The directors present the strategic report for the year ended 31 December 2025.
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.
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’.
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.
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.
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.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
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.
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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
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.
The income statement has been prepared on the basis that all operations are continuing.
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.
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.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans 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.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
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.
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:
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:
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.
Amounts owed to group undertakings are unsecured and repayable on demand.