MERCEDES-BENZ FINANCIAL SERVICES UK LIMITED

Company number

02472364

Status

Active

Incorporation

1990-02-21

Last accounts made up

2024-12-31

Account category

GROUP

Primary SIC

64999

Hubs

UK Fintech

Accounting basis

IFRS

Reporting scope

Consolidated (group)

Auditor

PricewaterhouseCoopers LLP (PwC)

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future; this includes the accessibility to funding and cash resources from within the Mercedes-Benz Group, for both operational and any potential outcome on the motor commissions review. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.”

Subsidiaries

• Mercedes-Benz Financial Services UK (Trustees) Limited · 100% held · England and Wales · Dormant

Significant events

• “The Group's profit before taxation decreased to a loss of (£364,611,000) (2023: profit of £69,586,000). The main driver for the decrease was the inclusion of additional provision charges during the year for the motor finance commission claims amounting to £394,990,000.”
• “On 11 January 2024, the FCA announced that it would use its powers under s.166 of the Financial Services and Markets Act 2000 to review the historical use of DCAs between lenders and credit brokers and to assess whether redress may be required. In line with this announcement, we have paused complaint handling for matters within scope, and this pause was initially extended until 4 December 2025 and subsequently to 31 May 2026.”
• “The Court of Appeal judgment in October 2024 clarified the expectations regarding disclosure of commission arrangements and business processes were adjusted as a result. Subsequently, on 3 August 2025, the Supreme Court in Johnson v FirstRand [2025] held that discretionary commission models can, in certain circumstances, contribute to an "unfair relationship" under s. 140A of the Consumer Credit Act 1974.”
• “In response to these developments, the FCA launched a consultation on 7 October 2025 on a proposed Consumer Redress Scheme for historic motor finance commission arrangements.”
• “During 2024, Mercedes-Benz Financial Services UK Limited entered into a new revolving Asset Backed Securitisation (ABS) transaction with Silver Arrow S.A., Compartment Silver Arrow S.A., UK 2024-1 raising £412.5 million of external cash.”
• “During 2024, Silver Arrow S.A., UK 2022-1 originally for £1 billion investment was restructured, £250 million was repaid in June and the remaining £750 million extended for a further two years until May 2026.”
• “The Virgin Media Ltd v NTL Pension Trustees decision, handed down by the High Court on 16 June 2023 considered the implications of section 37 of the Pension Schemes Act 1993. The court decision was upheld on appeal on 25 July 2024. Further to this, and on 5 June 2025 the UK Government published that they will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards.”
• “On 24 March 2025, the company entered into a further ABS programme which raised £700,000,000 of external funds.”
• “Mercedes Benz Mobility AG is merging into Mercedes Benz Group which will happen on the 31 December 2025 but will be retrospectively applied from 1 October 2025.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers