wk-2026-01-31-ixbrl

Reed & Mackay Travel Limited

Strategic Report

for the year ended 31 January 2026

The directors present their Strategic Report and the audited financial statements of Reed & Mackay Travel

Limited (“the Company”) for the year ended 31 January 2026.

Principal activities

The Company is engaged in the booking & ticketing of flights, hotels & ancillary services for business travel,

as well as the arrangement of corporate meetings & events in the UK and throughout the world.

Business review

This is the first year the Company has prepared its financial statements in accordance with FRS 101.

Accordingly, financial information at 1 February 2024 (being the date of transition) and for the year ended 31

January 2025 have been restated to comply with FRS 101. The impact of the transition to FRS 101 is

detailed within Note 25.

This year represented the start of a multi-year period of transition and transformation for the Company and

its stakeholders. On 30 October 2025, the Company’s ultimate parent company Navan Inc completed its

initial public offering on the Nasdaq stock exchange. On 29 January 2026, Navan Inc announced the

intention to transition the Company’s customers to the Navan platform. As a result of this transition, the

Company’s renowned client-led service offering will become the foundation for a new premium offering under

the Navan brand, all the while ensuring customers continue to receive the white-glove service they value.

Over the course of the year, the Company maintained its delivery of high-quality service to its customers,

whilst investment and integration activities have ramped during the final months of the financial year.

The key performance indicators of the Company are as follows:


		Restated
	2026	2025	Change
	£'000 / %	£'000 / %	%

Revenue	79,277	80,648	(2)%
Operating profit	11,769	18,514	(36)%
Profit after tax	2,929	18,053	(84)%
Net Assets	51,117	57,916	(12)%
Average number of employees	730	707	3%
Operating profit margin	15%	23%	(8)%

Revenue has remained broadly in line year on year.

Operating profit has decreased by 36% which is driven by the investment in the Company’s activities as it

begins a multi-year period of transformation to transition its clients on to the Navan platform. Therefore,

additional costs have been incurred in relation to the reorganisation required to optimise the Company’s

structure and the employee-base to support the long-term success of the Company and deliver to customers

a fully integrated solution of best-in-class service and technology.

Profit after tax has decreased by 84% due to the decrease in operating profit as noted above and the 2026

deferred tax charge (2025 deferred tax credit) on share-based payments.

Net Assets has decreased by 12% due to dividends paid in the period and a reduction in deferred tax assets.

Average number of employees has increased by 3% primarily due to investments in the Company’s client-

facing teams to ensure we continue to provide high-quality services to our customers whilst having sufficient

headcount to enable the business to further integrate the Company with the operations of its ultimate parent

company Navan Inc.

Reed & Mackay Travel Limited

Strategic Report (continued)

for the year ended 31 January 2026

Future developments

The Company’s ongoing focus is on integration activities to migrate the customer base to the Navan platform

whilst continuing to maintain our high-standards of service.

Principal risks and uncertainties

The Company’s risk management framework includes a process for identifying, assessing and responding to

risk and supporting the Company’s strategy and business objectives.

Risk management operates at all levels throughout the business. However, the directors take overall

responsibility, determining the nature and extent of principal risks it is willing to take to achieve the

Company’s strategic objectives, and maintaining the Company’s risk governance structure and appropriate

internal control framework.

The principal risks faced by the Company are as follows:

Credit risk

The Company’s credit risk is primarily attributable to its trade receivables. Credit risk is managed by the

Company's Credit Policy which includes management’s review of aged debt on a monthly basis; running

credit checks on new clients; tracking credit scores on existing clients, setting and reviewing credit limits and

terms on clients; encouraging clients to make payments via credit cards or direct debit and by monitoring

payments against contractual agreements. No long-term commitments are made without funds being

received from clients.

Supplier risk

The Company has various contractual arrangements in place with a number of third-party travel suppliers

including airlines, hotels, global distribution system providers and rail travel providers. Adverse changes to

these key supplier arrangements could impact the Company’s operations and future financial results. The

Company mitigates this risk by maintaining a broad supplier base with a focus on maintaining strong

relationships with all suppliers and identifying any new potential suppliers through a robust procurement

process.

