comprises four main divisions :
Motor Retail Division
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. 
Vehicle Leasing Division
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. 
 
Page 1

 
MJT SECURITIES LIMITED
 

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

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. 
Exporting Division
After improvements during recent years as the company recovered from the disruptions to supply chains which resulted from the pandemic, 2024 was a challenging year for Unit Export. 
Although the company reported a loss for the year, this was a result of delays in two major contracts which we expected to complete in the second half of 2024. Both of these projects will now be completed and the profit recognised in 2025.
During the year Unit Export delivered two electric buses to the pacific island nation of Nauru, the first public transport ever introduced to the nation which has only 30 Km of paved roads. We also delivered 15 ambulances to the Bahamas. 
We have continued to invest in our staff, with a number of them  obtaining the Prince 2 project management qualification during the year.
Unit Export has carried £5.6m of contracts into 2025.
Property Division
The property division comprises MJT Securities Limited, Laindon Holdings Limited and George Martin Limited. The division owns properties which the trading entities operate from and commercial and residential properties with external tenants. The division also undertakes some property development.
2024 was a busy year for Laindon Holdings as it continues to undertake a strategic review of the property portfolio. 
George Martin continued to implement the five year property strategy developed during 2022. 
In 2024 George Martin project managed the sale of apartments at the Dunton Court development and commenced the New Century Road development of four houses, which will be completed and sold in 2025.
 
Page 2

 
MJT SECURITIES LIMITED
 

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

George Martin remains heavily involved in investigating potential opportunities to develop and improve wider MJT Securities Group property portfolio, together with external property specialists.
Also in the year George Martin undertook a number of projects for Toomey Motor Group Limited, completing the refurbishment of the Hyundai and Nissan dealerships in Basildon and converting our old bodyshop into a multi-brand trade parts hub.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the group are broadly grouped as competitive, legislative and financial instrument risks.
Competititive risks
The group has contracts with a number of major customers that are subject to periodic competitive tender. However, the board believe that the group's diversity of both customers and products substantially mitigate any uncertainties caused by the renewal of these contracts.
Legislative risks
Road pricing and the reduction in carbon emissions are matters that are currently being debated by UK legislators. This may result in a more punitive tax regime for the motorist and a fall in demand for the group's products. However, the group continues to put environmental responsibilities high on the agenda and are able to supply many of the most fuel efficient and least polluting products currently available.
Financial instrument risks
The group is currently financing its business development programme by utilising borrowed funds and has therefore established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Use of financial instruments
The group uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of any material payments in foreign currency. A large part of the group borrowings is at fixed rates of interest, thus minimising interest rate exposures.
Exposure to price, credit, liquidity and cash flow risk
Price risk arises on financial instruments because of changes in, for example, finished goods prices. The group has policies in place to ensure stocks are held for a minimum period of time and therefore price risk exposure is very limited.
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. Group policies are aimed at minimising such losses, and require that deferred terms are only granted to customers that demonstrate an appropriate payment history and satisfy creditworthiness procedures. Details of the group's debtors are shown in note 16 to the financial statements.
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets throughout the group. The group also manages liquidity risk via revolving credit facilities and long term debt.
 
Page 3

 
MJT SECURITIES LIMITED
 

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

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The group manages this risk by the use of vehicle stocking loans and by use of financial instruments explained above.

Financial key performance indicators
 
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Other key performance indicators
 
During the year the group continued to develop the culture to improve engagement and retention of staff. During 2024 the number of employees who started and left within a twelve month period reduced by 8%. The group also invested in training, sending forty managers and future managers of the group on external training courses.
The group continues to invest in digital marketing and brand awareness, our website recorded 2.2M active user visits during 2024, a 10.9% increase. Social media plays an important role in the development of the Toomey brand and the company has posted content on Facebook, TickTock, Instagram and linkedin. Over the course of the year the group achieved over 55 million social impressions.

Directors' statement of compliance with duty to promote the success of the Group
 
When making decisions, the Directors consider what is likely to lead to the success of the group 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 group'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.
 
