Company registration number 05307810 (England and Wales)
HAYDOCK FINANCE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HAYDOCK FINANCE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr I H Barr
Mr J M Jenkins
Mr J L Pearson
Mr A S Taylor
Secretary
Mr J L Pearson
Company number
05307810
Registered office
Challenge House
Challenge Way
Greenbank Business Park
Blackburn
BB1 5QB
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
HAYDOCK FINANCE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
HAYDOCK FINANCE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

Haydock Finance Holdings Limited (the "Company") is purely a holding company with one main trading subsidiary which has principal activities of financial services to the commercial asset finance sector in the United Kingdom.

The Company has reported a loss before tax of £590k (2024 profit before tax:£953k) and net assets of £27,625k (2024: £28,068k).

The directors consider the performance of the trading subsidiary when monitoring the performance of Haydock Finance Holdings and the strategic report below is based on Haydock Finance Limited.

Haydock Finance Limited has reported a profit before tax on ordinary activities of £10.9 million compared to a profit before tax of £3.4 million in 2024. After taxation, the retained profit for the year amounted to £7.1 million all of which taken to reserves compared to £2.8 million in 2024.

Net assets of Haydock Finance Limited as at 31 December 2025 amounted to £49.6 million compared with £42.6 million in 2024.

The net current assets of Haydock Finance Limited remained strong being £693.3 million at the end of 2025 compared with £598.4 million in 2024.

Principal risks and uncertainties

The principal risks and uncertainties faced by Haydock Finance Limited remain as liquidity, interest rate, credit and fraud risk, all of which are mitigated through a comprehensive control framework.

Haydock Finance Limited operates tiered levels of underwriting authority, all mandated by the Board of Directors, in respect of all new lending. The controls that are in place further require Director approval for individual customer exposures above certain monetary levels set regularly by the Board. Customer and portfolio exposures are also regularly reviewed by the Directors. Ongoing monitoring of exposures and portfolio behaviour ensures swift identification and resolution of issues.

Detailed monthly management accounts are prepared and reviewed to monitor actual financial performance against the budget, which is set annually by the Board.

Interest rate exposure is managed by Haydock Finance Limited through the use of fixed interest rate agreements with funders and a robust hedging strategy to derisk bank borrowings.

During the year and continuing into 2026, global events have created significant uncertainty. The resultant, inflationary pressures and interest rate volatility continues to affect businesses globally, including within the UK. Haydock Finance Limited has traded very robustly throughout this period – providing support to customers and maintaining strong control over the portfolio. It has sought to refine its pricing approach to maintain profitability during this turbulent period.

During the year Haydock Finance Limited once again successfully renegotiated and extended its primary funding facilities, including the successful execution of its third public securitization deal, Hermitage 2025, in June 2025 to ensure continuity of origination and thus remain supportive of markets and brokers’.

HAYDOCK FINANCE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The key performance indicators of Haydock Finance Limited which the Directors regularly monitor include:-

- New lending volumes;

- Net margin after money costs;

- Cost / income ratio;

- Default levels;

- Bad debt write-offs;

- Average return on receivables.

Due to commercial sensitivity, the Directors are of the opinion that it is not appropriate to disclose further details on these indicators.

Future developments

The Directors believe the continuing primary strategy for the medium to long term future remains in expanding and developing its commercial finance business. The combination of: -

a) strong origination sources;

b) sound underwriting of finance transactions that are secured on moveable assets; and

c) a commendable arrears record,

Provides a sufficiently robust platform, with ongoing investment to continue to drive growth and success.

Haydock Finance Limited is mindful of ongoing uncertainty in its market and the broader economic environment and will continue to monitor developments closely, especially as they pertain to its core borrower sectors. It believes, however, that its well diversified portfolio, broad sourcing and attractive and flexible propositions will continue to deliver opportunity and is planning accordingly.

Haydock Finance Limited recognises the importance of maintaining good business relationships with its suppliers and remains committed to paying all invoices in accordance with agreed terms.

Despite the current environmental uncertainties, the long term future outlook remains encouraging and the Directors expect that the financial results for 2026 will continue to show a healthy level of profitability.

