Company registration number 05994359 (England and Wales)
MARKET FINANCIAL SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MARKET FINANCIAL SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr P S Raja
Mrs P Raja
Ms S M A Hewes
(Appointed 7 March 2025)
Mr S M Hicks
(Appointed 7 March 2025)
Company number
05994359
Registered office
134 Buckingham Palace Road
London
SW1W 9SA
Auditor
Berkeley Finch Limited
2nd Floor
314 Regents Park Road
Finchley
London
N3 2JX
Business address
46 Hertford Street
Mayfair
London
W1J 7DP
Accountants
Magus Chartered Accountants
134 Buckingham Palace Road
London
SW1W 9SA
MARKET FINANCIAL SOLUTIONS LIMITED
CONTENTS
Page
CEO statement
1 - 2
Directors' report
6 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
MARKET FINANCIAL SOLUTIONS LIMITED
CEO STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
CEO Report

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:

 

 

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.

 

MARKET FINANCIAL SOLUTIONS LIMITED
CEO STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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.

Mr P S Raja
CEO
31 March 2025
MARKET FINANCIAL SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the Business

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.

 

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.

 

MARKET FINANCIAL SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Principal risks and uncertainties

The directors actively monitor key risks and meet regularly to assess, manage and mitigate potential exposures. Core risks include:

 

 

 

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.

Statement by the directors on performance of their statutory duties in accordance with s, 172 (1) Companies Act 2006.

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.

MARKET FINANCIAL SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Mr P S Raja
Director
31 March 2025
MARKET FINANCIAL SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors present their report and non-statutory financial statements ("the financial statements") for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of providing bridging loans to individuals and corporate institutions.

Results and dividends

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.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P S Raja
Mrs P Raja
Ms S M A Hewes
(Appointed 7 March 2025)
Mr S M Hicks
(Appointed 7 March 2025)
Auditor

The auditor, Berkeley Finch Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

In line with the statutory requirements for Streamlined Energy and Carbon Reporting (SECR) we disclose below the company’s carbon emissions.

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
291,538
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Fuel consumed for owned transport
3.72
3.72
Scope 2 - indirect emissions
- Electricity purchased
37.02
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
23.07
Total gross emissions
63.81
Intensity ratio
0.89
MARKET FINANCIAL SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Quantification and reporting methodology

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.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Market Financial Solutions Limited continues to strive for energy and carbon reduction arising from its activities.

Statement of directors' responsibilities

The directors are responsible for preparing the report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr P S Raja
Director
31 March 2025
MARKET FINANCIAL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF MARKET FINANCIAL SOLUTIONS LIMITED
- 8 -
Opinion

We have audited the non-statutory financial statements (the "financial statements") of Market Financial Solutions 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, the statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MARKET FINANCIAL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF MARKET FINANCIAL SOLUTIONS LIMITED
- 9 -

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

MARKET FINANCIAL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF MARKET FINANCIAL SOLUTIONS LIMITED
- 10 -

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.