Page 4

 
MJT SECURITIES LIMITED
 

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

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.
Communities
- Delivery of employment opportunities.
This is achieved by:
- Providing direct employment to nearly 400 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 5

 
MJT SECURITIES 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.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,381,341 (2023 - £5,234,026).

Directors

The Directors who served during the year were:

M E Briar 
J P Brook 
I R Cain 
S J Decelis 
D T Martine 
P J Plant 
N D Rickwood 

Page 6

 
MJT SECURITIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The Directors do not anticipate any significant changes in the principal activities of the parent company or its subsidiary undertakings.

Qualifying third party indemnity provisions
During the year end up to the date of this report, the group maintained liability insurance and third party indemnification provisions for its Directors, under which the group 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 group.
Disabled employees
The group gives full and fair consideration of applications for employment made by disabled persons, having regard to their particular aptitudes and abilities where the requirements of the job can be adequately fulfilled by a disabled person.
Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Engagement with employees

Regular meetings are held betweeen local management and employees to allow a free flow of information and views. The group operates a number of bonus schemes designed to encourage employee involvement in the group's performance.

Engagement with suppliers, customers and others

Information with regard to these matters is contained on pages 5 and 6.

Streamlined energy and carbon reporting

The board believes good environmental practices, such as the recycling of paper waste, engine oil and tyres and conservation of energy usage, will support its strategy of enhancing the reputation of the group. During the year the group has taken a number of measures to improve energy efficiency. These include:

- ensuring all equipment is regularly maintained to ensure better operating efficiency,
- greater use of electric vehicles within the group's fleet,
- installation of energy efficient lighting,
- installation of movement detectors so that lighting is automatically turned off when not in use.

The methodology for the gas and electricity usage are taken from utility bills. For transport, this data is taken from either fuel consumption data or logged mileage claims. This data was converted using the 2024 government conversion factors.
 
Page 7

 
MJT SECURITIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

UK energy use was as follows:
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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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

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

Page 8

 
MJT SECURITIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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.
 





................................................
N D Rickwood
Director

Date: 31 March 2025

Page 9

 
MJT SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJT SECURITIES LIMITED
 

Opinion


We have audited the financial statements of MJT Securities Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the parent 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 10

 
MJT SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJT SECURITIES 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 6, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
MJT SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJT SECURITIES 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 Group 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; 
· 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.


Page 12

 
MJT SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJT SECURITIES 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 Auditors
Colchester
United Kingdom

31 March 2025
Page 13

 
MJT SECURITIES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
330,688,341
306,176,472

Cost of sales
  
(287,494,943)
(266,029,069)

Gross profit
  
43,193,398
40,147,403

Administrative expenses
  
(28,135,194)
(25,512,905)

Operating profit
 5 
15,058,204
14,634,498

Interest receivable and similar income
 8 
71,978
77,200

Interest payable and similar expenses
 9 
(9,004,142)
(7,644,254)

Profit before taxation
  
6,126,040
7,067,444

Tax on profit
 10 
(1,744,699)
(1,833,418)

Profit for the financial year
  
4,381,341
5,234,026

  

Surplus on revaluation of tangible fixed assets
  
5,558,087
-

Deferred tax on revaluation of tangible fixed assets
  
(1,389,522)
-

Other comprehensive income for the year
  
4,168,565
-

Profit for the year attributable to:
  

Owners of the parent Company
  
4,381,341
5,234,026

  
4,381,341
5,234,026

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
8,549,906
5,234,026

  
8,549,906
5,234,026

The notes on pages 24 to 48 form part of these financial statements.

Page 14

 
MJT SECURITIES LIMITED
REGISTERED NUMBER: 02602675

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
162,081,380
143,799,896

Investments
 12 
199
199

Investment property
 13 
41,531,905
33,861,567

  
203,613,484
177,661,662

Current assets
  

Stocks
 14 
25,169,174
24,799,682

Debtors: amounts falling due within one year
 15 
12,212,032
11,507,684

Cash at bank and in hand
 16 
714,305
908,586

  
38,095,511
37,215,952

Creditors: amounts falling due within one year
 17 
(62,915,497)
(63,531,444)

Net current liabilities
  
 
 
(24,819,986)
 