Promoting the success of the company

The Board of Directors consider that they have acted in good faith to promote the long-term success of the Haydock Finance Limited for the benefit of its members as a whole. In doing so the Board have regard to their stakeholders and those matters set out in Section 172 of the Companies Act 2006:

• the likely consequences of any decision in the long term;

• the interests of the Company’s employees;

• the need to foster the Company’s business relationships with suppliers, customers and others;

• the impact of the Company’s operations on the community and the environment;

• the desirability of the Company maintaining a reputation for high standards of business conduct; and

• the need to act fairly as between members of the Company.

Haydock Finance Limited has regard to the interests of its key stakeholders, including employees, customers, suppliers, regulators, shareholders and the wider community. This approach is embedded in decision-making and continues to be considered as part of the company’s medium and long-term business planning.

Stakeholder engagement and consideration takes place across a wide spectrum of meetings and committees (eg Health & Safety, Energy & Environment, Community), employee surveys and briefs, customer and supplier visits and satisfaction metrics, as well as regular dialogue with regulatory authorities and our shareholder.

The Board acts and makes decisions to promote the long term sustainable success of the Haydock Finance Limited for the benefit of its members, whilst also seeking to contribute to the economy and communities we operate in. This approach is actively encouraged and fostered by the Board throughout all levels of the organisation.

HAYDOCK FINANCE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

On behalf of the board

Mr J M Jenkins
Director
26 June 2026
HAYDOCK FINANCE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends

The results for the year are set out on page 9.

Ordinary interim dividends were paid amounting to £nil (2024 - £1,500k). The directors do not recommend payment of a final 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 J H Wilkinson
(Resigned 14 November 2025)
Mr S L Worrall
(Resigned 30 September 2025)
Mr I H Barr
Mr J M Jenkins
Mr J L Pearson
Mr A S Taylor
Auditor

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

Energy and carbon report

The Company has taken the exemption available to subsidiary companies not to disclose information in respect of greenhouse gas emissions, energy consumption and energy effciency action given this is disclosed in the consolidated financial stateemnts of the ultimate parent company.

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 J M Jenkins
Director
26 June 2026
HAYDOCK FINANCE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the annual 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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

HAYDOCK FINANCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK FINANCE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Haydock Finance Holdings Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

HAYDOCK FINANCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK FINANCE HOLDINGS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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.

HAYDOCK FINANCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK FINANCE HOLDINGS LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alain de Braekeleer (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited, Statutory Auditor
Chartered Accountants
12 King Street
Leeds
LS1 2HL
26 June 2026
HAYDOCK FINANCE HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£'000
£'000
Administrative expenses
(32)
(29)
Interest receivable and similar income
5
-
0
1,500
Interest payable and similar expenses
6
(558)
(488)
(Loss)/profit before taxation
(590)
983
Tax on (loss)/profit
7
147
132
(Loss)/profit for the financial year
(443)
1,115

The income statement has been prepared on the basis that all operations are continuing.

HAYDOCK FINANCE HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
9
44,526
44,526
Current assets
Debtors
11
1
1
Creditors: amounts falling due within one year
12
(16,902)
(16,459)
Net current liabilities
(16,901)
(16,458)
Net assets
27,625
28,068
Capital and reserves
Called up share capital
13
4,566
4,566
Share premium account
22,500
22,500
Capital redemption reserve
46
46
Profit and loss reserves
513
956
Total equity
27,625
28,068
The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
Mr J M Jenkins
Director
Company registration number 05307810 (England and Wales)
HAYDOCK FINANCE HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2024
4,566
22,500
46
1,341
28,453
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,115
1,115
Dividends
8
-
-
-
(1,500)
(1,500)
Balance at 31 December 2024
4,566
22,500
46
956
28,068
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
-
(443)
(443)
Balance at 31 December 2025
4,566
22,500
46
513
27,625
HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Haydock Finance Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Challenge House, Challenge Way, Greenbank Business Park, Blackburn, BB1 5QB.

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 £1,000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS102 which permit it to not present details of its transactions with members of the group headed by Aegis Asset Finance Holdings Ltd. where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are given in note 12.

Haydock Finance Holdings Limited is a wholly owned subsidiary of Aegis Asset Finance Holdings Ltd. and the results of Haydock Finance Holdings Limited are included in the consolidated financial statements of Aegis Asset Finance Holdings Ltd. The registered office of Aegis Asset Finance Holdings Ltd is 2nd Floor 107 Cheapside, London, United Kingdom, EC2V 6DN.

