Company registration number 01526882 (England and Wales)
HAYDOCK FINANCE LIMITED
Annual Report And Financial Statements
For The Year Ended 31 December 2021
HAYDOCK FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr J H Wilkinson
Mr S L Worrall
Mr I H Barr
Mr J M Jenkins
Mr J L Pearson
Mr A S Taylor
Secretary
Mr J L Pearson
Company number
01526882
Registered office
Challenge House
Challenge Way
Greenbank Business Park
Blackburn
BB1 5QB
Auditors
Azets Audit Services Limited
33 Park Place
Leeds
LS1 2RY
HAYDOCK FINANCE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 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 - 28
HAYDOCK FINANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The Company has continued to deliver strong growth in its portfolio whilst maintaining credit and pricing discipline. It has also maintained its programme of investment to upgrade and improve its underlying systems, processes and control environment alongside continued expansion of its staff base and thus ensure growth continues to be well managed.
The Company has reported a profit before tax on ordinary activities of £6.3 million compared to a profit before tax of £3.8 million in 2020. After taxation, the retained profit for the year of £5.7 million has been taken to reserves compared to £3.1 million in 2020. The Group has reported a profit before tax on ordinary activities of £5.8 million compared to a profit before tax of £3.3 million in 2020.
Net assets of the Company at 31 December 2021 amounted to £24.1 million compared with £18.5 million in 2020. Net assets of the Group at 31 December 2021 amounted to £29.2 million compared with £24.1 million in 2020.
The net receivables of the Company continued to grow being at £392.5 million at the end of 2021, an increase of over 26% when compared with £311.3 million in 2020. The net receivables of the Group also continued to grow being at £382.0 million at the end of 2021, an increase of over 26% when compared with £301.5 million in 2020.
The Directors of the Company declared a Dividend of £2.0 million on 24 June 2022.
Principal risks and uncertainties
The principal risks and uncertainties faced remain as liquidity, interest rate, credit and fraud risk, all of which are mitigated through a comprehensive control framework.
The Company and the Group 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 Group wide through the use of fixed interest rate agreements with funders and an element of interest rate caps on bank borrowings. No additional financial instruments are actively utilised as part of the financial risk management.
During the year and continuing into 2022, the Covid-19 pandemic continued to affect businesses globally, including within the UK. The business has traded very robustly throughout this period – providing unprecedented levels of support to customers, maintaining strong control over the portfolio, keeping staff safe and enabling a transition to secure and effective home working and ensuring systems remained resilient. The long term effects of the Pandemic remain and the business continues to be vigilant in its portfolio management to identify and mitigate any ongoing challenges.
During the year the business successfully re-negotiated its primary funding facilities to ensure continuity of origination and thus remain supportive of markets and brokers.
HAYDOCK FINANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Key performance indicators
The key performance indicators which the Directors regularly monitor include:-
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.
The Company 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.
The Company 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 2022 will continue to show a healthy level of profitability.
Mr J M Jenkins
Director
27 June 2022
HAYDOCK FINANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The company's principal business during the year continued to be the provision of financial services to the commercial asset finance sector in the United Kingdom.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. 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
Mr S L Worrall
Mr I H Barr
Mr J M Jenkins
Mr J L Pearson
Mr A S Taylor
Auditor
Azets Audit Services Limited were appointed auditors to the company following their acquisition of the trade of Garbutt & Elliott Audit Limited on 1 December 2021. In accordance with s487(2) of the Companies Act 2006 they are deemed reappointed annually.
Energy and carbon report
We have considered the recommendations of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which implement the Government’s policy on Streamlined Energy and Carbon reporting (SECR) when preparing this report.
Due to Covid-19, our single office was substantively closed from March 2020 until the autumn, and again into the winter of 2020/2021. Throughout 2021 and into 2022 the company implemented flexible working for all of our (average 95) employees. Outside of this, our average business mileage was, and continues to be, negligible.
2021
2020
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
12,744
38,399
- Electricity purchased
120,154
98,326
132,898
136,725
HAYDOCK FINANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2021
2020
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
2.35
7.09
Scope 2 - indirect emissions
- Electricity purchased
25.51
22.92
Total gross emissions
27.86
30.01
Intensity ratio
Tonnes CO2e per average employee
0.293
0.385
Quantification and reporting methodology
Total electricity and gas usage has been extracted from supplier invoices and adjustment made where periods were not coterminous with the reporting period.
The total kWh has been multiplied by 0.21233kg (electric) and 0.18438kg (gas) of CO2 to derive the total CO2e emissions for the Company as a whole. The multipliers have been extracted from the UK Government GHG Conversion Factors for Company Reporting 2021.
Intensity measurement
The Intensity Ratio is 0.293 : 1 based on total metric tonnes of CO2e per average employee, as substantively all of the consumption relates to office heat and light.
|
Measures taken to improve energy efficiency
The Company is committed to reducing its impact on the environment. In January 2020 we replaced our old heating provisions with new, state-of-the-art, heating / air conditioning units, with a single temperature control. We also changed our office lighting from switch to sensor based. At the same time, we replaced our servers and almost all of our IT infrastructure, with energy efficiency being one of our key purchasing criteria. As new equipment is required, it will continue to be replaced with energy efficient alternatives where possible.
We have furthermore during 2020 and into 2021 changed the contracts of most of our employees such that they are only required to attend the office when they need to and as agreed with their line manager. Previously, all employees were expected to be in the office every day Monday – Friday.
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
27 June 2022
HAYDOCK FINANCE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 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;
-
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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK FINANCE LIMITED
- 6 -
Opinion
We have audited the financial statements of Haydock Finance Limited (the 'company') for the year ended 31 December 2021 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 2021 and of its profit 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.
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.
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'
r
eport 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 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAYDOCK FINANCE LIMITED
- 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
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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management, and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance during the audit.
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pensions legislation, taxation legislation and further laws and regulations that could indirectly affect the financial statements, comprising employment, environmental and health and safety legislation and, in the current climate, covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These procedures did not identify any potentially material actual or suspected non-compliance.
To identify risks of material misstatement due to fraud we considered the opportunities and incentives and pressures that may exist within the company to commit fraud. Our risk assessment procedures included: enquiry of directors to understand the high level policies and procedures in place to prevent and detect fraud, reading Board minutes and considering performance targets and incentive schemes in place for management. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit.
HAYDOCK FINANCE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAYDOCK FINANCE LIMITED
- 8 -
As a result of these procedures we identified the greatest potential for fraud in the following areas:
- revenue recognition and in particular the risk that revenue is recorded in the wrong period; and
- subjective accounting estimates
both due to a desire to present stronger results and enable management to benefit from enhanced incentives. As required by auditing standards we also identified and addressed the risk of management override of controls.
We performed the following procedures to address the risks of fraud identified:
- identifying and testing high risk journal entries through vouching the entries to supporting documentation;
- assessing significant accounting estimates for bias; and
- testing the timing and recognition of income and, in particular, that it was appropriately recognised or deferred.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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.
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.
Chris Butt (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
28 June 2022
Chartered Accountants
Statutory Auditor
33 Park Place
Leeds
LS1 2RY
HAYDOCK FINANCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£'000
£'000
Turnover
3
50,121
32,634
Administrative expenses
(26,587)
(16,812)
Other operating income
5
Operating profit
4
23,534
15,827
Interest receivable and similar income
7
458
464
Interest payable and similar expenses
8
(17,698)
(12,458)
Profit before taxation
6,294
3,833
Tax on profit
9
(616)
(691)
Profit for the financial year
5,678
3,142
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
HAYDOCK FINANCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 10 -
2021
2020
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
263
219
Current assets
Debtors falling due after more than one year
13
336,554
268,109
Debtors falling due within one year
13
190,468
139,949
Cash at bank and in hand
8,220
6,045
535,242
414,103
Creditors: amounts falling due within one year
15
(142,771)
(103,037)
Net current assets
392,471
311,066
Total assets less current liabilities
392,734
311,285
Creditors: amounts falling due after more than one year
16
(368,581)
(292,767)
Provisions for liabilities
Deferred tax liability
17
13
56
(13)
(56)
Net assets
24,140
18,462
Capital and reserves
Called up share capital
19
4,612
4,612
Share premium account
7,268
7,268
Capital redemption reserve
1,000
1,000
Profit and loss reserves
11,260
5,582
Total equity
24,140
18,462
The financial statements were approved by the board of directors and authorised for issue on 27 June 2022 and are signed on its behalf by:
Mr J M Jenkins
Director
Company Registration No. 01526882
HAYDOCK FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2020
2,112
200
1,000
12,704
16,016
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
3,142
3,142
Issue of share capital
19
2,500
22,500
-
-
25,000
Dividends
10
-
-
-
(25,696)
(25,696)
Redemption of shares
19
(15,432)
-
15,432
Balance at 31 December 2020
4,612
7,268
1,000
5,582
18,462
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
5,678
5,678
Balance at 31 December 2021
4,612
7,268
1,000
11,260
24,140
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information
Haydock Finance Limited is a
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 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 a
mounts
in these financial statements are
rounded to the nearest
£1,000
.
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.
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
.