 
(26,315,492)

Total assets less current liabilities
  
178,793,498
151,346,170

Creditors: amounts falling due after more than one year
 18 
(86,461,952)
(70,279,837)

Provisions for liabilities
  

Deferred taxation
 21 
(9,195,070)
(6,479,763)

  
 
 
(9,195,070)
 
 
(6,479,763)

Net assets
  
83,136,476
74,586,570


Capital and reserves
  

Called up share capital 
 22 
10,001
10,001

Revaluation reserve
 23 
29,461,801
25,293,236

Capital redemption reserve
 23 
19,274
19,274

Preference share obligation reserve
 23 
(5,362,642)
(5,285,533)

Profit and loss account
 23 
59,008,042
54,549,592

  
83,136,476
74,586,570


Page 15

 
MJT SECURITIES LIMITED
REGISTERED NUMBER: 02602675
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 24 to 48 form part of these financial statements.

Page 16

 
MJT SECURITIES LIMITED
REGISTERED NUMBER: 02602675

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
-
118,647

Investments
 12 
39,269
39,269

Investment property
 13 
23,566,234
23,783,725

  
23,605,503
23,941,641

Current assets
  

Debtors: amounts falling due within one year
 15 
5,493,143
5,408,377

Cash at bank and in hand
 16 
213,864
75,681

  
5,707,007
5,484,058

Creditors: amounts falling due within one year
 17 
(4,050,253)
(9,983,084)

Net current assets/(liabilities)
  
 
 
1,656,754
 
 
(4,499,026)

Total assets less current liabilities
  
25,262,257
19,442,615

  

Creditors: amounts falling due after more than one year
 18 
(11,352,975)
(5,555,254)

Provisions for liabilities
  

Deferred taxation
 21 
(1,455,692)
(1,511,046)

  
 
 
(1,455,692)
 
 
(1,511,046)

Net assets
  
12,453,590
12,376,315


Capital and reserves
  

Called up share capital 
 22 
10,001
10,001

Revaluation reserve
 23 
8,726,125
8,726,125

Preference share obligation reserve
 23 
(5,362,642)
(5,285,533)

Profit and loss account carried forward
  
9,080,106
8,925,722

  
12,453,590
12,376,315


Page 17

 
MJT SECURITIES LIMITED
REGISTERED NUMBER: 02602675
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 24 to 48 form part of these financial statements.

Page 18

 
MJT SECURITIES LIMITED
 

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


Called up share capital
Other reserves
Revaluation reserve
Preference share obligation reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 January 2023
10,001
19,274
25,293,236
(5,173,430)
49,203,463
69,352,544



Profit for the year
-
-
-
-
5,234,026
5,234,026

Transfer to/from profit and loss account
-
-
-
(112,103)
112,103
-



At 1 January 2024
10,001
19,274
25,293,236
(5,285,533)
54,549,592
74,586,570



Profit for the year
-
-
-
-
4,381,341
4,381,341

Surplus on revaluation of freehold property
-
-
5,558,087
-
-
5,558,087

Deferred tax on revaluation of freehold property
-
-
(1,389,522)
-
-
(1,389,522)

Transfer to/from profit and loss account
-
-
-
(77,109)
77,109
-


At 31 December 2024
10,001
19,274
29,461,801
(5,362,642)
59,008,042
83,136,476


The notes on pages 24 to 48 form part of these financial statements.

Page 19

 
MJT SECURITIES LIMITED
 

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


Called up share capital
Revaluation reserve
Preference share obligation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
10,001
8,726,125
(5,173,430)
8,574,143
12,136,839


Comprehensive income for the year

Profit for the year
-
-
-
239,476
239,476

Transfer to/from profit and loss account
-
-
(112,103)
112,103
-



At 1 January 2024
10,001
8,726,125
(5,285,533)
8,925,722
12,376,315


Comprehensive income for the year

Profit for the year
-
-
-
77,275
77,275

Transfer to/from profit and loss account
-
-
(77,109)
77,109
-


At 31 December 2024
10,001
8,726,125
(5,362,642)
9,080,106
12,453,590


The notes on pages 24 to 48 form part of these financial statements.

