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Registered number: 07777872
ZIP WORLD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ZIP WORLD LIMITED
COMPANY INFORMATION
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ZIP WORLD LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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ZIP WORLD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements of the company for the year ended 31 December 2025.
Business review and future developments
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The principal activity of the company is providing outdoor adventure experiences to retail customers in the United Kingdom. The company is a subsidiary of the ZWPV Topco Limited group ("the group").
Earnings before interest, taxes, depreciation and amortisation ("EBITDA") before exceptional charges were £9,396m (2024: £7.944m) on turnover of £27.126m (2024: £26.027m), which was an increase of 15% and 4% on prior year respectively. The directors recognise this performance as the result of efficient marketing campaigns, maximization of operational efficiencies and rigorous cost control despite a continuation of challenging economic landscape in the UK with both inflation and interest rates having a suppressant effect on some discretionary consumer spending. Management continue to see these results in the light of the market continuing to adjust from the historically buoyant trading post Covid and are satisfied that efforts surrounding targeted marketing and cost control have had an impact in the year, in addition to new attractions supporting rider numbers. The business is well placed to continue to benefit in 2026. Rider numbers have increased by 56,000, as the group has continued to introduce new attractions with a lower price point, to drive volume and dwell time on sites, with new sites at Olympic Park and, latterly, the Millennium Stadium, Cardiff, also contributing volume to the group. Employee numbers have been maintained as operational efficiencies on sites have been maximised, alongside the capture of cost savings and efficiencies in operational aspects such as cost of goods sold.
As of 31 December 2025, the company had net assets of £35.011m (2024: £29.170m).
The strategy of the business is to grow revenue through a combination of organic growth of new experiences on existing sites, development of new site locations, and strategic bolt on acquisitions that can align with the business’ standards for adventure travel in the UK.
During early 2025 the business opened a new site at the iconic Arcelor Mittal Tower at The Queen Elizabeth Olympic Park in Stratford, initially to operate the existing adventure being the longest slide in Europe, but with plans to further expand the adventure portfolio at the site in due course. Latterly, the business has also taken on the roof walk / zipline activities at the Millennium Stadium in Cardiff. One of the existing sites, at Betws Y Coed also had its adventure offering enhanced with the introduction of Tiny Tot Trek, an adventure course aimed at toddlers and their parents as an introduction to adventure.
The group’s accommodation offering was also enhanced by the introduction of a further two lodge units at the Betws y Coed site, the final part of a six-lodge development, and the introduction of two letting cottages that formed part of the acquisition of the Betws Y Coed site freehold. The Tyn Y Coed Hotel also had investment in developing a breakfast room area and accessible rooms, with further refurbishment of bedrooms planned for 2026.
Investment in new rides on existing sites and the development of new sites continues to be a key element of the group's growth strategy, with several exciting future developments in the planning stages.
The group's focus therefore continues to be on providing world class differentiated outdoor adventure experiences. As a group, we are proud to support the tourism industry, employ people who live locally to our attractions, and utilise local suppliers where possible. This is part of our ethos to build sustainable, long-term, quality employment opportunities in the regions where we operate.
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ZIP WORLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Business review and future developments (continued)
On 20 January 2025, Ivor Investco Limited acquired a majority holding of shares of the group. The ultimate beneficial owner is The JCC 2003 Trust. This investment marked 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 March 2026 the business then further re-financed to allow A class loan notes to be repaid, by introducing a £25m term loan facility shared between two banks, HSBC and Barclays. This is complimented by a £5m Revolving Cashflow Facility (RCF) and a £5m Capex line. These facilities have a three year tenor with two additional extension years.
Principal risks and uncertainties
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Financial instrument risks
The company uses various financial instruments, these include loans, finance leases, cash, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to several financial risks which are described in more detail below.
The main risks arising from the company's financial instruments are:
∙liquidity risk
∙credit risk
∙general economic conditions and
∙cashflow interest rate risk.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by revolving credit facilities. The maturity of borrowings is set out in the notes to the financial statements. The notes to the financial statements also detail the refinancing that occurred in January 2025 and March 2026.
Credit risk
The company's principal financial assets are cash. The credit risk associated with cash is limited.
Interest rate risk
The company finances its operations through a mixture of retained profits, finance leases, bank and other borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed with the use of both fixed and floating rate facilities. The company continues to maintain a low level of drawdown against its core facility until June 2025 when the remaining RCF balance was repaid thereby limiting exposure to the prevailing interest rates during the year.
