wk-2026-01-31-ixbrl

Hillgate Incentives Limited

Directors’ Report

for the year ended 31 January 2026

The directors present their report and the audited financial statements of Hillgate Incentives Limited ("the

Company") for the year ended 31 January 2026.

Principal activity

The Company is dormant and has not traded in the year.

Results and dividends

The Company has not traded in the year. Therefore, the Company recorded a profit after tax for the year of

£Nil (2025: £Nil). No dividends were declared nor paid during the year (2025: £Nil).

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)

Post balance sheet events

There have been no significant events affecting the Company since year-end.

Going concern

As the Company is not trading, the financial statements have not been prepared on a going concern basis.

Small company exemption

In preparing this report, the directors have taken advantage of the small companies exemptions provided by

s415A of the Companies Act 2006.

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

G Bennett

Director

15 July 2026

Hillgate Incentives Limited

Balance Sheet Registered Number: 01861855

At 31 January 2026


		2026	2025
	Notes	£'000	£'000
Current assets
Trade and other receivables	3	317	317
		317	317
Net assets		317	317

Capital and reserves
Called-up share capital	4	100	100
Retained earnings	5	217	217
		317	317

For the financial year in question the Company was entitled to exemption under section 480 of the

Companies Act 2006.

Members have not required the company to obtain an audit of its accounts for the year in question in

accordance with s476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect

to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to

the small companies’ regime as set out within Part 15 of the Companies Act 2006.

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

by:

G Bennett

Director

15 July 2026

The notes on pages 4 to 6 form part of these financial statements.

Hillgate Incentives Limited

Notes to the unaudited financial statements

for the year ended 31 January 2026

1. General Information

Hillgate Incentives 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 financial statements have been prepared under the historical cost convention except for certain

financial instruments which are measured at fair value. The Company’s functional and presentational

currency is Pound Sterling.

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 Company has processed no adjustments upon transition

to FRS 101.

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 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;

ii) 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));

iii) 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;

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

disclosures of comparative information;

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

the disclosure of capital management policies and objectives;

vi) 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;

vii) 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;

viii) The requirements of IAS 24 ‘Related Party Disclosures’ paragraph 17 and 18(a) 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

Hillgate Incentives Limited

Notes to the unaudited financial statements

for the year ended 31 January 2026

1. General Information (continued)

Disclosure exemptions applied (continued)

ix) 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), vi) and ix), the equivalent disclosures are included in

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

2. Material accounting policies

Financial instruments

Financial assets and financial liabilities are recognised in the Company's balance sheet when the Company

becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are

initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of

financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through

profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as

appropriate, on initial recognition. Initial recognition of trade receivables is at their transaction price if the

trade receivables do not contain a significant financing component.

Financial assets

Classification

All financial assets are held at amortised cost in line with the Company’s business model to hold to collect

contractual cash flows and whose contractual terms give rise to cash flows on specified dates that represent

solely payments of principal and interest on the principal amounts. The Company has not designated any

assets at fair value through profit or loss.

Impairment

At each reporting date, the Company recognises loss allowances for expected credit losses (“ECL”) for all

financial assets held at amortised cost. At initial recognition, the Company records loss allowances at an

amount equal to 12-month ECL. If there is evidence of a significant increase in credit risk since initial

recognition, the allowance is increased to record the lifetime. When determining whether credit risk has

increased significantly, the Company considers reasonable and supportive information that is relevant and

available without undue cost or effort.

Trade receivables and contract assets are short-term in nature and do not contain significant financing

components. The Company has applied a practical expedient by using a provision matrix based on the

ageing and actual credit loss experience to calculate lifetime ECL. This has been adjusted for factors specific

to the underlying client, general economic conditions and forward-looking estimates.

Financial liabilities

All financial liabilities are held at amortised cost.

Borrowings are initially recognised at fair value, net of transaction costs incurred, and subsequently

measured at amortised cost.

Offsetting

Financial assets and liabilities are offset and the net amount is presented in the Balance Sheet when the

Company has a legal right to offset the amounts and intends to settle on a net basis or to realise the asset

and settle the liability simultaneously.

Hillgate Incentives Limited

Notes to the unaudited financial statements

for the year ended 31 January 2026

3. Trade and other receivables


	2026	2025
	£'000	£'000

Amounts owed by group undertakings	317	317
	317	317

4. Called-up share capital


	2026	2025
	£'000	£'000
Allotted, called-up and fully paid
100,000 (2025: 100,000) shares of £1 each	100	100

The shares have attached to them full voting, dividend and capital distribution (including on winding up)

rights; they do not confer any rights of redemption.

5. Reserves

Retained earnings

This reserve represents the cumulative profit and losses of the Company less amounts distributed to

shareholders.

6. Related party transactions

The Company has taken advantage of the exemption in FRS 101 Section 33.1A to not disclose transactions

with wholly owned group entities.

7. Ultimate parent undertaking and controlling party

The immediate parent undertaking and the parent undertaking of the smallest group to include the Company

in its group financial statements is Reed & Mackay Holdings Limited, a company incorporated England and

Wales. Copies of its consolidated financial statements are available from 25 Farringdon Street, London

EC4A 4AF.

The ultimate parent undertaking, controlling party and the parent undertaking of the largest group to include

the Company in its group financial statements is Navan Inc, a company incorporated in the United States of

America. The registered address of Navan Inc is 3045 Park Blvd, Palo Alto, California 94306, United States

of America.


	Page
Directors’ report	2
Balance sheet	3
Notes to the financial statements	4 - 6