Page 20

 
MJT SECURITIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,381,341
5,234,026

Adjustments for:

Depreciation of tangible assets
18,132,673
14,911,412

Profit on disposal of tangible fixed assets
(3,688,509)
(5,739,031)

Interest paid
9,046,244
7,644,254

Interest received
(71,978)
(77,200)

Taxation charge
1,744,699
1,833,418

(Increase)/decrease in stocks
(369,492)
1,746,388

Decrease/(increase) in debtors
242,918
(2,211,252)

Increase/(decrease) in creditors
555,745
(3,466,850)

Dividends paid
(31,562)
(199,461)

(Decrease) in future preference dividends provision
77,109
(112,103)

Corporation tax (paid)
(757,619)
(1,752,034)

Net cash generated from operating activities

29,261,569
17,811,567


Cash flows from investing activities

Purchase of tangible fixed assets
(38,595,826)
(38,176,105)

Sale of tangible fixed assets
11,428,267
12,614,373

Purchase of investment properties
(8,543,606)
(12,748)

Sale of investment properties
873,268
-

Interest received
71,978
77,200

Net cash from investing activities

(34,765,919)
(25,497,280)

Cash flows from financing activities

New finance leases and HP contracts
61,196,286
36,542,228

Repayment of finance leases and HP
(45,201,239)
(19,838,227)

Repayment of long-term loans
(602,340)
(1,795,526)

Interest paid
(9,046,244)
(6,860,937)

Net cash used in financing activities
6,346,463
8,047,538

Net increase in cash and cash equivalents
842,113
361,825

Cash and cash equivalents at beginning of year
(3,553,692)
(3,915,517)

Cash and cash equivalents at the end of year
(2,711,579)
(3,553,692)

Page 21

 
MJT SECURITIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
714,305
908,586

Bank overdrafts
(3,425,884)
(4,462,278)

(2,711,579)
(3,553,692)


The notes on pages 24 to 48 form part of these financial statements.

Page 22

 
MJT SECURITIES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

908,586

(194,281)

714,305

Bank overdrafts

(4,462,278)

1,036,394

(3,425,884)

Debt due after 1 year

(20,795,025)

(12,291,406)

(33,086,431)

Debt due within 1 year

(11,999,979)

8,705,423

(3,294,556)

Finance leases

(61,315,712)

(12,234,671)

(73,550,383)


(97,664,408)
(14,978,541)
(112,642,949)

The notes on pages 24 to 48 form part of these financial statements.

Page 23

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

MJT Securities 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 group’s principal activities during the year continued to be the sale and leasing of motor vehicles, the exporting of general merchandise, the provision and management of sheltered accommodation, property development and the letting of property. The principal activities of the company during the year continued to be the provision of advisory and consultancy services and parking and valeting services.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the group 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 24

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Lease incentives are recognised over the shorter of the lease term and the date of the next rent review.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 25

 
MJT SECURITIES 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 and the Group operate and generate 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
over the term of the lease
Leased plant and machinery
-
over the term of the lease
Leased motor vehicles
-
over the term of the lease
Leased office and computer equipment
-
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.

Page 26

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is shown at the fair value at each reporting date and is regularly revalued by third party professionals, competent to undertake such valuations. Where individual properties have not been professionally revalued during the current accounting period, the directors assess fair value using current rental yields and comparisons with similar properties in the locality. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 28

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.16

Revenue

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
(a) the Group has transferred the significant risks and rewards of ownership to the buyer;
(b) the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the Group will receive the consideration due under the transaction; and
(e) 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:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the Group will receive the consideration due under the contract;
(c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
(d) the costs incurred and the costs to complete the contract can be measured reliably.
Sale and buy-back
Retirement properties are leased to tenants and subsequently repurchased by the group for a predetermined sum defined in the lease. The significant risks and rewards of ownership are deemed not to have transferred outside the group and consequently no sale is recognised. The initial amounts received in consideration from the leases are held as deferred income and taken to revenue on a straight line basis in line with the residual buy back value.
Rental and leasing income
All rental and leasing income is recognised on a straight-line basis over the period of the lease.
Construction contracts
Contract revenue and associated costs are recognised on architects certification of the stage of completion of the contract.
Commission income and manufacturer bonuses
Commissions receivable for arranging 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 income statement.