Cash flow risk

The directors monitor cash flow as part of its day to day control procedures to ensure the Company can meet

its obligations and to support its investment plans to drive long-term growth. The directors review short and

long-term forecasts on a monthly basis to ensure appropriate facilities are available. At year-end, the

Company had a strong cash balance of £33,274,000 (2025: £20,411,000).

Foreign exchange risk

Exposure to foreign exchange movements are monitored on a month by month basis. To mitigate foreign

exchange risk the Company focuses on receiving and making payments in local currencies where possible.

Travel industry disruption

The Company's financial performance is reliant on the strength of both domestic and international travel

industries. Unpredictable force majeures such as wars, pandemics and natural disasters can have highly

adverse effects on the global travel industry and can rarely be mitigated. Disruption can also arise from

economic conditions, such as recessions, and political environments which can result in varying levels of

decrease in demand or additional operational costs across the industry. To increase the Company’s

resilience against global travel industry disruption, the Company offers a diverse range of services with a

wide portfolio of customers.

Reed & Mackay Travel Limited

Strategic Report (continued)

for the year ended 31 January 2026

Section 172(1) Statement

Section 172(1) of the Companies Act 2006 requires the directors to act in a way they consider would most

likely promote the success of the Company for the benefit of our members as a whole. When making

decisions, the directors are required to have regard to the interests of the Company's employees, clients,

suppliers and other stakeholders including the impact of the Company's activities on the community and

environment. The directors should also consider the likely impact of such decisions on maintaining high

standards of business conduct and the likely consequences in the long-term.

Decision-making at the Board

The Board consists of experienced directors who bring considerable expertise and perspective to the

decision-making process. The responsibilities of the Board are set out in the Company’s Articles of

Association. The Board meets on a regular basis and all matters in which the Board is required to reach a

decision are presented at Board meetings. Supporting papers setting out to the directors the relevant key

facts are also provided. The papers also describe any potential short-term and long-term impacts and risks

for the Company, its clients, employees, shareholders and other stakeholders including suppliers, the

community and environment, and how these are to be managed.

Employees

The directors consider its employees to be a primary stakeholder in the business and strives to retain and

motivate all employees as well as attracting high quality new talent. The culture is to be supportive and

actively recognise efforts, ensuring employees feel they are making an impact doing fulfilling work, as well as

encouraging people to grow and develop. The Company has a strong focus on employee engagement and

HR strategy and continues to enhance a workplace that employees enjoy being a part of. The wellbeing of

employees is very important, and integrating work and family life, as well as taking care of oneself and giving

back to the community are all encouraged.

Diversity and equal opportunity are of great importance at Reed & Mackay and we believe it’s the only way

to ensure everyone can reach their full potential. We are proud of our inclusive culture and the part it plays in

attracting and retaining a talented workforce with real passion for delivering extraordinary service.

Clients

Our clients are at the heart of everything we do. Our desire for service is matched only by our dedication to

value. Our travel experts search harder, explore further and think smarter to deliver our clients the best

possible solution. As discussed in further detail in Future Developments on page 3, the Company has

announced plans to combine the talents of our consultants with the market leading technology of Navan to

ensure we continue to best serve our clients going forward.

Suppliers

The Company is committed to responsible procurement and prioritises fair and transparent dealings, timely

payments and open communication with all suppliers.

Environment

We recognise that business travel has an impact on the environment. As a result, we are fully committed to

minimising this impact along with our clients. Certified to ISO 14001, the international environmental

accreditation, we work hard to reduce the carbon footprint of our business and that of our clients’ travel

programmes. The Company continues to prioritise sustainability in all activities and processes.

High standards of business conduct

The Board set out to behave in a responsible manner, operating with the highest standards of business

conduct and good governance. This is epitomised in the certifications achieved for ISO 9001 (Quality), ISO

Reed & Mackay Travel Limited

Strategic Report (continued)

for the year ended 31 January 2026

Section 172(1) Statement (continued)

High standards of business conduct (continued)

22301 (Business Continuity Management), ISO 27001 (Information Security Management) and ISO 14001

(Environmental Management), ensuring that risks are identified and minimised, and that the business has

the resource and ability to continue to provide the highest quality service to its clients even when unexpected

situations arise.