Other economic risk
The nature of the company's business is that it is exposed to the general economic conditions prevailing in the United Kingdom. The continuing conflict in Ukraine, the commencement of a war against Iran by the US, and the economic challenges of the cost-of-living crisis may have had a negative impact on consumer discretionary spending and in turn on the group's financial performance. To help manage and mitigate this, the company continues to evolve its adventure activities to offer adventure experiences at various price points and widen the customer’s spending opportunities with enhanced food and beverage and retail offerings. This will maximize revenue opportunities and increase resilience to consumer economic pressures.
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ZIP WORLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Other principal risks
Health and safety
All opportunities to minimize and manage any Health and Safety risk in relation to the outdoor adventure activities are at the forefront of the design and equipment management for each attraction from the outset.
Safe operating procedures are integral to the management processes for each site and are audited regularly by third party advisors and our insurers to ensure best practice for the industry is maintained and enhanced.
Staff retention
As a visitor attraction, a key part of the Zip World experience is the interaction that visitors have with the group's employees. Recognising the value of this, the group invests significantly in the training and welfare of its employees to encourage staff retention, thereby creating long-term career opportunities for its workforce. We do this through creating a positive working environment, investing in staff development, and paying competitive wage rates for the regions in which they are based.
Key performance indicators
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The company used the following key performance indicators to monitor the company’s performance:
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EBITDA before exceptional charges
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Reconciliation from Operating profit
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Depreciation and amortisation
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EBITDA before exceptional items
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ZIP WORLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the company
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The Board have considered the requirements of Section 172 (1) reporting in the preparation of these financial statements. In making key decisions, the Board considers the following;
a)the likely consequences of any decision in the long term;
b)the interests of the company's employees;
c)the need to foster the company's business relationships with suppliers, customers, and others;
d)the impact of the company's operations on our local communities and the environment;
e)the desirability of the company maintaining a reputation for high standards of business conduct; and
f)the need to act fairly and reasonably between all members of the company.
The Board consider key decisions in the context of the above areas and record how these decisions have been made. The stakeholders impacted by decisions are identified by management in the preparation of Board papers and through broader discussion in the business.
The Board meets on at least ten occasions throughout the year, and all decisions are discussed in depth and considerations and conclusions are recorded in the minutes. As a result of these activities, the Board has an overview of the outcomes of stakeholder engagement, and other factors, enabling the directors to comply with their duties under Section 172 of the Companies Act 2006.
The following are examples of stakeholder engagement that has taken place during the financial year:
Our People
Our team are critical to the delivery of our customer proposition across our business. Senior management have created a set of business values which are communicated across the business to ensure that Zip World is the most recommended experience brand in the world. These values are;
∙People first
∙We care, contribute & support,
∙The freedom to succeed
∙Proudly passionate
These values are prominently featured throughout the business. The leadership team have regular sessions to engage with the teams in the business to reinforce the practical application of these values in their roles. These values are used as an integral part of our recruitment process and, furthermore, are also used as part of the induction programme for all employees.
Management throughout the business have regular meetings with their teams where information is disseminated and feedback sought. The feedback received throughout the business is considered by the Board in decision making and referenced for specific projects, as necessary. The business also conducts an anonymous team satisfaction survey at least annually and reflects on and gives responses to the team's feedback.
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ZIP WORLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the company (continued)
Our Customers
Our customers have often booked an experience with us to mark a significant occasion, to overcome their fears or to push themselves both physically and mentally, or simply to create a memorable experience for family, friends, or colleagues. Whatever they are doing with us we are helping them enjoy challenging, fun, experiences that will enhance their lives, expose them to the natural environment, and encourage them to face future challenges. It is their positive experience which will drive our attainment of being the most recommended experience brand in the world – achieving our mission of unleashing the adventure in all of us by making it safe, invigorating, and achievable.
We strive to ensure that our adventures are both accessible and inclusive, to be enjoyed by all. We run promotions for low-income families and our local communities to facilitate this, alongside having appropriate measures in place to allow safe accessibility for as many customers as possible. Management, both on site and the senior team, regularly engage with our customers on site to get their feedback and listen to and learn from any concerns. We also give customers the opportunity to provide feedback via online and physical survey processes which are reviewed by management. This feedback is then reflected in decision making and considered by the Board where appropriate.
Our Investors
Our shareholders, our senior management team, and all our investors have a comprehensive understanding of the Zip World business, and their views are critical to shaping the future direction of the company. These views are discussed by the Board in making strategic and directional decisions. Board behaviours, in turn, are governed by our articles of association and Investor Agreement.
Our Suppliers
Our suppliers play a key part in enabling us to deliver exceptional experiences for our customers. We seek to choose the best products and services to meet our requirements and then develop long-term relationships with the suppliers that provide them, to create strong and enduring value over time. We pride ourselves in building lasting relationships with local suppliers in our communities, sharing in the business' success, ensuring that the economic benefits are gained throughout our supply chain. We review supplier performance regularly and have a cycle of re-tendering key supply contracts to ensure that products and services continue to be delivered in line with expectations for both our business and our customers. We also ensure that our suppliers engage in discussing their corporate and social responsibilities with our team and commit to their continued compliance with the Modern Slavery Act.
The broader Community & Environment
The Board and management are committed to ensuring that our operations are an integral part of the communities in which they sit. Our sites are in rural locations and, as such, we are one of the main sources of regional employment as well as driving income into the regions as a major contributor to the tourism sector. Since inception, Zip World has been demonstrated to have generated £960m of economic benefit in Wales.
We recognise our responsibilities to our communities, paying above the living wage to our teams, and ensure that we also support the broader community by sourcing more than 50% of our supplies locally and supporting local charities and causes where appropriate. The management team on each site are encouraged to engage directly with their local communities and strive to develop lasting relationships of mutual benefit.
The Board are also committed to ensuring that our business considers its impact on the community and environment in its operations and considers the practical and tangible ways in which this can be improved and actively monitored with a longer-term aim of building a strategy of sustainability.
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ZIP WORLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the company (continued)
To demonstrate our commitment to supporting each of these areas, the business has attained B Corporation accreditation during 2024 at the first attempt, achieving an audit score of 96. The accolade reflects Zip World’s long-term strategy of investing in its local communities, protecting its environment, and inspiring our visitors to enrich their personal wellbeing.
Our Culture
The Board believes culture to be key in achieving long-term success and growth. Our high standards of business conduct, and the pursuit of continuous improvement and innovation, are the direct result of a culture that focuses not only on achieving high levels of performance but doing so in a way that is sustainable and reflects our values, as described above. The Board supports the senior team in embedding this culture into the business, and as a result the group has developed a clearly defined purpose across all business functions based on the three key values which govern how we act as a business. The Board and management team have strong values in respecting others, being inclusive to all backgrounds and beliefs and support equality in all its forms.
This report was approved by the board and signed on its behalf.
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ZIP WORLD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements of the company for the year ended 31 December 2025.
The principal activity of the company is providing outdoor adventure experiences to retail customers in the United Kingdom.
The profit for the year, after taxation, amounted to £5,841,179 (2024: £5,015,559).
During the year, the directors declared and paid a dividend of £Nil (2024: £Nil).
The directors who served during the year, and up to the date of signing this report, were:
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C F Tuke (appointed 20 January 2025)
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D J Stacey (resigned 20 January 2025)
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M Evans was appointed as director after the year end on 14 July 2026.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation and profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
∙select suitable accounting policies 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; 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 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. 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.
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ZIP WORLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Qualifying third party indemnity provisions
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As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The ZWPV Topco group ("the group") also purchased and maintained throughout the financial year directors' and Officers' liability insurance in respect of itself and its directors and officers.
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 ending 31 March 2028 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 in reality. The group refinanced its bank debt in January 2025, reducing the RCF facility from £15m to £8m and agreeing to a Capex facility of £5m, in place until June 2027. Subsequently, in March 2026, the business re-financed and paid off the A class loan note debt with a £25m term loan facility with a further £5m RCF facility and a £5m capex facility available. The group is therefore not obligated to refresh or update its debt facilities within the going concern period. The directors ensured these facilities contain terms that maintain the group's ability to meet its liabilities as they fall due for the foreseeable future. The directors have therefore prepared the financial statements on a going concern basis.
An indication of the likely future developments of the company is discussed in the business review section of the Strategic Report.
Financial risk management
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The financial risk management of the company is described in the Strategic Report.
Engagement with employees
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The company places great emphasis on its employees and has continued its practice of keeping them informed on matters affecting their employment and the financial and economic factors affecting the performance of the company. The company is proud of its record of employment from within the communities in which it operates and firmly supports the continued economic security of these communities.
The company provides employees with information on matters of concern to them, consulting them, or their representatives, regularly so that their views can be considered when making decisions that are likely to affect their interests. Employee involvement in Zip World Group is encouraged, as achieving common awareness on the part of all employees of the financial and economic factors affecting the company plays a major role in continuing its growth.