Aegis Asset Finance Holdings Ltd is a company that is ultimately controlled by Apollo Global Management, LLC. Apollo Global Management, LLC's registered office is 9 West 57th Street, 43rd Floor, New York, New York 10019, United States.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

1.5
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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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 and loans from fellow group companies, 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.

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.

HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.6
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.

1.7
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.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

It is considered that in the current year financial statements, there are no critical accounting estimates or judgements.

HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
3
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
3
4
4
Employees

There were no employees during the year apart from the directors whom are remunerated through Haydock Finance Limited, a company of which they are also directors.

5
Interest receivable and similar income
2025
2024
£'000
£'000
Income from fixed asset investments
Income from shares in group undertakings
-
0
1,500
6
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest payable to group undertakings
558
488
7
Taxation
2025
2024
£'000
£'000
Current tax
Group tax relief
(147)
(132)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
(Loss)/profit before taxation
(590)
983
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(148)
246
Tax effect of income not taxable in determining taxable profit
-
0
(375)
Rounding
1
(3)
Taxation credit for the year
(147)
(132)
HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Dividends
2025
2024
£'000
£'000
Interim paid
-
0
1,500
-
1,500
9
Fixed asset investments
2025
2024
Notes
£'000
£'000
Investments in subsidiaries
10
44,526
44,526
10
Subsidiaries

These financial statements are separate company financial statements for Haydock Finance Holdings Limited.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Haydock Asset Finance Limited
England and Wales (1)
Provision of financial services
Ordinary
100.00
-
Haydock Finance Limited
England and Wales (1)
Provision of financial services
Ordinary
100.00
-
Haydock Stock Finance Limited
England and Wales (1)
Provision of financial services
Ordinary
0
100.00
Haydock Finance No.1 Limited
England and Wales (2)
Special Purpose Vehicle
-
0
-
Hermitage 2023 PLC
England and Wales (2)
Special Purpose Vehicle
-
0
-
Hermitage 2024 PLC
England and Wales (2)
Special Purpose Vehicle
-
0
-
Hermitage 2025 PLC
England and Wales (2)
Special Purpose Vehicle
-
0
-

Registered office addreses (All England and Wales unless otherwise indicated):

1. Challenge House, Challenge Way, Greenbank Business Park, Blackburn, BB1 5QB

2. 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU

Haydock Finance Holdings Limited is the parent of Haydock Finance Limited and is also a subsidiary included in the consolidated financial statement of its ultimate controlling party, Aegis Asset Finance Holdings Ltd.

Haydock Finance No.1 Limited is a special purpose vehicle ("SPV") which is used to provide funding to Haydock Finance Limited through entry into a variable senior advance facility and a variable junior advance facility. Although there is no share ownership, there is control, and therefore the subsidiary is included in the consolidated financial statements of Aegis Asset Finance Holdings Limited.

Hermitage 2023 PLC, Hermitage 2024 PLC, and Hermitage 2025 PLC are each a special purpose vehicle ("SPV") which are used to provide funding to Haydock Finance Limited through subordinated loan agreements. Although there is no share ownership, there is control, and therefore the subsidiaries are included in the consolidated financial statements of Aegis Asset Finance Holdings Limited.

HAYDOCK FINANCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Corporation tax recoverable
1
1
12
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Amounts owed to group undertakings
16,895
16,457
Accruals and deferred income
7
2
16,902
16,459

Amounts owed to group undertakings are unsecured and repayable on demand.

13
Share capital
2025
2024
£'000
£'000
Ordinary share capital
Issued and fully paid
4,566,000 Ordinary shares of £1 each
4,566
4,566
14
Ultimate controlling party

The immediate parent company is HD Bidco Limited, a company registered in England and Wales.

The Ultimate parent company is Aegis Asset Finance Holdings Ltd, a company registered in England and Wales. Copies of the consolidated financial statements are available from 2nd Floor 107 Cheapside, London, EC2V 6DN.

Aegis Asset Finance Holdings Ltd. is ultimately controlled by Apollo Global Management Inc., a company incorporated in the United States of America. This is the largest group for which the financial statements are prepared. The consolidated financial statements of this group are available from 9 West 57th Street, 42nd Floor, New York 100019, United States.

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