Ajay Yadav FCA, FCCA
Senior Statutory Auditor
Berkeley Finch Limited
31 March 2025
Chartered Accountants
2nd Floor
314 Regents Park Road
Finchley
London
N3 2JX
MARKET FINANCIAL SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
71,628,603
44,164,877
Cost of sales
(38,045,382)
(24,924,973)
Gross profit
33,583,221
19,239,904
Administrative expenses
(23,080,774)
(15,355,899)
Operating profit
4
10,502,447
3,884,005
Interest receivable and similar income
8
19,141
15,869
Profit before taxation
10,521,588
3,899,874
Tax on profit
9
(2,892,206)
(1,004,572)
Profit for the financial year
7,629,382
2,895,302
MARKET FINANCIAL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,534,132
4,190,700
Investments
12
-
0
61,751
4,534,132
4,252,451
Current assets
Debtors falling due after more than one year
14
68,037,682
96,625,230
Debtors falling due within one year
14
167,297,962
146,326,609
Cash at bank and in hand
17,076,873
11,324,398
252,412,517
254,276,237
Creditors: amounts falling due within one year
15
(172,381,315)
(136,228,230)
Net current assets
80,031,202
118,048,007
Total assets less current liabilities
84,565,334
122,300,458
Creditors: amounts falling due after more than one year
16
(68,327,465)
(112,914,678)
Provisions for liabilities
Deferred tax liability
17
367,163
244,456
(367,163)
(244,456)
Net assets
15,870,706
9,141,324
Capital and reserves
Called up share capital
19
500,000
500,000
Profit and loss reserves
15,370,706
8,641,324
Total equity
15,870,706
9,141,324
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mr P S Raja
Director
Company registration number 05994359 (England and Wales)
MARKET FINANCIAL SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
500,000
6,381,022
6,881,022
Period ended 31 December 2023:
Profit and total comprehensive income
-
2,895,302
2,895,302
Dividends
10
-
(635,000)
(635,000)
Balance at 31 December 2023
500,000
8,641,324
9,141,324
Year ended 31 December 2024:
Profit and total comprehensive income
-
7,629,382
7,629,382
Dividends
10
-
(900,000)
(900,000)
Balance at 31 December 2024
500,000
15,370,706
15,870,706
MARKET FINANCIAL SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
8,392,998
2,798,620
Income taxes paid
(706,512)
(1,426,966)
Net cash inflow from operating activities
7,686,486
1,371,654
Investing activities
Purchase of tangible fixed assets
(1,297,695)
(874,236)
Proceeds from disposal of tangible fixed assets
182,792
-
0
Proceeds from disposal of investments
61,751
-
Interest received
19,141
15,869
Net cash used in investing activities
(1,034,011)
(858,367)
Financing activities
Dividends paid
(900,000)
(635,000)
Net cash used in financing activities
(900,000)
(635,000)
Net increase/(decrease) in cash and cash equivalents
5,752,475
(121,713)
Cash and cash equivalents at beginning of year
11,324,398
11,446,111
Cash and cash equivalents at end of year
17,076,873
11,324,398
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents interest and loan arrangement fees receivable on loans advanced to customers. The turnover of the company is not subject to VAT.

 

Interest receivable is recognised as revenue immediately upon the advancing of loans to the extent that it is non-refundable and will accrue over the minimum term of the underlying agreement. Interest accruing subsequent to the minimum term is recognised as revenue over the remaining term of the agreement in proportion to the capital amount outstanding.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over 15 years
Fixtures and Fittings
25% Reducing balance method
Office equipment
25% Reducing balance method
Motor vehicles
25% Reducing balance method

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.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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.

MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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.

Classification of financial liabilities

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

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.

Other financial liabilities

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.

MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.14

Impairment of the loan book

Impairment is assessed by means of a review of all the financial information available on a customer specific basis.

1.15

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.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

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:

Effective rate of interest

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Loan interest and fees
71,628,603
44,164,877
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
71,628,603
44,164,877
2024
2023
£
£
Other revenue
Interest income
19,141
15,869
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
32,333
(14,333)
Depreciation of owned tangible fixed assets
755,443
592,808
Loss on disposal of tangible fixed assets
16,028
-
Operating lease charges
1,226,700
880,042
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
72,375
51,450
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales and servicing
94
58
Risk and computer IT
13
6
Finance and analysts
13
13
Other central functions
11
5
Marketing
7
8
Management
11
8
Total
149
98

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
10,669,752
6,623,825
Social security costs
1,335,450
806,044
Pension costs
122,059
82,490
12,127,261
7,512,359
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
12,500
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
19,141
195
Other interest income
-
0
15,674
Total income
19,141
15,869
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
19,141
195
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,769,499
985,604
Deferred tax
Origination and reversal of timing differences
122,707
18,968
Total tax charge
2,892,206
1,004,572

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:

2024
2023
£
£
Profit before taxation
10,521,588
3,899,874
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
2,630,397
916,470
Tax effect of expenses that are not deductible in determining taxable profit
403,538
53,064
Permanent capital allowances in excess of depreciation
(264,436)
(104,145)
Depreciation on assets not qualifying for tax allowances
-
0
92,655
Deferred tax
122,707
46,528
Taxation charge for the year
2,892,206
1,004,572
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Dividends
2024
2023
£
£
Final paid
900,000
635,000
11
Tangible fixed assets
Leasehold land and buildings
Fixtures and Fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
2,801,824
1,150,065
947,225
368,507
5,267,621
Additions
-
0
321,700
975,995
-
0
1,297,695
Disposals
-
0
(13,784)
(132,373)
(221,759)
(367,916)
At 31 December 2024
2,801,824
1,457,981
1,790,847
146,748
6,197,400
Depreciation and impairment
At 1 January 2024
257,115
480,103
261,088
78,615
1,076,921
Depreciation charged in the year
186,788
227,317
304,471
36,867
755,443
Eliminated in respect of disposals
-
0
(9,465)
(90,008)
(69,623)
(169,096)
At 31 December 2024
443,903
697,955
475,551
45,859
1,663,268
Carrying amount
At 31 December 2024
2,357,921
760,026
1,315,296
100,889
4,534,132
At 31 December 2023
2,544,709
669,962
686,137
289,892
4,190,700
12
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
-
0
61,751
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
61,751
Disposals
(61,751)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
61,751
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Market Bridge Solutions PTE. Ltd.
1 Raffles Place, #28-02 One Raffles Place, Singapore 048616
Bridge loan provider
Ordinary
100.00

During the year, the company transferred its shareholding in Market Bridge Solutions PTE Ltd. to a related party.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,600,188
272,686
Bridge loans receivable
111,775,183
106,879,458
Corporation tax recoverable
124,224
139,898
Amounts owed by group undertakings
-
0
777,825
Other debtors
52,546,535
37,434,265
Prepayments and accrued income
1,251,832
822,477
167,297,962
146,326,609
2024
2023
Amounts falling due after more than one year:
£
£
Bridge loans receivable
68,037,682
96,625,230
Total debtors
235,335,644
242,951,839
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Debtors
(Continued)
- 24 -

The bridge loans receivable, both within one year and after more than one year are secured on the borrowers' properties.

15
Creditors: amounts falling due within one year
2024
2023
£
£
Loans due
101,591,890
85,082,574
Trade creditors
1,097,719
121,588
Corporation tax
2,047,313
-
0
Other taxation and social security
427,385
232,285
Other creditors
65,393,249
49,381,604
Accruals and deferred income
1,823,759
1,410,179
172,381,315
136,228,230

Loans due are secured by way of legal charges over the underlying asset.

16
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans due
68,327,465
112,914,678

Long-term loans due are secured by way of legal charges over the underlying asset.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
367,163
244,456
2024
Movements in the year:
£
Liability at 1 January 2024
244,456
Charge to profit or loss
122,707
Liability at 31 December 2024
367,163
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 25 -

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.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,059
82,490

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
475,000
475,000
475,000
475,000
'B' Ordinary shares of £1 each
25,000
25,000
25,000
25,000
500,000
500,000
500,000
500,000

All shares rank pari passu with respect to dividends and voting rights.

20
Operating lease commitments
Lessee

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:

2024
2023
£
£
Within one year
1,150,000
1,150,000
Between two and five years
4,238,493
4,501,233
In over five years
5,073,973
5,666,667
10,462,466
11,317,900
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Related party transactions
(Continued)
- 26 -
Interst/fees received
Interest/fees received
Interest/fees paid
Interest/fees paid
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,528,154
5,421,147
2,357,506
3,263,415
Debtors
Debtors
Creditors
Creditors
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
47,639,776
36,977,289
43,756,876
49,071,062

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.

22
Directors' transactions

Dividends totalling £900,000 (2023 - £635,000) were paid in the year in respect of shares held by the company's directors.

23
Ultimate controlling party

The ultimate controlling party is the director, Mr P S Raja, by virtue of his shareholding.

24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
7,629,382
2,895,302
Adjustments for:
Taxation charged
2,892,206
1,004,572
Investment income
(19,141)
(15,869)
Loss on disposal of tangible fixed assets
16,028
-
Depreciation and impairment of tangible fixed assets
755,443
592,808
Movements in working capital:
Decrease/(increase) in debtors
7,600,521
(42,600,716)
(Decrease)/increase in creditors
(10,481,441)
40,922,523
Cash generated from operations
8,392,998
2,798,620
MARKET FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
25
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
11,324,398
5,752,475
17,076,873
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