PROJECT POLKA BIDCO LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Notwithstanding net current liabilities of £53.3m as at 31 March 2025, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons. The Company acts as a holding company within the Group headed by Power Newco Limited. There is an intercompany creditor due to Project Polka Topco Limited (£63.5m as at the balance sheet date) which is repayable on demand.”

Group structure

1. PROJECT POLKA BIDCO LIMITED · parent
   1. Power Topco Limited 78% · Holding company
   2. Aghoco 1136 Limited 78% · Dormant
   3. Zyro Limited 78% · Cycling product sales and distrbution
   4. Royal Velo France S.A.S 78% · France · Cycling product sales and distrbution

Significant events

• “During the financial year 2024/25 the Directors completed the first year of their recovery plan, cleanly exiting unprofitable sales channels (principally full bikes) and brands, realised the full year benefit of ongoing cost saving activities and grew both sales and margins within its core parts and accessories business through a differentiated offer.”
• “The company, proactively considering the inherent risk of this extension, has reduced the carrying value of its investment by £5.3m, to nil.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -83.3%

  £6,000 → £1,000

• Net assets

  -30.5%

  -£40,832,000 → -£53,299,000

• Employees

  0%

  4 → 4

• Profit before tax

  -453.4%

  -£2,256,000 → -£12,484,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers