Registered number: 05363678
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
The Directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
The principal activity of the Company during the year was the provision of employee benefits. The Company is increasingly involved in the provision of employee benefits as the business continues to diversify from being a sole cycle to work provider. These benefits help our clients engage with their employees to enable them to improve their health, productivity and ultimately business performance. Our reputation is based on providing the best service and choice through our products and partners.
Key performance indicators are turnover and operating profit. Turnover increased by 4% to £16.0 million, showing continued high demand. A portion of this can be attributed to a 53 week period being compared to a 52 week period in the previous year.
The Directors are pleased with the performance for the year and the fact that the business continues to deliver economic benefits to approximately 2,500 partner retailers, the vast majority of which are small and medium enterprises. Furthermore, the Company continues to significantly reinvest in the Cycle to work proposition, to remain a vital contributor to the sales of the bike trade; alongside investment in diversifying the benefit portfolio.
The balance sheet at the end of the period remains in a strong position with sufficient cash reserves to cover liabilities falling due in the next year.
The Directors are pleased with the performance for the year and the fact that the business continues to deliver economic benefits to approximately 2,500 partner retailers, the vast majority of which are small and medium enterprises. Furthermore, the Company continues to significantly reinvest in the Cycle to work proposition, to remain a vital contributor to the sales of the bike trade; alongside investment in diversifying the benefit portfolio.
The balance sheet at the end of the period remains in a strong position with sufficient cash reserves to cover liabilities falling due in the next year.
Financial key performance indicators:
The Company's business does not expose it to any particular risk other than those associated with normal commercial trading. A comprehensive review of risks is performed every year and reported to the immediate parent company, Hawk Incentives Holdings Limited. The Directors are satisfied that the procedures and controls that have been put in place are robust and appropriate for the nature of business in which the Company engages.
Services are provided in relation to tax efficient employee schemes, and Cyclescheme remains committed to working with the government, HMRC and the DfT to ensure the continued and expanding provision of cycle-to-work schemes as a salary sacrifice benefit.
Services are provided in relation to tax efficient employee schemes, and Cyclescheme remains committed to working with the government, HMRC and the DfT to ensure the continued and expanding provision of cycle-to-work schemes as a salary sacrifice benefit.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
We’ve outlined the below as part of Cyclescheme’s duty to promote the success of the Company for the benefit of all stakeholders, under section 172(1) of the Companies Act (2006). In our continued efforts to uphold a high-quality standard of business across our product portfolio, we take considered action to ensure that stakeholders are informed and on board with our decisions.
Foster business relationships with suppliers, customers, and other stakeholders
We take the utmost care to be transparent in all of our customer communications. We do not mislead or convey false information. We divide our communications between marketing and transactional, to ensure that customer preferences are adhered to. We tailor our offering and subsequent email communications to relevant, honest topics where we have a genuine belief (and resulting data) that our customers have an interest.
We monitor ‘Net Promoter Scores’ (NPS) from our customers which measure customer loyalty and satisfaction taken from asking how likely they are to recommend our service to others. In addition, we also monitor various other KPIs for call handling, such as volume of calls answered within certain time frames and call abandon rates. We have produced documentation over the past year to assist our customers in their user journey of our products so as to provide a seamless and quality level of service.
Partners and suppliers
When managing and building relationships with our partners and suppliers, we maintain a vigorous auditing process that ensures we present ourselves at the expected standard. This includes monthly credit checks and regular contact by our dedicated retail team who confirm that suppliers are fulfilling their duties in line with expectations. Where issues are identified, these are picked up and very quickly addressed. We provide robust compliance training for our employees, which results in positive partner and supplier management.
We work conscientiously with our partners to provide quality content to our customers, while keeping an open channel of communication to highlight issues or changes to service in good time. Our suppliers are trusted, compliant businesses who we work closely with on an ongoing basis. These relationships allow us to remain in a position of trust with our customers and partners.
Interests of employees
The interests of our employees are deep routed within everything we do at Cyclescheme. We invest our time into regular employee briefings, so that all internal stakeholders feel informed as to company decisions and processes. We provide the opportunity for quarterly feedback via our ‘Listen Surveys’, of which the results are collated and acted upon.
We also provide in depth compliance training such as anti-money laundering, code of business conduct and ethics, data privacy and information security. These trainings are mandatory once per 12-month period.
Our review process, undertaken every 6 months, allows employees to envision a clear career progression and provides a forum for issues to be raised and dealt with professionally.
