Market Financial Solutions Limited (“MFS”) enters 2025 in a position of strength and optimism. In the face of recent global and domestic challenges, we navigated a volatile economic landscape and emerged stronger. Over the past year, our company delivered robust results while remaining true to our core values and strategic discipline. Encouragingly, the UK macroeconomic environment is now showing positive signals of recovery, providing a more supportive backdrop for our business and clients.
UK Market Environment: Positive Economic Signals
After a period of heightened uncertainty, key economic indicators in the UK are trending in a favourable direction. Inflation has slowed markedly, and while interest rates rose earlier in 2023, they stabilised towards the year-end. The Bank of England’s more measured approach has contributed to renewed confidence among investors and borrowers alike. With inflation easing and lending conditions improving, we are seeing increased momentum across the property finance sector.
Investor confidence in the UK is also returning, with the country once again viewed as an attractive market for real estate investment. This recovery in sentiment is particularly evident in specialist finance, where demand for agile, non-bank lenders like MFS continues to grow.
Strong Performance Driven by Core Strengths
MFS delivered another year of strong growth and performance, supported by our diversified lending model, disciplined strategy, and unwavering focus on client service. Across all our lending portfolios, we achieved strong returns and continued to grow our customer base. Our agility and ability to move decisively in changing market conditions allowed us to serve borrowers effectively while managing risk responsibly.
Our core strengths include:
Diversified Lending Portfolio: Spanning bridging loans, Fusion products, buy-to-let, refurbishment and large bridging loans.
Strategic Focus: Disciplined expansion aligned with long-term priorities.
Client-Centric Approach: Speed, transparency and tailored solutions.
Team Excellence: A highly skilled, motivated and engaged workforce.
We are proud that our performance was matched by high levels of customer and employee satisfaction, further reinforcing MFS’s reputation for quality, reliability and responsiveness.
Resilience amid uncertainty
Despite global challenges from geopolitical tensions to inflationary pressures, MFS remained resilient. We continued to see an increase in demand for our products and with an increase in loan approvals we maintained our commitment to brokers, borrowers, and partners. Our ability to adapt quickly, assess opportunities pragmatically, and deliver funding with speed and certainty has positioned MFS as a dependable force in the market.
Industry Leadership in Compliance and Governance
At MFS, we believe that sustainable growth must be built on a foundation of trust, integrity and sound governance. Our proactive and forward-thinking approach ensures we are not only fully compliant but are investing in all relevant aspects to be seen as setting benchmarks for best practice across the specialist finance sector.
We have invested significantly in strengthening our compliance frameworks, implementing robust internal controls, and fostering a culture of accountability at every level of the business. Our dedicated compliance and risk teams work closely with senior management and regulators to ensure full transparency, early adoption of regulatory changes and seamless integration of new requirements.
Being at the forefront of industry regulation is not just about ticking boxes it reflects our deeper commitment to doing the right thing for our clients, investors, and partners. In an evolving financial landscape, our reputation for rigorous compliance provides reassurance to stakeholders and distinguishes MFS as a trusted, stable and future-ready lender.
Vision
Our vision is to be a respected, resilient and profitable specialist finance provider — defined by excellence, integrity and long-term sustainable growth. We empower outstanding people to act decisively, think creatively and deliver consistently. Our open, collaborative culture, combined with deep product expertise and robust risk management, enables us to support the ambitions of our clients with confidence.
Whether it's funding business expansion, building homes, or growing investment portfolios, MFS is committed to delivering high-impact, transparent solutions that create long-term value.
Conclusion
For entrepreneurs, investors, developers, and new entrants to the marketplace, MFS stands ready to support your ambitions. Whether it’s funding business expansions, growing property portfolios, acquiring properties, or undertaking light refurbishments, our unique combination of expertise, agility and transparency sets us apart. We are here to partner with you in achieving your goals, providing the fast and reliable finance solutions you need to seize opportunities.
MFS is committed to being the lender of choice that you can depend on – in every economic climate, for every aspiration. Our journey so far has proven what we can accomplish, and we look forward to continuing to empower our clients’ success in the years to come.
The directors present the strategic report for the year ended 31 December 2024.
Despite a backdrop of economic uncertainty and market hesitancy—driven by elevated living and borrowing costs Market Financial Solutions Limited (“MFS” or “company”) continued to demonstrate resilience and momentum. The company’s strong financial performance reflects the depth of our team’s expertise, the strength of our institutional funding partnerships, and sustained market demand for our flexible, innovative financial solutions.
MFS reported an operating profit of £10.5m (2023: £3.9m) and post-tax profits of £7.6m (2023: £2.9m), representing a substantial increase in profitability.
The company also maintained a robust balance sheet and liquidity position, with cash at bank increasing to £17.1m (2023: £11.3m) and net assets rising to £15.9m (2023: £9.1m) at year-end.