Page 29

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.17

Hire purchase and leasing agreements

Where the group enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded on the balance sheet as a tangible asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the Income Statement on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

  
2.18

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate.


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 estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period are addressed below:
Investment property
Investment property represents a significant proportion of the asset base of the group and properties are regularly valued by third party professionals competent to undertake such valuations. Where individual properties have not been professionally valued within the current reporting period, the Directors assess fair value using current rental yields and comparisons with similar properties within the locality.
Used vehicle valuation
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 provision against vehicle stocks. In determining the provision required, the Directors have used guidance from independent valuation tools and their knowledge of their industry.
Residual value of contract hire vehicles
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. Consequently consideration has been given by the Directors to the residual values applied to the group's fleet using guidance from independent valuation tools and their extensive knowledge of the industry.

Page 30

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Motor dealerships
289,609,658
272,439,589

Vehicle leasing
30,182,572
24,565,673

Export of general merchandise
5,661,915
6,762,183

Other
5,234,196
2,409,027

330,688,341
306,176,472


2024
2023
£
£
An analysis of turnover by geographical market is given below:





United Kingdom
325,026,426
299,414,289

Africa
1,766,776
3,373,938

The Americas
1,364,887
1,600,363

Asia
61,496
1,358,332

Continental Europe
1,798,480
171,206

Australasia
670,276
258,344

330,688,341
306,176,472


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Hire of plant and machinery
44,214
52,042

Exchange differences
(3,236)
(940)

Other operating lease rentals
345,734
768,329

Depreciation - owned assets
137,045
145,110

Depreciation - assets on hire purchase contracts
17,995,901
14,766,302

Profit on disposal of fixed assets
(3,688,509)
(5,739,031)

Auditor's remuneration:
Audit of the financial statements
76,000
72,500

Taxation compliance services
19,510
18,950

Other services
19,100
23,500

Page 31

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
18,319,315
17,138,481
164,840
167,814

Social security costs
1,999,445
1,882,074
21,144
21,450

Cost of defined contribution scheme
302,272
279,915
-
-

20,621,032
19,300,470
185,984
189,264


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


        2024
        2023
            No.
            No.







Management staff
71
66



Administrative staff
55
52



Sales and distribution staff
291
272



Other staff
25
22

442
412

Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £302,272 (2023 - £279915). Contributions totalling £61,357 (2023 - £56,221) were payable to the fund at the reporting date.

Page 32

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
715,111
712,749

Group contributions to defined contribution pension schemes
3,084
3,084

718,195
715,833


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of money purchase schemes.

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

The value of the Group's contributions paid to a money purchase scheme in respect of the highest paid Director amounted to £1,321 (2023 - £1,321).


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
71,978
77,200

71,978
77,200


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,297,088
1,107,142

Finance charges payable under finance leases
831,299
1,045,467

Other loans not wholly repayable within five years
1,811,526
1,833,902

Movement in preference share obligation reserve
77,109
112,103

Preference share dividend
596,484
594,014

Stocking interest
4,390,636
2,951,626

9,004,142
7,644,254

Page 33

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,816,757
1,765,761

Adjustments in respect of previous periods
(423,771)
(11,126)


Total current tax
1,392,986
1,754,635

Deferred tax


Origination and reversal of timing differences
(105,562)
78,783

Changes to tax rates
457,275
-

Total deferred tax
351,713
78,783


Tax on profit
1,744,699
1,833,418
Page 34

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower 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
11,684,127
8,587,464


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
2,921,032
1,668,616

Effects of:


Expenses not deductible for tax purposes
(1,220,246)
22,580

Chargeable gains/(losses)
7,312
-

Adjustments to tax charge in respect of prior periods
(423,772)
(11,126)

Changes to the rate of deferred tax and unrecognised amounts
-
166,379

Preference share dividend disallowed
-
13,336

Movement in preference dividend reserve disallowed
-
(26,367)

Non-taxable income
(40,384)
-

Foreign tax credits
38,604
-

Adjustments to tax charge in respect of prior periods - deferred tax
457,275
-

Remeasurement of deferred tax for changes in tax rates
(13)
-

Movement in deferred tax not recognised
325
-

Group relief
(34)
-

Fixed asset differences
4,600
-

Total tax charge for the year
1,744,699
1,833,418


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 35

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
77,858,740
2,055,971
92,794,738
196,171
274,722
173,180,342


Additions
275,977
-
38,319,849
-
-
38,595,826


Disposals
-
-
(21,868,094)
-
-
(21,868,094)


Revaluations
5,558,087
-
-
-
-
5,558,087



At 31 December 2024

83,692,804
2,055,971
109,246,493
196,171
274,722
195,466,161



Depreciation


At 1 January 2024
-
2,055,971
26,972,227
179,821
172,425
29,380,444


Charge for the year on owned assets
18,398
-
-
16,350
102,297
137,045


Charge for the year on financed assets
-
-
17,995,628
-
-
17,995,628


Disposals
-
-
(14,128,336)
-
-
(14,128,336)



At 31 December 2024

18,398
2,055,971
30,839,519
196,171
274,722
33,384,781



Net book value



At 31 December 2024
83,674,406
-
78,406,974
-
-
162,081,380



At 31 December 2023
77,858,740
-
65,822,511
16,350
102,297
143,799,898

The group's portfolio of properties has been revalued by experienced, independent valuers who hold recognised and relevant professional qualifications. All valuations were carried out on the basis of market value and were undertaken between January 2017 and October 2024. The directors have concluded that there has been no material change in the value of these properties since the last full valuation. The original cost and net book value of these properties was £66,265,059.

Page 36

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           11.Tangible fixed assets (continued)

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


2024
2023
£
£



Motor vehicles
78,182,548
65,822,511

78,182,548
65,822,511


Company






Office equipment
Computer equipment
Total

£
£
£

Cost


At 1 January 2024
196,171
274,722
470,893



At 31 December 2024

196,171
274,722
470,893



Depreciation


At 1 January 2024
179,821
172,425
352,246


Charge for the year on owned assets
16,350
102,297
118,647



At 31 December 2024

196,171
274,722
470,893



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
16,350
102,297
118,647






Page 37

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           11.Tangible fixed assets (continued)

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


2024
2023
£
£



Fixtures and fittings
-
16,350

-
16,350


12.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 January 2024
199



At 31 December 2024
199




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
39,269



At 31 December 2024
39,269




Page 38

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Principal activity

Holding

Laindon Holdings Limited
Property management
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Holding

Toomey Nissan Limited
Non trading*
100%
Laindon Credit Services Limited
Non trading*
100%
Toomey Retirement Apartments Limited
Dormant**
100%
Unit Export Limited
Export of aid related merchandise
100%
George Martin Limited
Builders
100%
Toomey Renno Limited
Non trading*
100%
Toomey Leasing Group Limited
Contract hire and leasing
100%
Toomey Motor Group Limited
Retail motor dealers
100%
Toomey Sitron (Southend) Limited
Non trading*
100%
Toomey Nissan (Southend) Limited
Non trading*
100%
Toomey MG Limited
Non trading*
100%
Toomey Pershow Limited
Non trading*
100%
Toomey (Southend) Limited
Non trading*
100%
Toomey Pershow (Southend) Limited
Non trading*
100%
Toomey Renno (Southend) Limited
Non trading*
100%
Toomey Sitron Limited
Non trading*
100%

The registered office of all group companies is; Service House, West Mayne, Basildon, Essex, SS15 6RW.
*indicates that MJT Securities Limited has fully guaranteed all the liabilities of the subsidiary and it is therefore exempt from audit obligations in accordance with section 479A of the Companies Act 2006.
**indicates that the subsidiary is dormant and is therefore exempt from audit obligations in accordance with section 480 of the Companies Act 2006.

Page 39

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2024
33,861,567


Additions at cost
8,543,606


Disposals
(873,268)



At 31 December 2024
41,531,905

The group's portfolio of properties has been revalued by experienced, independent valuers who hold recognised and relevant professional qualifications. All valuations were carried out on the basis of market value and were undertaken between January 2017 and October 2024. The directors have concluded that there has been no material change in the value of these properties since the last full valuation. The original cost and net book value of these properties was £34,306,658.






Company





Freehold investment property

£



Valuation


At 1 January 2024
23,783,725


Disposals
(217,491)



At 31 December 2024
23,566,234




Page 40

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Stocks

Group
Group
2024
2023
£
£

Land
809,031
809,031

Work-in-progress
2,408,447
5,286,162

Parts and vehicle stocks
19,095,842
18,179,929

Goods in transit
2,855,854
524,560

25,169,174
24,799,682


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The group 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).
Stock impairment losses of £113,112 (2023 - £114,972) were recognised in cost of sales during the year.


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
7,706,983
9,975,543
53,298
197,125

Amounts owed by group undertakings
-
-
5,284,373
5,170,369

Other debtors
1,662,642
166,303
99,616
-

Prepayments and accrued income
1,901,325
1,365,838
55,856
40,883

Tax recoverable
941,082
-
-
-

12,212,032
11,507,684
5,493,143
5,408,377



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
714,305
908,586
213,864
75,681

Less: bank overdrafts
(3,425,884)
(4,462,278)
(894,554)
(641,079)

(2,711,579)
(3,553,692)
(680,690)
(565,398)


Page 41

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
3,425,884
4,462,278
894,554
641,079

Other loans
3,042,696
11,747,873
209,736
6,550,795

NPV of future preference dividends
550,682
532,575
550,682
532,575

Trade creditors
20,793,882
20,366,262
53,867
51,361

Advance rentals
251,859
252,106
-
-

Amounts owed to group undertakings
-
-
1,599,628
1,579,704

Corporation tax
747,717
756,825
297,769
179,894

Other taxation and social security
1,121,475
1,155,641
107,493
56,305

Obligations under finance lease and hire purchase contracts
28,133,426
20,330,710
-
-

Other creditors
460
32,026
-
32,022

Accruals and deferred income
4,847,416
3,895,148
336,524
359,349

62,915,497
63,531,444
4,050,253
9,983,084


The preference shares issued in November 2021 are classified as a "financing transaction" under section 11.13 of FRS102. As a result, the company is required to recognise the net present value of assumed future dividend payments.
Future preference dividend distributions will be made in accordance with the Memorandum and Articles of Association which set out a dividend policy designed to provide a sustainable income stream for the family of the founder of the group, whilst ensuring the group has adequate financial resources to expand and develop.

Page 42

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
30,786,929
18,923,716
6,541,015
802,296

Future preference dividends
4,811,960
4,752,958
4,811,960
4,752,958

Net obligations under finance leases and hire purchase contracts
45,416,957
40,985,002
-
-

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

Accruals and deferred income
3,146,604
3,746,852
-
-

86,461,952
70,279,837
11,352,975
5,555,254


The preference shares issued in November 2021 are classified as a "financing transaction" under section 11.13 of FRS102. As a result, the company is required to recognise the net present value of assumed future dividend payments.
The net present value of future preference share dividends due in two to five years is £1,794,370 (2023 - £1,735,368). The net present value of future preference share dividends due in more than five years is £3,017,590 (2023 - £3,017,590).
Future preference dividend distributions will be made in accordance with the Memorandum and Articles of Association which set out a dividend policy designed to provide a sustainable income stream for the family of the founder of the group, whilst ensuring the group has adequate financial resources to expand and develop.

Page 43

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Loans

An analysis of the maturity of loans is given below:








Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due between two and five years:

Other loans
11,045,787
18,684,521
-
6,558,122

11,045,787
18,684,521
-
6,558,122

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due in more than five years

Repayable otherwise than by instalments
Preference shares
2,880
2,880
2,880
2,880

Other loans
7,877,929
9,850,797
-
-

7,880,809
9,853,677
2,880
2,880

The creditor associated with the preference shares represents the par value of the shares issued in November 2021. The preference shares are non-redeemable and will be distributed in accordance with the Memorandum and Articles of Association of the company upon the death of a holder.