It is the policy of the company that training, career development, and promotion opportunities should be available to all employees, across all backgrounds, cultures, and gender.
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ZIP WORLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with suppliers, customers and others
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Supplier payment policy
When entering commitments to the purchase of services and goods, the company considers quality, delivery, terms of payment, and price. If the company is satisfied that suppliers have provided the services or goods in accordance with the agreement made between the supplier and the company, then payment is made. The company makes every effort to resolve disputes quickly if they should arise. As part of its commitment to the communities in which Zip World operates, the company will also negotiate more favourable payment terms for local suppliers to ensure they are incentivised to build long-term supply relationships.
The company recognises its responsibility to employ disabled persons in suitable roles and gives full and fair consideration to such persons, including any employee who becomes disabled, having regard to their aptitudes and abilities, encompassing both visible and non-visible disabilities. Where practicable, disabled employees are treated equally with all other employees in respect of their eligibility for training, career development, and promotion.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The company's greenhouse gas emissions and energy consumption for the year were as follows:
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Electricity grid and renewables biogas and biomass
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Greenhouse gas emissions intensity ratio 2025:
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The company's greenhouse gas emissions and energy consumption for the prior year were as follows:
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Electricity grid and renewable biogas and biomass
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Greenhouse gas emissions intensity ratio 2024:
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ZIP WORLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action (continued)
The emissions and energy consumption reported above were calculated by collecting usage data from supplier invoices and using a conversion tool to calculate CO2e tonnes. The total emissions have increased year on year due to new locations operating for a part year in 2025.
The company has either implemented or is looking to limit emissions in the following ways:
∙A site level representative has been nominated to a central steering committee to manage our environmental and social activities and implement changes.
∙Reviewing the potential to utilise green energy sources including solar, wind and water on our sites.
The company consider their ESG responsibilities and commitments to be of high importance. We have therefore voluntarily disclosed our greenhouse gas emissions data.
Matters covered in the Strategic Report
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As permitted under s414C(11) of the Companies Act 2006, the directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Director's Report, including information in respect of business activities, principal risks and uncertainties and future developments.
On 25 March 2026, the group re-financed its debt to facilitate the repayment of A Class Loan Notes to investors. A £25m term loan facility was introduced across two banks, HSBC and Barclays, plus the creation of a £5m RCF and £5m capex facility, in place until 2029, with the option of two extension years.
On 26 March 2026, the company satisfied debentures in respect of obligations to HSBC Bank PLC (note 24).
On 22 January 2026, the company satisfied a debenture in respect of obligations to The County Council of the City and County of Cardiff (note 24).
On 22 January 2026, the company satisfied a debenture in respect of obligations to LDC (Managers) Limited (note 24).
Disclosure of information to auditor
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The directors confirm that:
∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the directors have taken all the steps that they ought to have taken as directors to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor, BDO LLP, was appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ZIP WORLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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ZIP WORLD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD LIMITED
In our opinion the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Zip World Limited (“the Company”) for the year ended 31 December 2025 which comprise of the following:
∙Statement of comprehensive income
∙Balance sheet
∙Statement of changes in equity
∙Notes to the financial statements 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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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. However, because not all future events or conditions can be predicted, this statement 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.
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ZIP WORLD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD LIMITED (CONTINUED)
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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 on in this regard.
Other Companies Act 2006 reporting
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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 year 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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors 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.
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ZIP WORLD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
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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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
Non-compliance with laws and regulations
Based on:
∙Our understanding of the Company and the industry in which it operates;
∙Discussion with management and those charged with governance; and
∙Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations;
We considered the significant laws and regulations to be the financial reporting framework and the Companies Act 2006, as well as incorporating industry regulation and UK tax legislation.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation and taxation regimes.
Our procedures in respect of the above included:
∙Enquiries of management whether there were any litigations and claims;
∙Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;
∙Review of financial statement disclosures and agreeing to supporting documentation;
∙Review of legal expenditure accounts to understand the nature of expenditure incurred.
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ZIP WORLD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
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Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiries with management and those charged with governance regarding any known or suspected instances of fraud;
∙Obtaining an understanding of the Company’s policies and procedures relating to:
°Detecting and responding to the risks of fraud; and
°Internal controls established to mitigate risks related to fraud.
∙Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and revenue recognition.