The directors are pleased with these results, which reflect the collective strategic and operational efforts across the business. Key achievements underpinning this performance are noted below together with comments noted in the CEO Report.
Doubling the loan book to £2.4bn by year-end.
Securing £1.252bn in new institutional funding to support increased lending demand.
Upsizing and re-negotiation of existing institutional funding lines totalling £1.07bn.
Launch of the Bridging Fusion product in June 2024 a hybrid between bridging and BTL finance which gained strong traction.
Increasing average headcount to 149 (2023: 98), enhancing capacity across all business areas.
Expanding our presence across lender panels, widening distribution reach.
Appointment of a new Executive Director and a Non-Executive Director (NED) in March 2025, enhancing board governance and leadership strength.
Turnover
Turnover, derived from loan interest and arrangement fees, increased by £27.4m to £71.6m (2023: £44.2m), driven by higher loan volumes, an expanded product range, ongoing institutional support and continued focus on customer experience.
Profit after tax
Profit after tax rose by £4.7m to £7.6m (2023: £2.9m), reflecting robust financial controls, disciplined growth and continued investment in operational excellence.
Shareholders’ funds
Shareholders’ funds increased by £6.8m to £15.9m as at 31 December 2024 (2023: £9.1m), supported by strong profit generation and retained earnings.
Loan Book
The MFS loan book as at 31 December 2024 was £179.8m (2023: £203.5m). The year-on-year reduction reflects natural portfolio turnover and the company’s continued emphasis on prudent, selective lending in changing market conditions.
Non-Financial Performance
Ongoing priorities include maintaining high standards of regulatory compliance, investing in talent and leadership and strengthening operational infrastructure. MFS confirms that it met all applicable legal and regulatory obligations throughout the year.
Recruitment and retention of high-calibre professionals remained a priority, alongside investment in systems and processes that support scalability and compliance. The business also advanced plans to implement a fully automated CRM system in 2025 to enhance internal efficiencies, improve client engagement and drive digital transformation aligned with our long-term sustainability and innovation goals.
The directors actively monitor key risks and meet regularly to assess, manage and mitigate potential exposures. Core risks include:
Credit risk: Lending decisions are subject to rigorous underwriting and stress testing. In 2024, only 13% of enquiries were approved (2023: 8%), with continued focus on conservative loan-to-value ratios and borrower affordability.
Interest rate risk: The company ensures that rates charged to borrowers protect margins and support profitability while absorbing market fluctuations.
Liquidity risk: MFS maintains healthy liquidity buffers and employs prudent cash flow management to meet financial obligations and plan for contingencies.
Operational risk: Internal controls are regularly reviewed and reinforced through audit and compliance processes. A Head of Operations is to be appointed in 2025 to further strengthen risk oversight.
Regulatory risk: MFS takes its compliance responsibilities seriously. Clients undergo robust on boarding and due diligence. The legal and compliance function is led by an experienced General Counsel and MLRO, with plans to grow the team further in 2025.
Future developments
MFS operates in a competitive, dynamic lending environment shaped by continued economic and geopolitical uncertainty. Our long-term strategy remains focused, agile and forward-looking.
The directors believe MFS is well positioned financially and operationally to navigate future challenges while continuing to seize market opportunities. Growth will be driven by further expansion of the loan book, product development, technology investment, and strengthening of leadership and governance structures.
In 2025, MFS will focus on the implementation of a fully automated CRM system and continue developing board capabilities through targeted appointments.
Additionally, new financial products are expected to be launched in Q2–Q3 2025, aligned with client demand and our continued commitment to innovation, service excellence, and long-term value creation.
The directors are required to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole, with regards to the matters below, and work in collaboration with the company’s senior management team in order to achieve this.
A. The likely consequences of any decisions in the long-term
The directors consider the medium and long-term impact of decisions when formulating the strategic direction of the company and making supporting decisions. The senior management team prepare annual budgets and also medium-term plans which are congruent with the underlying strategy of the company. Such plans are reviewed periodically throughout the year by the directors with amendments agreed with the senior management team to reflect changes in market conditions, current and predicted in the future.
Key plans implemented during the current financial year include the widening of the product range following the launch of the Bridging Fusion offering in June 2024 and the substantial increase in headcount to ensure adequate capacity exists to achieve the growth plan.
B. The interest of the company’s employees
The directors view the employees as the company’s greatest assets. The investment in people in terms of training, progression and growth in headcount, has been pivotal in supporting the company’s continued growth and achieving a core aim of stakeholder care and regulatory compliance.
The interests, wellbeing and development of our employees remain central to the company’s decision-making process, both operational and strategic. Open and regular engagement with employees takes place in both a structured and informal manner to understand their perspective and potential concerns, to allow suitable decisions to be made. Extensive professional development training is also offered to employees together with a benchmarked compensation package.