T
he company has
therefore
taken advantage of
e
xemptions 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 Haydock Finance Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are given in note note,note34 and 14.
Haydock Finance Limited is a wholly owned subsidiary of Haydock Finance Holdings Limited and the results of Haydock Finance Limited are included in the consolidated financial statements of Haydock Finance Holdings Limited. The registered office of Haydock Finance Holdings Limited is Challenge House, Challenge Way, Greenbank Business Park, Blackburn, BB1 5QB.
HD Bidco Limited owns 100% of the share capital of Haydock Finance Holdings Limited. HD Bidco Limited 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, NY 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. This expectation is supported by the committed contracted Senior Facility having sufficient headroom to support current and forecast levels of new originated business for at least the next 12 months, as has the committed contracted Junior Mezzanine Facility, which is provided by the majority shareholder of the Company who continues to be supportive of the Company. The Company has performed ahead of forecast in the first half of 2022 in terms of its key metrics of origination volume, rate, cost of risk and thereby profit, and is converting this into cash commensurately. Thus,
t
he Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Finance leases and instalment credit agreements
Income from assets leased to customers and from instalment credit agreements is determined by spreading interest and charges over the period of repayment in proportion to the net cash investment. Amounts due from customers under finance leases and instalment credit agreements are included in debtors.
Loans and similar advances
Interest earnings from loans and similar advances made to customers are recognised on an accruals basis.
Other income
Fees and commission income are recognised on an accruals basis and are stated net of VAT where applicable.
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 provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment
25% - 33% Straight line
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
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
the profit and loss account
, 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) 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.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ 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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
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. See also accounting policy 1.13, Bad and doubtful debts.
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
paymen
ts 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. A
m
ounts 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
s
ubsequently 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 th
r
ough 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.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
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.
1.9
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the
company’s
net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the
company’s
net investment outstanding in respect of leases.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Bad and doubtful debts
Impairment provisions are made for specific finance lease, instalment credit receivables and loans which are considered to be bad or doubtful. Impairment provisions made during the year are charged to the profit and loss account, net of recoveries.
Finance lease, instalment credit and loan receivables are all stated in the balance sheet, after deduction for specific impairment provisions.
1.15
Deferred commissions
Time-apportionable commission that is paid to third-party introducers is allocated to accounting periods by spreading the cost in proportion to the net cash investment of the related finance receivable.
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.
Bad debt provision
The company includes a specific bad debt provision within its financial statements to cover potential future losses arising from finance lease receivables. Management calculate and review this provision regularly, basing the provision on missed or late payments, and the judgement of management, having regard to potential recoveries from enforcement actions. The value of bad debt provisions is disclosed in note 12.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£'000
£'000
Turnover analysed by class of business
Interest earnings
42,049
28,272
Other finance related income
8,072
4,360
Commissions
-
2
50,121
32,634
Grants received
5
2021
2020
£'000
£'000
Turnover analysed by geographical market
United Kingdom
50,121
32,634
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Government grants
(5)
Depreciation of owned tangible fixed assets
94
76
Loss on disposal of tangible fixed assets
9
10
Operating lease charges
149
110
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
45
38
For other services
Taxation compliance services
11
10
All other non-audit services
3
3
14
13
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Directors
6
6
Sales and administration
89
72
Total
95
78
Their aggregate remuneration comprised:
2021
2020
£'000
£'000
Wages and salaries
6,156
4,897
Social security costs
729
592
Pension costs
401
249
7,286
5,738
7
Interest receivable and similar income
2021
2020
£'000
£'000
Interest income
Interest on bank deposits
1
10
Interest receivable from group companies
457
448
Other interest income
6
Total income
458
464
8
Interest payable and similar expenses
2021
2020
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on block discount finance agreements
842
623
Interest on securitised debt
11,827
6,950
Interest on other loans
5,029
4,885
17,698
12,458
The rights to interest due on the preference shares were waived in the year as they were in the prior year.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
9
Taxation
2021
2020
£'000
£'000
Current tax
UK corporation tax on profits for the current period
1,340
1,029
Adjustments in respect of prior periods
(194)
(18)
Group tax relief
118
Total current tax
1,146
1,129
Deferred tax
Origination and reversal of timing differences
(266)
(438)
Changes in tax rates
(264)
Total deferred tax
(530)
(438)
Total tax charge
616
691
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:
2021
2020
£'000
£'000
Profit before taxation
6,294
3,833
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
1,196
728
Tax effect of expenses that are not deductible in determining taxable profit
21
Adjustments in respect of prior years
(194)
(18)
Effect of change in corporation tax rate
(264)
Group relief
(139)
Other
(4)
(19)
Taxation charge for the year
616
691
10
Dividends
2021
2020
£'000
£'000
Interim paid
25,696
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
11
Tangible fixed assets
Fixtures, fittings and equipment
£'000
Cost
At 1 January 2021
338
Additions
148
Disposals
(34)
At 31 December 2021
452
Depreciation and impairment
At 1 January 2021
119
Depreciation charged in the year
94
Eliminated in respect of disposals
(24)
At 31 December 2021
189
Carrying amount
At 31 December 2021
263
At 31 December 2020
219
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
12
Finance lease and loan receivables
2021
2020
£'000
£'000
Finance lease receivables
Gross amounts receivable under finance leases:
Within one year
178,493
134,654
In one to five years
382,822
306,677
561,315
441,331
Unearned finance income
(82,844)
(65,900)
Present value of minimum lease payments receivable
478,471
375,431
The present value is receivable as follows:
Within one year
152,149
114,548
In one to five years
326,322
260,883
478,471
375,431
At the year end the company had made specific provisions against the finance lease present value of minimum lease payments receivable to the value of £16,297,000 (2020 - £7,261,000).