Act fairly as between members of the Company
Cyclescheme are dedicated to ensuring transparency in a fair and just manner between its members.
Maintain a reputation for high standards of business conduct
Our Board of Directors are experts in their field and can therefore make calculated decisions under pressure, to drive our business forward without compromising on the quality of our products, reputation or service. We are known within the employee benefits industry as a compliant and well-managed organisation.
Foster business relationships with suppliers, customers, and other stakeholders
We take the utmost care to be transparent in all of our customer communications. We do not mislead or convey false information. We divide our communications between marketing and transactional, to ensure that customer preferences are adhered to. We tailor our offering and subsequent email communications to relevant, honest topics where we have a genuine belief (and resulting data) that our customers have an interest.
We monitor ‘Net Promoter Scores’ (NPS) from our customers which measure customer loyalty and satisfaction taken from asking how likely they are to recommend our service to others. In addition, we also monitor various other KPIs for call handling, such as volume of calls answered within certain time frames and call abandon rates. We have produced documentation over the past year to assist our customers in their user journey of our products so as to provide a seamless and quality level of service.
Partners and suppliers
When managing and building relationships with our partners and suppliers, we maintain a vigorous auditing process that ensures we present ourselves at the expected standard. This includes monthly credit checks and regular contact by our dedicated retail team who confirm that suppliers are fulfilling their duties in line with expectations. Where issues are identified, these are picked up and very quickly addressed. We provide robust compliance training for our employees, which results in positive partner and supplier management.
We work conscientiously with our partners to provide quality content to our customers, while keeping an open channel of communication to highlight issues or changes to service in good time. Our suppliers are trusted, compliant businesses who we work closely with on an ongoing basis. These relationships allow us to remain in a position of trust with our customers and partners.
Interests of employees
The interests of our employees are deep routed within everything we do at Cyclescheme. We invest our time into regular employee briefings, so that all internal stakeholders feel informed as to company decisions and processes. We provide the opportunity for quarterly feedback via our ‘Listen Surveys’, of which the results are collated and acted upon.
We also provide in depth compliance training such as anti-money laundering, code of business conduct and ethics, data privacy and information security. These trainings are mandatory once per 12-month period.
Our review process, undertaken every 6 months, allows employees to envision a clear career progression and provides a forum for issues to be raised and dealt with professionally.
Act fairly as between members of the Company
Cyclescheme are dedicated to ensuring transparency in a fair and just manner between its members.
Maintain a reputation for high standards of business conduct
Our Board of Directors are experts in their field and can therefore make calculated decisions under pressure, to drive our business forward without compromising on the quality of our products, reputation or service. We are known within the employee benefits industry as a compliant and well-managed organisation.
Page 2
STRATEGIC REPORT (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Directors' statement of compliance with duty to promote the success of the Company (continued)
Impact of the operations on the community and the environment
In light of the marked concerns surrounding environmental health, there are a number of initiatives underway. We take into consideration all impact points along the production line and have minimised our emissions wherever possible.
In relation to our workforce and offices, we employ the services of a waste removal company who sort our waste and ensure that as little as possible goes into landfill.
We encourage our staff to commute via bike, car-share or public transport. We have installed cycling facilities and provide employees with access to our Cyclescheme benefit whereby participants agree to use their bike for commuting purposes where possible.
Additionally, we have invested in our headquarters to ensure that energy is consumed in a thoughtful way.
We have built some strong relationships within our local and wider community. We have a ‘charity of the year’, with several hosted fundraising events for our employees to participate in. We also encourage our employees to invest their own time in volunteering roles, with 2 working days per year granted for community outreach, per employee.
Likely consequence of any decision in the long term
Our Board of Directors consider the potential consequences of all decisions and appropriately weigh risk against each action. Regular reporting and a robust escalation process mean that the board remain fully informed at all times and are poised to take action if required.
Impact of the operations on the community and the environment
In light of the marked concerns surrounding environmental health, there are a number of initiatives underway. We take into consideration all impact points along the production line and have minimised our emissions wherever possible.
In relation to our workforce and offices, we employ the services of a waste removal company who sort our waste and ensure that as little as possible goes into landfill.
We encourage our staff to commute via bike, car-share or public transport. We have installed cycling facilities and provide employees with access to our Cyclescheme benefit whereby participants agree to use their bike for commuting purposes where possible.
Additionally, we have invested in our headquarters to ensure that energy is consumed in a thoughtful way.