C. The need to foster the company’s business relationships with suppliers, customers and others
The company is focused on building and maintaining strong, mutually beneficial relationships with all of the key partners including customers, funding partners, brokers, professional service providers and regulatory bodies. A clear communication plan exists to allow stakeholders to be kept updated on the business activities, performance and future plans in a timely manner.
General commentary on market/industry facts and developments is also circulated periodically to keep stakeholders updated on relevant inform. During 2024 the company became a certified CPD member. This enabled it to launch a training program which, utilising the company’s vast market experience and expertise, helps brokers to increase their CPD hours and specialist finance knowledge.
D. The impact of the company’s operations on the community and environment
The company is focused on ensuring its operations are in compliance with environmental laws and regulations. Sustainability and doing business responsibly are very important for the directors. With the aim of reducing impact on the environment, the company has invested in modernising its operating locations into bright, energy efficient buildings. Upgrades include thermally insulated floors and walls, double glazing, recycling facilities from food to batteries, sensor controls and LED lighting, intelligent temperature controls, cycle parking, high efficiency and smart appliances and safe cleaning products.
E. The desirability of the company maintaining a reputation for high standards of business conduct
Maintaining a clear reputation for quality and strong ethical business practices is imperative for the company. The continued growth and success of the business is underpinned by this and the culture which the directors and senior leadership team promote supports such a way of working whilst simultaneously ensuring compliance with the company’s regulatory and governance responsibilities to all stakeholders.
Compliance is discussed at senior leadership meetings and also by the board of directors. Training is provided to employees to ensure they are aware of compliance obligations and the organisational structure and culture of the company supports the timely and transparent detection and reporting of potential risks to reputation. Finally, the directors have a low risk appetite for reputational risk and such considerations form a central part of the decisions made.
F. The need to act fairly between members of the company
The CEO of the company is also the ultimate controlling party by virtue of his shareholding. He, together with his fellow directors, hold regular meetings with the senior leadership team to ensure all decisions are made in a fair, transparent and considered manner.
On behalf of the board
The directors present their report and non-statutory financial statements ("the financial statements") for the year ended 31 December 2024.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Berkeley Finch Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
In line with the statutory requirements for Streamlined Energy and Carbon Reporting (SECR) we disclose below the company’s carbon emissions.
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
The Carbon Emission Factors used in the above calculations are the ‘government conversion factors for company reporting of greenhouse gas emissions’. Annual factors for 2024 published on 08/07/2024 have been used in the calculations of the above reported emissions. In line with the scope of the SECR reporting requirements, the results have been categorised into Scope 1, Scope 2 and Scope 3 emissions.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover, the recommended ratio for the sector.
Market Financial Solutions Limited continues to strive for energy and carbon reduction arising from its activities.
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. The key regulations we identified were Anti Money Laundering Regulations, The Proceeds of Crime Act 2002 and Financial Conduct Authority Regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements and relevant tax legislation.
We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
In terms of physical fraud, we consider the primary risks to be around misappropriation of cash at bank and the fraudulent obtaining of loan finance from the company. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to the overstatement of profit, either through overstating revenue or through management bias in accounting estimates around the recoverability of debtor balances. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• Enquiries of those charged with governance, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;
• Reviewing a sample of bridging loan agreements to ensure non-regulated lending status;
• Challenging assumptions and judgements made by management in its significant accounting estimates;
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
• Reviewing draft tax computations.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's directors, as a body, in accordance with our engagement letter. Our audit work has been undertaken so that we might state to the company's directors 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 directors as a body, for our audit work, for this report, or for the opinions we have formed.
Market Financial Solutions Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales, with company registration number 05994359. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA. The principal place of business is 46 Hertford Street, Mayfair, London, W1J 7DP.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Impairment of the loan book
Impairment is assessed by means of a review of all the financial information available on a customer specific basis.
Fees incurred upon raising of finance
Where the company incurs significant, one off and directly attributable fees in relation to the raising of finance, these fees are deducted from the loan principle and released to the profit and loss account on a straight line basis over the life of the facility to which they relate.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
The company uses the effective rate of interest in discounting estimated future cash flows. The effective rate used is based on the best estimate of interest rates available at that time.
An analysis of the company's turnover is as follows:
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
During the year, the company transferred its shareholding in Market Bridge Solutions PTE Ltd. to a related party.
The bridge loans receivable, both within one year and after more than one year are secured on the borrowers' properties.
Loans due are secured by way of legal charges over the underlying asset.
Long-term loans due are secured by way of legal charges over the underlying asset.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax liability set out above is expected to reverse within four years and relates to accelerated capital allowances that are expected to mature within the same period.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
All shares rank pari passu with respect to dividends and voting rights.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the company entered into the following transactions with related parties:
The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered in to and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
All transactions between related parties are on an arms length basis.
Dividends totalling £900,000 (2023 - £635,000) were paid in the year in respect of shares held by the company's directors.