2021
2020
£'000
£'000
Loan receivables
Gross amounts receivable under loans:
Within one year
7,902
627
In one to five years
2,759
1,429
10,661
2,056
Unearned finance income
(294)
(290)
Present value of minimum loan payments receivable
10,367
1,766
The present value is receivable as follows:
Within one year
7,809
539
In one to five years
2,558
1,227
10,367
1,766
At the year end the company had made specific provisions against the present value of minimum repayments of loan receivables to the value of £418,000 (2020 - £179,000).
The above finance lease and loan receivables have been pledged as security against borrowings as disclosed in note 14.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
13
Debtors
2021
2020
Notes
£'000
£'000
Amounts falling due within one year:
Amount due from parent undertaking
15,446
15,052
Finance leases receivable
12
152,149
114,548
Loans receivable
12
7,809
539
Other debtors
1,238
694
Prepayments and accrued income
12,713
8,490
189,355
139,323
Deferred tax asset
17
1,113
626
190,468
139,949
2021
2020
£'000
£'000
Amounts falling due after one year:
Finance leases receivable
12
326,322
260,883
Loans receivable
12
2,558
1,227
Prepayments and accrued income
7,674
5,999
336,554
268,109
Total debtors
527,022
408,058
14
Loans and overdrafts
2021
2020
£'000
£'000
Securitised debt
399,302
281,598
Redeemable preference shares
15,000
15,000
Block discount finance agreements
16,344
21,639
Other loans
69,938
68,575
500,584
386,812
Payable within one year
133,589
95,262
Payable after one year
366,995
291,550
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
14
Loans and overdrafts
(Continued)
- 24 -
In the opinion of the directors, it is not in the interest of the shareholders that distributable reserves should be used to redeem any preference shares at any time within 12 months of the balance sheet date. Accordingly, they have been included within creditors due after one year. The preference shares comprise £6,000,000 'A' preference shares and £9,000,000 'C' redeemable preference shares, the rights of which are more fully disclosed in note 19.
The block discount financing agreements are secured against the underlying finance agreements.
Interest rates vary between
4
% and 6% and are repayable in line with the repayments of the underlying finance agreements
.
The securitised debt is secured against the underlying finance agreements.
Interest rates vary between 0.5% and 2.6% and are repayable in line with the repayments of the underlying finance agreements
. The debt
s
are
secured through Haydock Finance No.1 Limited
and Haydock Finance No. 2 Limited
and as the risks and rewards of the debt
s
remain with Haydock Finance Limited they have remained on their balance sheet.
All debt through Haydock Finance No. 2 Limited is in relation to the government backed Coronavirus Business Interruption Loan Scheme (CBILS), whereby all debt is secured up to 80% by the government.
Other loans
consists of £
6
9,938,000 (2020 - £68
,
575
,000
) from a related party, see note 21.
15
Creditors: amounts falling due within one year
2021
2020
Notes
£'000
£'000
Block discount finance agreements
14
6,613
9,347
Securitised debt
14
126,976
85,915
Trade creditors
385
318
Amounts owed to group undertakings
4,199
3,576
Corporation tax
399
1,125
Other taxation and social security
803
622
Accruals and deferred income
3,396
2,134
142,771
103,037
16
Creditors: amounts falling due after more than one year
2021
2020
£'000
£'000
Redeemable preference shares
14
15,000
15,000
Block discount finance agreements
14
9,731
12,292
Securitised debt
14
272,326
195,683
Other loans
14
69,938
68,575
Other creditors
1,586
1,217
368,581
292,767
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Balances:
£'000
£'000
£'000
£'000
Leased assets
13
56
-
-
Other timing differences
-
-
1,113
626
13
56
1,113
626
2021
Movements in the year:
£'000
Asset at 1 January 2021
(570)
Credit to profit or loss
(266)
Effect of change in tax rate - profit or loss
(264)
Asset at 31 December 2021
(1,100)
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.