We work closely and collaboratively with our service providers, including airlines, hotels and transport

services, and other suppliers, including our technology partners, developing a partnership approach to foster

sound commercial relationships that ultimately benefit our clients.

This report was approved by the board of directors and signed on its behalf by:

G Bennett

Director

29 July 2026

Reed & Mackay Travel Limited

Directors’ Report

for the year ended 31 January 2026

The directors present their report and the audited financial statements of Reed & Mackay Travel Limited ("the

Company") for the year ended 31 January 2026.

Results and dividends

The Company recorded a profit after tax for the year of £2,929,000 (2025 (restated): £18,053,000). A

dividend of £8,500,000 (2025: £13,000,000) was declared and paid during the year.

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups

(accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors'

Report have been omitted as they are included in the Strategic Report on pages 2 to 5. These matters are

related to the principal activity, future developments and financial risk management.

Directors

The directors of the Company during the year and to the date of this report, unless otherwise stated, were:

A Giviskos (appointed 1 October 2025 and resigned 17 April 2026)

A Minetti (appointed 1 October 2025 and resigned 5 June 2026)

C Herold (appointed 1 October 2025)

F A Stratford (resigned 30 September 2025)

G Bennett

R Whitehead (appointed 5 June 2026)

Directors’ indemnity

The ultimate parent company has made qualifying third-party indemnity provisions for the benefit of directors

and officers of the Company which were made during the year and exist at the date of this report.

Post balance sheet events

On 24 February 2026, as part of an ongoing programme to streamline the global operations of the Navan

Group, the Company’s subsidiary Navan Travel UK SPV Limited was voluntarily dissolved.

Going concern

The directors have prepared detailed financial forecasts which take into account the expected future trading

performance of the Company and reasonable possible reductions in this expected performance. These

demonstrate that the Company will be able to operate within the level of its available resources and will have

sufficient funds to ensure it can meet its financial liabilities as they fall due.

The Company has a joint revolving credit facility with its ultimate parent company Navan Inc and under this

arrangement certain assets of the Company have been pledged. Given the joint nature of this arrangement,

the Company has received a letter of support from Navan Inc confirming its support to the Company and its

obligations under this joint arrangement for a period of at least twelve months from signing of these financial

statements.

After making enquiries and taking into account the above factors, the directors have a reasonable

expectation that the Company has adequate resources to continue to meet its obligations as they fall due for

the foreseeable future being a period of at least twelve months from signing of these financial statements.

Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Employment of disabled persons

The Company is committed to a policy of recruitment and promotion, on the basis of aptitude & ability without

discrimination of any kind. Management actively pursues both the employment of disabled persons

Reed & Mackay Travel Limited

Directors’ Report (continued)

for the year ended 31 January 2026

Employment of disabled persons (continued)

whenever a suitable vacancy arises and the continued employment and retraining of employees who

become disabled whilst employed by the Company. Particular attention is paid to the training, career

development and promotion of employees who are disabled with a view to encouraging them to play an

active role in the development of the Company.

Employee engagement

The Company is committed to engaging employees in the performance and direction of the Company.

Through the Company's performance development plans and incentive schemes, employees' objectives are

closely aligned to those of the Company. Management is committed to having the industry leading training

programme and has continued to invest in bespoke training. Furthermore, as part of a blended employee

engagement approach, the Company has developed several core e-learning programmes and employees

attend monthly business updates.

Streamlined energy and carbon reporting

The Company has taken advantage of the exemption not to prepare a Streamlined Energy and Carbon

Report (“SECR”) report as it is included in the consolidated financial statements of the immediate parent

Company, Reed & Mackay Holdings Limited.

Research and development activities

On 29 January 2026, the ultimate parent company Navan Inc announced the transition of the Company’s

customers to the Navan platform. In line with this announcement, the Company’s research and development

activities in relation to its legacy platforms were adjusted towards the end of the financial year to ensure the

platform remains operational for all clients during this transition period. The Company’s future research and

development activities will be focused on developments on the Navan platform to ensure the Company’s

customers future needs are met upon transition on to the Navan platform.

Directors’ confirmation

In the case of each director in office at the date of the Directors’ Report is approved:

• so far as the director is aware, there is no relevant audit information of which the Company's auditors

are unaware; and

• they have taken all the steps that they ought to have taken as a director in order to make themselves

aware of any relevant audit information and to establish that the Company's auditors are aware of

that information.

Auditors

PricewaterhouseCoopers LLP have expressed their willingness to continue in office as auditors’ and will be

proposed for reappointment in accordance with s485 of the Companies Act 2006.

This report was approved by the board of directors and signed on its behalf by:

G Bennett

Director

29 July 2026

Reed & Mackay Travel Limited

Statement of directors’ responsibilities in respect of the

financial statements

for the year ended 31 January 2026

The directors are responsible for preparing the Annual Report and the financial statements in accordance

with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure

Framework”, and applicable law).

Under company law, 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 the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been

followed, subject to any material departures disclosed and explained in the financial statements;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the Company will continue in business.

The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

Reed & Mackay Travel Limited

Independent auditors' report to the members of Reed &

Mackay Travel Limited

for the year ended 31 January 2026

Report on the audit of the financial statements

Opinion

In our opinion, Reed & Mackay Travel Limited’s financial statements:

• give a true and fair view of the state of the Company’s affairs as at 31 January 2026 and of its profit

for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure

Framework", and applicable law); and

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

We have audited the financial statements, included within the Annual Report and financial statements (the

"Annual Report"), which comprise:

• the Balance Sheet as at 31 January 2026;

• the Statement of Changes in Equity for the year then ended;

• the Statement of Comprehensive Income for the year then ended; and

• the notes to the financial statements, comprising material accounting policy information and other

explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for

the audit of the financial statements section of our report. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to

our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as

to the Company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in

the relevant sections of this report.

Reed & Mackay Travel Limited

Independent auditors' report to the members of Reed &

Mackay Travel Limited (continued)

for the year ended 31 January 2026

Report on the audit of the financial statements (continued)

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial

statements and our auditors’ report thereon. The directors are responsible for the other information. Our

opinion on the financial statements does not cover the other information and, accordingly, we do not express

an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance

thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we

identify an apparent material inconsistency or material misstatement, we are required to perform procedures

to conclude whether there is a material misstatement of the financial statements or a material misstatement

of the other information. 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 based

on these responsibilities.

With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures

required by the Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below.

Strategic Report and Directors' Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic

Report and Directors' Report for the year ended 31 January 2026 is consistent with the financial statements

and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the Company and its environment obtained in the course of

the audit, we did not identify any material misstatements in the Strategic Report and Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors’ responsibilities in respect of the financial statements,

the directors are responsible for the preparation of the financial statements in accordance with the applicable

framework and for being satisfied that they give a true and fair view. The directors are also responsible for

such internal control as they 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.

Auditors’ 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 auditors’ 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,

Reed & Mackay Travel Limited

Independent auditors' report to the members of Reed &

Mackay Travel Limited (continued)

for the year ended 31 January 2026

Report on the audit of the financial statements (continued)

Responsibilities for the financial statements and the audit (continued)

Auditors’ responsibilities for the audit of the financial statements (continued)

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.

Based on our understanding of the Company and industry, we identified that the principal risks of non-

compliance with laws and regulations related to those imposed by the travel industry regulators and

employment laws, and we considered the extent to which non-compliance might have a material effect on

the financial statements. We also considered those laws and regulations that have a direct impact on the

financial statements such as the Companies Act 2006 and UK Tax legislation. We evaluated management’s

incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of

override of controls), and determined that the principal risks were related to posting inappropriate journal

entries in the underlying books and records and management bias including in estimates. Audit procedures

performed by the engagement team included:

• Discussions with management and internal legal counsel, including consideration of known or

suspected instances of non-compliance with laws and regulation and whether there was any alleged,

suspected or actual fraud;

• Review of the disclosures in the Annual Report and financial statements against specific legal

requirements and assessing the compliance of disclosures against relevant legislation;

• Review of minutes of board meetings during the year;

• Identifying and testing journal entries and other adjustments, in particular any journal entries posted

with unusual account combinations; and

• Challenging assumptions and judgements made by management in their accounting estimates and

judgements.

There are inherent limitations in the audit procedures described above. We are less likely to become aware

of instances of non-compliance with laws and regulations that are not closely related to events and

transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due

to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate

concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company's members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in

giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom

this report is shown or into whose hands it may come save where expressly agreed by our prior consent in

writing.

Reed & Mackay Travel Limited

Independent auditors' report to the members of Reed &

Mackay Travel Limited (continued)

for the year ended 31 January 2026

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the Company or returns adequate for our audit

have not been received from branches not visited by us; or

• the Company's financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made.

We have no exceptions to report arising from this responsibility.

Joseph Wayne (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

29 July 2026

Reed & Mackay Travel Limited

Statement of Comprehensive Income

for the year ended 31 January 2026


		2026	Restated 2025
	Notes	£'000	£'000

Revenue	4	79,277	80,648
Cost of sales		(32,694)	(28,949)
Gross profit		46,583	51,699
Administrative expenses		(34,814)	(33,185)
Operating profit	5	11,769	18,514
Finance income	8	3,197	1,797
Finance costs	9	(1,667)	(383)
Profit before taxation		13,299	19,928
Tax on profit	10	(10,370)	(1,875)
Profit after taxation		2,929	18,053
Other comprehensive income		—	—
Total comprehensive income		2,929	18,053

The Company's revenue and operating profit all relate to continuing operations.

The notes on pages 17 to 39 form part of these financial statements.

Reed & Mackay Travel Limited

Balance Sheet Registered Number: 00963087

At 31 January 2026


		2026	Restated 2025
	Notes	£'000	£'000
Non-current assets
Deferred tax assets	20	576	6,949
Intangible assets	11	5,460	6,042
Property, plant and equipment	12	221	384
Right of use assets	13	2,561	3,564
Investments	14	—	—
Trade and other receivables	15	19,851	20,971
		28,669	37,910
Current assets
Trade and other receivables	16	60,730	66,234
Cash and cash equivalents		33,274	20,411
		94,004	86,645
Current liabilities
Trade and other payables	17	(65,865)	(61,605)
Lease liabilities	13	(1,120)	(1,094)
		(66,985)	(62,699)
Net current assets		27,019	23,946
Total assets less current liabilities		55,688	61,856
Non-current liabilities
Lease liabilities	13	(1,934)	(3,057)
Provisions for liabilities	19	(2,637)	(883)
		(4,571)	(3,940)
Net assets		51,117	57,916

Capital and reserves
Called-up share capital	21	429	429
Retained earnings	22	50,688	57,487
		51,117	57,916

Reed & Mackay Travel Limited

Balance Sheet Registered Number: 00963087

At 31 January 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf

by:

G Bennett

Director

29 July 2026

The notes on pages 17 to 39 form part of these financial statements.

Reed & Mackay Travel Limited

Statement of Changes in Equity

for the year ended 31 January 2026


	Share capital	Retained Earnings	Total
	£'000	£'000	£'000

At 1 February 2024 (as previously reported)	429	50,958	51,387
FRS 101 transition adjustment (see Note 25)	—	230	230
At 1 February 2024 (restated)	429	51,188	51,617
Comprehensive income for the year (restated)
Profit for the year (restated)	—	18,053	18,053
Other comprehensive income	—	—	—
Total comprehensive income for the year (restated)	—	18,053	18,053
Share-based payment expense (restated)	—	6,884	6,884
Recharge paid to ultimate parent company for share- based payments	—	(5,638)	(5,638)
Dividends paid	—	(13,000)	(13,000)
At 31 January 2025 (restated)	429	57,487	57,916
Comprehensive income for the year
Profit for the year	—	2,929	2,929
Other comprehensive income	—	—	—
Total comprehensive income for the year	—	2,929	2,929
Share-based payment expense	—	5,030	5,030
Recharge paid to ultimate parent company for share- based payments	—	(6,258)	(6,258)
Dividends paid	—	(8,500)	(8,500)
At 31 January 2026	429	50,688	51,117

The notes on pages 17 to 39 form part of these financial statements.

Reed & Mackay Travel Limited

Notes to the financial statements

for the year ended 31 January 2026

1. Basis of preparation

Reed & Mackay Travel Limited (“the Company”) is a private limited company, limited by shares, domiciled

and incorporated in England and Wales. The address of the registered office is 25 Farringdon Street, London

EC4A 4AF. These financial statements have been prepared under the historical cost convention except for

certain financial instruments which are measured at fair value and in accordance with Financial Reporting

Standard 101 "Reduced Disclosure Framework" ("FRS 101") and in accordance with the applicable

provisions of the Companies Act 2006.

These are the Company’s first financial statements prepared in accordance with FRS 101. For periods up to

and including the year ended 31 January 2025, the Company prepared its financial statements in

accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK

and Republic of Ireland (“FRS 102”).

Accordingly, financial information at 1 February 2024 (being the date of transition) and for the year ended 31

January 2025 have been restated to comply with FRS 101. FRS 102 differs in certain respects from FRS

101, hence when preparing the financial statements, management has amended certain accounting and

measurement bases to comply with FRS 101. The disclosure required by IFRS 1 “First-time Adoption of

International Finance Reporting Standards (“IFRS”)’ concerning the transition is detailed in Note 25.

IFRS 1 permits the Company to take advantage of certain exemptions from applying the requirements on a

fully retrospective basis at the date of transition in certain circumstances.

Disclosure exemptions applied

The Company has taken advantage of the following disclosure exemptions in preparing these financial

statements as permitted by FRS 101:

i) The requirements of IFRS 2 ‘Share-based Payment’ paragraphs 45(b) and 46 to 52 relating to

certain disclosure requirements on share-based payments;

ii) The requirement of IFRS 7 'Financial Instruments: Disclosures’ relating to the disclosure of financial

instruments and the nature and extent of risks arising from such instruments;

iii) The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118,

119(a) to (c), 120 to 127 and 129 of IFRS 15 ‘Revenue from Contracts with Customers’;

iv) The requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91

and 93 of IFRS 16 ‘Leases’;

v) The applicable requirements of IAS 1 ‘Presentation of Financial Statements’ relating to the

disclosure of comparative information in respect of the number of shares outstanding at the

beginning and end of the year (IAS 1.79(a)(iv)), the reconciliation of the carrying amount of property,

plant and equipment (IAS 16.73(e)) and the reconciliation of the carrying amount of intangible assets

(IAS 38(118)(e));

vi) The requirements of IAS 1 'Presentation of Financial Statements’ paragraph 16 and IFRS 1 ‘First-

time Adoption of International Financial Reporting Standards’ paragraph 3, the requirement to make

an explicit and unreserved statement of compliance with IFRS;

vii) The requirements of IAS 1 ‘Presentation of Financial Statements’ paragraphs 38A to 40D relating to

disclosures of comparative information;

viii) The requirement of IAS 1 ‘Presentation of Financial Statements’ paragraphs 134 to 136 relating to

the disclosure of capital management policies and objectives;

ix) The requirements of IAS 7 ‘Statement of Cash Flows’ and IAS 1 ‘Presentation of Financial

Statements’ paragraph 10(d) and 111 relating to the presentation of a Cash Flow Statement;

x) The requirements of IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’

paragraphs 30 and 31 relating to the disclosure of standards, amendments and interpretations in

issue but not yet effective;

Reed & Mackay Travel Limited

Notes to the financial statements

for the year ended 31 January 2026

1. Basis of preparation (continued)

Disclosure exemptions applied (continued)

xi) The requirements of IAS 24 ‘Related Party Disclosures’ paragraph 17 relating to the disclosure of

key management personnel compensation and relating to the disclosure of related party transactions

entered into between the Company and other wholly-owned subsidiaries of the group; and

xii) The requirements of IAS 36 ‘Impairment of Assets’ paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f)

and 135(c) to 135(e) relating to certain disclosure requirements of impairment testing.

For the disclosure exemptions listed in points i) to ii), ix) and xii), the equivalent disclosures are included in

the consolidated financial statements of the immediate parent company Reed & Mackay Holdings Limited.

Consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements under s400 of

the Companies Act 2006. Consolidated financial statements are prepared by Reed & Mackay Holdings

Limited, the immediate parent undertaking, incorporated in England & Wales and are available from

Companies House. Therefore, these financial statements present information about the Company as an

individual undertaking and not about its group.