20.


Leasing agreements


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
20,340,519
15,612,133
9,809
39,234

Between 1-5 years
40,985,001
28,999,578
-
9,809

61,325,520
44,611,711
9,809
49,043

Page 44

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Provisions for liabilities


Group



2024


£






At beginning of year
6,479,764


Charged to profit or loss
(1,325,785)


Charged to other comprehensive income
(1,389,522)



At end of year
9,195,071

Company


2024


£






At beginning of year
1,511,047


Charged to profit or loss
55,355



At end of year
1,455,692

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Balance at 1 January
6,479,764
6,400,980
1,511,046
1,738,051

Origination and reversal of timing differences
2,715,307
78,783
(55,354)
(227,005)

9,195,071
6,479,763
1,455,692
1,511,046


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,001 (2023 - 10,001) Ordinary shares of £1.00 each
10,001
10,001


Page 45

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period unrealised surpluses on revaluation of properties, net of any potential tax liability.

Preference share obligation reserve

The preference share obligation reserve represents the net present value of future dividends associated with the 2,880 preference shares issued at par value in November 2021. The preference shares were created to provide a defined income stream for the family of the company founder, Mr Michael Toomey.
The preference shares are treated as a financing transaction under section 11.13 of FRS102, which necessitates the recognition of future dividends in the balance sheet. The movement in the preference share obligation reserve will be recognised in the profit and loss account each year, with a subsequent transfer to the preference share obligation reserve.

Other reserve

The other reserve is a non-distributable reserve created by the exercise of s612 merger relief for the amount in excess of the nominal value of the one ordinary share issued in connection with the acquisition of the remaining issued ordinary share capital of Laindon Holdings Limited.

Profit and loss account

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


24.


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 Group 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 Group. As a result, no liability has been recognised at 31 December 2024 in respect of this investigation.
The group has contingent liabilities in respect of retention guarantees, letters of credit, performance bonds and tender bonds amounting to £2,148,115 (2023 - £2,448,036).
The company has guaranteed the bank overdrafts provided to subsidiary undertakings amounting to £3,425,882 (2023 - £3,820,827).

Page 46

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Secured debts

The following secured debts are included within creditors:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
3,425,884
3,821,017
894,554
641,079

Other loans
33,713,273
30,671,589
6,747,871
7,353,091

Hire purchase contracts
73,550,383
61,315,712
-
-

110,689,540
95,808,318
7,642,425
7,994,170

Group
The bank overdrafts due within one year of £3,425,884 (2023 - £3,821,017) are secured on the freehold land and buildings of the group.
£33,713,273 (2023 - £30,671,589) of amounts owed to finance companies and banks is repayable in monthly instalments between 2021 and 2034 at rates as follows:
Between sonia plus 2.7% and sonia plus 3%
Between base plus 2.37% and base plus 2.9%
Fixed at 8%

The loans are secured on the freehold land and buildings of the company.
Other amounts owed to finance companies of £73,550,383 (2023 - £61,315,712) are all repayable in monthly instalments within five years, and are secured on the assets to which they relate.
Company
£6,747,871 (2023 - £7,353,091) of amounts owed to finance companies and banks is repayable in monthly instalments between 2021 and 2034 at rates as follows:
Between sonia plus 2.7% and sonia plus 3%
Between base plus 2.37% and base plus 2.9%
Fixed at 8%

The loans are secured on the freehold land and buildings of the company.

Page 47

 
MJT SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Related party transactions

During the year, total dividends of £638,586 (2023 - £594,014) were proposed, £628,506 (2023 - £561,992) of which was paid in the year.
During the prior year, the Group performed work for a customer at an arms-length basis. The work was paid for via one of the Directors, who transferred the money to the Group. The value of the amount received totalled £Nil (2023 - £232,913), and there were no balances relating to this transaction outstanding as at the balance sheet date.
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.
The Group has taken the reduced exemption disclosure in Section 33.7 in FRS102 from the requirement to disclose Key Management Personnel remuneration.


27.


Controlling party

The directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital 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.

 
Page 48