18
Retirement benefit schemes
2021
2020
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
401
249
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.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
19
Share capital
2021
2020
£'000
£'000
Ordinary share capital
Issued and fully paid
4,612,000 Ordinary shares of £1 each
4,612
4,612
Details of the non-equity share capital included within creditors due after more than one year are as follows:
'A' Preference shares
The 6,000,000 'A' Preference shares of £1 each carry no voting rights and carry a 5% per annum cumulative dividend (charged as interest). On a winding up, they are repayable at par and rank behind the 'C' Redeemable Preference shares but ahead of the other classes of shares.
'C' Redeemable preference shares
The 9,000,000 'C' Redeemable preference shares of £1 each carry no voting rights and carry a 5% per annum cumulative dividend (charged as interest). These shares have been available to redeem at par since 28 February 2006. In the opinion of the directors, it is not in the interest of the shareholder that distributable reserves should be used to redeem any of these preference shares at any time within 12 months of the balance sheet date. Accordingly, they have been included within creditors due after one year. Dividends (charged as interest) will continue to be paid on the shares until such future date when the shares are redeemed. On a winding up, they are repayable at par and rank ahead of the other classes of shares.
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:
2021
2020
£'000
£'000
Within one year
106
109
Between two and five years
414
416
In over five years
1,387
1,491
1,907
2,016
The above rentals are in respect of Challenge House for the period to May 2040.
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
21
Acquisition of a business
On 1 June 2021 the company acquired a debtor book from Secure Trust Bank.
Fair Value
£'000
Trade and other receivables
6,592
Discount
(721)
Total consideration
5,871
Satisfied by:
£'000
Cash
5,871
The discount is being released to the profit and loss account in line with the underlying agreements purchased. The debtor book acquired is expected to unwind on or before March 2025.
22
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption in FRS 102 section 33.1A from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
Included in other loans is a £
68,575,000
(2020 - £68
,
575
,000
) loan from a group company of which £
68,575,000
was secured against the underlying finance agreements at the year end.
Interest is charged
on the loan at an average of 7.7% and is due for repayment in July 2025. Interest charged on the loan in the year was £5m (2020 - £4.9
m
).
HAYDOCK FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
23
Ultimate controlling party
The company is a wholly owned subsidiary of Haydock Finance Holdings Limited
("HFH")
, a company registered in England and Wales.
The financial statements of the company are consolidated in the financial statements of
HFH
. Copies of the group financial statements are available from
HFH
with registered office Challenge House, Challenge Way, Greenbank Business Park, Blackburn, BB1 5QB.
HFH
is the smallest and largest group into which Haydock Finance Limited is consolidated.
HD Bidco Limited owns 100% of the share capital of
HFH
. HD Bidco Limited 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, NY 10019, United States.
24
Directors' remuneration
2021
2020
£'000
£'000
Remuneration for qualifying services
1,737
1,548
Company pension contributions to defined contribution schemes
132
156
1,869
1,704
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2020 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£'000
£'000
Remuneration for qualifying services
585
570
The company's key management personnel are considered to be the directors only.
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
Mr J H Wilkinson
Mr S L Worrall
Mr I H Barr
Mr J M Jenkins
Mr J L Pearson
Mr A S Taylor
Mr J L Pearson
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01526882
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2021-01-01
2021-12-31
01526882
core:UKTax
2021-01-01
2021-12-31
01526882
core:UKTax
2020-01-01
2020-12-31
01526882
1
2021-01-01
2021-12-31
01526882
1
2020-01-01
2020-12-31
01526882
core:FurnitureFittings
2020-12-31
01526882
core:Non-currentFinancialInstruments
2021-12-31
01526882
core:Non-currentFinancialInstruments
2020-12-31
01526882
core:WithinOneYear
2021-12-31
01526882
core:WithinOneYear
2020-12-31
01526882
core:BetweenTwoFiveYears
2021-12-31
01526882
core:BetweenTwoFiveYears
2020-12-31
01526882
core:MoreThanFiveYears
2021-12-31
01526882
core:MoreThanFiveYears
2020-12-31
01526882
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
01526882
bus:FRS102
2021-01-01
2021-12-31
01526882
bus:Audited
2021-01-01
2021-12-31
01526882
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP