Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
COMPANY INFORMATION
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TOOMEY LEASING GROUP LIMITED
CONTENTS
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TOOMEY LEASING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
Despite a reduction in profitability for the year, a result of market factors affecting the entire industry, 2024 was a successful year for the company.
Toomey Leasing Group has continued to increase the size of the sales team with the ultimate intention to build the fleet size further. During 2024 our fleet size increased every month and we ended the year with total fleet growth of 11%. The Sailsbury office recorded 76% fleet growth during the year and will be relocating to larger premises in 2025. The improvement in new vehicle supply in 2023 triggered a realignment in used vehicle values at the end of 2023, resulting in our average end of contract profit per unit falling by 40% in 2024 compared to previous year. This was expected and budgeted for in 2024 and whilst lower than 2023, is still ahead of the average pre pandemic. Used electric vehicle prices have been significantly affected by the price realignment and on average we recorded a loss for each end of contract electric vehicle disposal. As a business we are protected from the reduction in electric vehicle prices as electric vehicles represent only 12% of the fleet, much lower than many of our competitors. Whilst we continue to see limited demand for fully electric vehicles, demand for plug in hybrids continues to increase and 45% of our vehicle additions were plug in hybrids during 2024. Plug in hybrids now represent 36% of our fleet and has resulted in the average emissions for our car fleet falling to 66g CO2/km, from 71g CO2/km last year and over 100g CO2/km previously. Increased fleet growth together with an increase in the average vehicle funded value has seen an increase in our borrowing. During 2024 all of our funders increased their facilities and together with the introduction of a new funder, we are confident we have sufficient headroom in our facilities to achieve our fleet growth aspirations.
The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative and financial instrument risk. From the perspective of the company, these risks are integrated with those of the group and are not managed separately. Accordingly, for a comprehensive review of the risks and uncertainties facing the company, please refer to the financial statements of MJT Securities Limited, the ultimate parent undertaking, which can be found on Companies House website.
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TOOMEY LEASING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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TOOMEY LEASING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £1,957,472 (2023 - £3,560,579).
No dividend was distributed for the year ended 31 December 2024 (2023 - £Nil).
The Directors who served during the year were:
The directors are confident that the company can continue as a going concern. The board feels that the group structure, within which the company operates, ensures a sound financial position to maximise any opportunities throughout the year, as it actively seeks to expand through organic growth.
Qualifying third party indemnity provisions During the year and up to the date of this report, the company maintained liability insurance and third party indemnification provisions for its directors, under which the company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the company.
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TOOMEY LEASING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TOOMEY LEASING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Matters covered in the Strategic Report In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report: • Business review • Principal risks and uncertainties
The auditor, MHA, will 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.
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TOOMEY LEASING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED
We have audited the financial statements of Toomey Leasing Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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TOOMEY LEASING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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TOOMEY LEASING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOOMEY LEASING GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and - Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Colchester, United Kingdom
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TOOMEY LEASING GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
REGISTERED NUMBER: 00962747
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 23 form part of these financial statements.
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TOOMEY LEASING GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Toomey Leasing Group Limited is a private company, incorporated in England, limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest pound. The company's principal activity continued to be that of vehicle contract hire.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of MJT Securities Limited as at 31st December 2024 and these financial statements may be obtained from Service House, West Mayne, Basildon, Essex, SS15 6RW.
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.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All leasing income is recognised on a straight line basis over the period of the lease.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Applying residual values to assets that will not be disposed of for a number of years makes the estimated value uncertain and requires careful consideration and judgement. Consideration has been given by the Directors to the residual values applied using guidance from independent valuation tools and their knowledge of the industry.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to services supplied by the company exclusive of VAT.
Vehicle leasing income is attributable to assets leased out under operating leases.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOOMEY LEASING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).
The Directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital in MJT is held by the Joseph Toomey Charitable Foundation, the charity does not have the power to govern and direct the financial or operational activities of MJT Securities Limited under any statute or agreement. The operational policies of MJT Securities Limited are determined by the Directors of MJT Securities Limited. The immediate parent undertaking of Toomey Leasing Group Limited is Laindon Holdings Limited. The ultimate parent undertaking of Toomey Leasing Group Limited is MJT Securities Limited. MJT Securities Limited is the parent undertaking of the smallest and largest group of which the company is a member and for which group financial statements are prepared. Copies of the parent's consolidated financial statements, which include the company, are available from its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.
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