We have built some strong relationships within our local and wider community. We have a ‘charity of the year’, with several hosted fundraising events for our employees to participate in. We also encourage our employees to invest their own time in volunteering roles, with 2 working days per year granted for community outreach, per employee.
Likely consequence of any decision in the long term
Our Board of Directors consider the potential consequences of all decisions and appropriately weigh risk against each action. Regular reporting and a robust escalation process mean that the board remain fully informed at all times and are poised to take action if required.
Cyclescheme will continue to develop its processes for the administration of cycle-to-work schemes and also develop new products and services that support and drive business to our retail partners.
This report was approved by the board and signed on its behalf.
Page 3
DIRECTORS' REPORT
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
The directors present their report and the financial statements for the 53 week period ended 3 January 2026.
The 53 week period ended 3 January 2026 is stated as 2025 and the 52 week period ended 28 December 2024 is stated as 2024. All reference to years represents the periods detailed here, unless otherwise noted.
Details of activities and principal risks and uncertainties can be found in the Strategic Report on page 1 and form part of this report by cross-reference.
Details of activities and principal risks and uncertainties can be found in the Strategic Report on page 1 and form part of this report by cross-reference.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The profit for the 53 week period, after taxation, amounted to £7,497,000 (2024 - £7,403,000).
On 22nd October 2025, a dividend of £15,000,000 was paid to the sole shareholder, Hawk Incentives Holdings Limited.
The directors who served during the 53 week period were:
Investing in research and development programmes delivers product innovation within Cyclescheme Limited. Expenditure in 2025 on research and development was focused on the development of employee benefit products, an area where we seek to innovate.
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DIRECTORS' REPORT (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
The Company’s energy and carbon emission form part of the Group’s disclosures and are contained in the consolidated financial statements of Hawk Incentives Holdings Limited.
The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the Directors' Report, such as the business review and details of the principal risks and uncertainties.
There have been no material events subsequent to the balance sheet date.
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYCLESCHEME LIMITED
We have audited the financial statements of Cyclescheme Limited (the 'Company') for the 53 week period ended 3 January 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYCLESCHEME LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial 53 week period 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYCLESCHEME LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
∙The Companies Act 2006;
∙Financial Reporting Standard 102; and
∙UK tax legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. He did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. He did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of
the accounts team, or with unusual descriptions or account combinations.
the accounts team, or with unusual descriptions or account combinations.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYCLESCHEME LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Page 10
STATEMENT OF FINANCIAL POSITION
AS AT 3 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Cyclescheme Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006. The Company is registered in England and Wales and the address of the registered office is disclosed on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Hawk Incentives Holdings Limited as at 3 January 2026 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
Revenue on service provision to employer participants is recognised when the service is provided, unless collectability is not reasonably assured, in which case it is recognised once collection of consideration is reasonably assured.
Revenue from breakage is recognised only after six years have passed since the certificate was issued.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Software is amortised on a straight-line basis over a useful economic life of 36 months.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Capitalised software costs
Costs relating to the development of computer software for internal use are capitalised once all of the development phase recognition criteria of FRS 102 are met. When the software is available for intended use, these costs are amortised in equal amounts over the estimated useful life of the software. Amortisation and impairment of computer software of licences are charged to administrative expenses in the period in which they arise. Judgement is required in the determination of whether and when costs incurred qualify as development expenditure as in order to be capitalised, it must be determinable to that project will meet its design specifications, including functions, features and technical performance requirements and that the expenditure will generate probable future economic benefits in excess of the development costs incurred.
The Directors do not believe that there are sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
There were no factors that may affect future tax charges.
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
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Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
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Profit and loss account
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 3 JANUARY 2026
The immediate parent company and controlling entity is Hawk Incentives Holdings Limited. Hawk Incentives Holdings Limited is the smallest group that Cyclescheme Limited is consolidated into and is incorporated in the UK. Copies of Hawk Incentives Holdings Limited financial statements are available to the public at Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
As at 3 January 2026, the ultimate control company is BHN Holdings Inc. which is incorporated in the USA. BHN Holdings Inc. is majority owned by investment funds affiliated with Silver Lake Partners and investment funds affiliated with P2 Capital Partners. There is no individual who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interest of BHN Holdings Inc.
As at 3 January 2026, the ultimate control company is BHN Holdings Inc. which is incorporated in the USA. BHN Holdings Inc. is majority owned by investment funds affiliated with Silver Lake Partners and investment funds affiliated with P2 Capital Partners. There is no individual who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interest of BHN Holdings Inc.
Page 24