ZWPV LIMITED

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

Consolidated group

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group is financed through bank and shareholder debt and at an operating level is cash generative. The Group has prepared detailed forecasts for the next 18-month period ended 31 March 2027 which show that it is expected to continue to be profitable at an EBITDA level, cash generative and maintain compliance with debt covenants throughout the forecast period. Reductions in rider volumes were also modelled to assess the sensitivity of EBITDA to a trading downturn. The level of reduction that would be required to lead to a breach in covenant or insolvency of the Group is significant and is not considered to be feasible. The Group refinanced its bank debt in January 2025, reducing the RCF facility from £15m to £8m and agreeing a Capex facility of £5m, in place until June 2027.In addition, shareholder loan notes are held by ZWPV Midco Ltd, an indirect parent of the Group, and passed down via Intercompany financing agreements. ZWPV Bidco Ltd, the newly incorporated parent of the Company, has provided a letter of support to the Group and Company confirming that it will not call upon the intercompany financing during the going concern period, and that it will, if necessary, support the Group and Company to pay debts as they fall due for a period of at least 12 months from the date of approval of these financial statements. The Group and Company therefore can remain within Its committed lending facilities and meet its obligations as they fall due throughout the going concern period. The Company is in a net Ilability position at the balance sheet date. This is due to Shareholder debt that was not due within 12 months from the balance sheet date but that was repaid in January 2025. The Group is currently conducting a strategic review, including a potential review of its debt structure. The Group is not obligated to refresh or update its debt facilities within the going concern period with the current loan notes backed by the letter of support. The Directors are mindful of the need to ensure any new facilities would contain terms that maintained the Group's ability to meet its liabilities as they fall due over the foreseeable future. The directors have therefore prepared the financial statements on a going concem basis.”

Group structure

1. ZWPV LIMITED · parent
   1. Zip World Group Holdings Limited 100% · Holding company
   2. Treetop Trek Limited 100% · Adventure activities
   3. Zip World Limited 100% · Adventure Activities
   4. Zip World Fforest Limited 100% · Adventure activities
   5. Zip World RAK Limited 100% · Dormant
   6. Bounce Below Limited 100% · Dormant

Significant events

• “During 2024 the Group took on a short term lease at Zip World Conwy to operate an indoor activity complex, café, and a camping pod facility, to capitalise on Summer trading. This lease increased rider volumes during 2024 and was then closed in February 2025.”
• “In 2024 the business also became accredited as a B Corporation business at the first attempt, achieving an audit score of 96.”
• “On 20th January 2025, ZWPV Bidco Limited acquired a majority holding of shares of the Group. The new ultimate beneficial owner is The JCC 2003 Trust. This investment marks the next exciting stage of the Group's growth. As part of the change in ownership the Group also refinanced its bank debt, reducing the RCF facility from £15m to £8m and agreeing a Capex facility of £5m, in place until June 2027, and repaid both the loan notes owed to the outgoing Investors, Lloyds Development Capital, and the loan owed to The County Council of the City and County of Cardiff.”
• “In February 2025, new site opportunities have also continued to be secured, having opened a new, exciting, adventure location at the Arcelor Mittal Orbit at the Olympic Park, Stratford, London.”
• “In February 2024 the Company agreed a short term lease for a new site in Conwy, North Wales, taking over the indoor adventure operations of the assets previously known as Surf Snowdonia. This site traded throughout the remainder of 2024 and was then closed in February 2025 ahead of the lease break clause date.”

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

Filings

19

last 12 months

Capital events

4

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

  -5.1%

  £27,412,371 → £26,027,390

• Cash

  -81.2%

  £4,787,866 → £901,802

• Net assets

  -22.2%

  -£14,506,863 → -£17,732,484

• Employees

  +4.7%

  551 → 577

• Operating profit

  +233.4%

  £789,166 → £2,631,068

• Profit before tax

  +54.7%

  -£3,329,182 → -£1,506,545

• Wages

  +3.3%

  £7,483,051 → £7,726,407

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