Our procedures in respect of the above included:
∙Identifying and testing journal entries to source documentation, in particular any journal entries to revenue posted with unusual account combinations or journals more widely including specific keywords to supporting documentation;
∙Testing a sample of the residual population of journals not meeting the defined risk criteria by agreeing to supporting documentation; and
∙Review of financial statement disclosures and agreeing to supporting documentation.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
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ZIP WORLD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD LIMITED (CONTINUED)
Use of our report
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.
Graham Ellis (Senior Statutory Auditor)
for and on behalf of BDO LLP, Statutory Auditor
Manchester, UK
28 August 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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ZIP WORLD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Exceptional external (expenses)/income
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Depreciation and amortisation
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Interest receivable and similar income
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Interest payable and similar expenses
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Other finance (expense)/income
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Profit for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
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There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 20 to 41 form part of these financial statements.
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ZIP WORLD LIMITED
REGISTERED NUMBER: 07777872
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 41 form part of these financial statements.
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ZIP WORLD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 20 to 41 form part of these financial statements.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Zip World Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 07777872 and its registered head office is located at Zip World Base Camp, Denbigh Street, Llanrwst, LL26 0LL.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of ZWPV Topco Limited as at 31 December 2025 and these financial statements may be obtained from Dolphin House, Market Place, Deddington, OX15 0SE.
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 ending 31 March 2028 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 in reality. The group refinanced its bank debt in January 2025, reducing the RCF facility from £15m to £8m and agreeing to a Capex facility of £5m, in place until June 2027. Subsequently, in March 2026, the business re-financed and paid off the A class loan note debt with a £25m term loan facility with a further £5m RCF facility and a £5m capex facility available. The group is therefore not obligated to refresh or update its debt facilities within the going concern period. The directors ensured these facilities contain terms that maintain the group's ability to meet its liabilities as they fall due for the foreseeable future. The directors have therefore prepared the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentation currency is GBP, and all values are rounded to the nearest pound (£) except where otherwise stated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of adventure experiences
Turnover from the sale of adventure experiences is recognised when the customer participates in the experience. Any amounts received in advance of customer participation are held within deferred income on the Balance Sheet.
Sale of merchandising
Turnover from the sale of merchandising is recognised at the point of sale of the merchandise product.
Sale of Accommodation
Accommodation sales are recognised when the stay is completed by the guest
Other sales
Other sales consist of booking fees and ticket insurance which are recognised at the point of sale.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been made the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. After initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Intangible assets (continued)
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Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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:
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Assets under construction
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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.
Assets under construction is comprised of ongoing spending on projects to develop new sites, attractions and adventure activities.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses in remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Joint ventures are held at cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, after their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect on the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relating to the following:
Estimates
Useful economic lives of tangible and intangible assets (notes 14 and 15)
The annual depreciation charge for tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life and residual values of the main assets of the company are considered a source of estimation uncertainty. See note 14 for the carrying amount of the intangible assets and note 2.14 for the useful economic lives for each class of intangible asset. See note 15 for the carrying amount of tangible assets and note 2.15 for the economic useful lives for each class of tangible asset.
Impairment of investments (note 16)
The directors assess at each reporting date whether there is any indication that investments in subsidiary undertakings may be impaired. This assessment requires judgement and considers the subsidiaries' financial performance, net assets, future business plans and forecast cash flows. Where impairment indicators exist, the recoverable amount is estimated based on value in use calculations and other available evidence. The assessment of recoverable amount is sensitive to assumptions regarding future profitability and cash generation.
Judgements
In the process of preparing the financial statements, no significant judgements were applied.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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Included in the 2025 cancelled projects are costs for an aborted project at Trafford Centre, and costs for other projects where the design scope has changed sufficiently so that the original expenditure is impaired. This covers the giant swing at Penrhyn Quarry, the Zip line at Liverpool, and the powered zip at the Olympic Park.
Included in the 2024 cancelled project costs is a credit that relates to a ground-breaking helium-filled aerostat product.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The operating profit is stated after charging:
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Tangible fixed assets - depreciation
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Intangible fixed assets - amortisation
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Fees payable to the company's auditor and its associates for the audit of the company's financial statements
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The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
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Staff costs were as follows:
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The average monthly number of employees, including the directors, during the year was as follows:
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' remuneration is borne by the parent company, ZWPV Limited, and it is not possible to apportion the remuneration between the group companies.
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Interest receivable and similar income
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Interest payable and similar expenses
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Taxation (continued)
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Factors affecting tax charge for the year
The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Other tax adjustments, reliefs and transfers
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Other permanent differences
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Other differences leading to an increase (decrease) in the tax charge
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Movement in deferred tax provision
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Total tax charge for the year
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Factors that may affect future tax charges
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Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amortisation on intangible assets is charged to administrative expenses in profit or loss.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Assets under construction
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Transfers between classes
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Transfers between classes
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After review management reached the decision to write off a number of projects deemed not to be viable to progress in their original form to Exceptional Items in 2025. The total of these impairments was £461,253.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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Investment in joint ventures
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The following were subsidiary undertakings of the company:
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Zip World Base Camp, Denbigh Street, Llanrwst, Wales, LL26 0LL
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Zip World Base Camp, Denbigh Street, Llanrwst, Wales, LL26 0LL
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Zip World Base Camp, Denbigh Street, Llanrwst, Wales, LL26 0LL
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fixed asset investments (continued)
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The following was an unlisted investment of the company:
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The Social Commerce Platform Limited
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5th Floor East Churchill House, 17 Churchill Way, Cardiff, CF10 2HD
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Joint venture
The company has a 50% holding in a joint venture:
Name: Snowdonia Business Park Limited (formerly Zip World Adventure Hotel Limited)
Registered office: Zip World Base Camp, Denbigh Street, Llanrwst, Wales, LL26 0LL
Principal activity: Development of building projects
There was no activity in the joint venture during the year.
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
Stocks are stated after provisions for impairment of £7,049 (2024: £Nil). Impairment losses totalling £7,049 (2024: £Nil) were recognised in External charges against stock during the year due to slow-moving and obsolete stock.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by joint ventures and associated undertakings
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Trade debtors are stated after provisions for impairment of £Nil (2024: £Nil).
Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
Other creditors include £39,604 (2024: £39,604) that relates to Government grants.
The deferred income balance is due to unwind in less than one year.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: amounts falling due after more than one year
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During the year, the company recognised capital grants of £39,603 (2024: £39,603). Deferred income relating to capital grants amounted to £354,298 at the balance sheet date.
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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Origination and reversal of timing differences
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Short term timing differences
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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300 (2024: 300) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
The company's capital and reserves are as follows:
Profit and loss account
The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the company, including distributions to, and contributions from, the parent company.
The company provided security for its loan note holders in the form of debentures. The debentures contained a negative pledge, fixed and floating charges. The charges covered all property held by the company in respect of obligations to HSBC Bank PLC (as security trustee for the loan note holders), The County Council of the City and County of Cardiff, LDC (Managers) Limited. The debentures were satisfied on 26 March 2026 and 22 January 2026 (note 29).
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At the reporting date the company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £87,884 (2024: £86,241). Contributions totalling £17,792 (2024: £19,698) were payable to the fund at the balance sheet date and are included in creditors.
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Commitments under operating leases
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At the reporting date the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year the company purchased goods and services worth £9,138 (2024: £143,815) from Snowdonia Services Cyf, a company owned by S W Taylor, a director of the company.
£Nil (2024: £90,361) is owed to the company on 31 December 2025 by Snowdonia Business Park Limited (formerly Zip World Adventure Hotel Limited), a company that is 50% owned by the company. The loan is interest free and repayable on demand.
During the year, the company purchased goods and services worth £5,340 (2024: £Nil) from Dolphin Capital LLP, a company owned by The JCC 2003 Trust, the company's ultimate controlling party. On 31 December 2025, £5,340 (2024: £Nil) was payable to Dolphin Capital LLP.
The company has taken advantage of the exemption allowed under section 33 of FRS 102 'Related party disclosure' not to disclose transactions with other members that are wholly owned within the group.’
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On 25 March 2026, the group re-financed its debt to facilitate the repayment of A Class Loan Notes to investors. A £25m term loan facility was introduced across two banks, HSBC and Barclays, plus the creation of a £5m RCF and £5m capex facility, in place until 2029, with the option of two extension years.
On 26 March 2026, the company satisfied debentures in respect of obligations to HSBC Bank PLC (note 24).
On 22 January 2026, the company satisfied a debenture in respect of obligations to The County Council of the City and County of Cardiff (note 24).
On 22 January 2026, the company satisfied a debenture in respect of obligations to LDC (Managers) Limited (note 24).
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ZIP WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Ultimate parent undertaking and controlling party
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The immediate parent company is Zip World Group Holdings Limited; a company incorporated in England and Wales.
On 31 December 2025 ZWPV Topco Limited is the smallest and largest group company to consolidate these financial statements. Copies of the financial statements can be obtained from the company secretary at Zip World Base Camp, Denbigh Street, Llanrwst, LL26 0LL.
The ultimate parent undertaking and ultimate controlling party is The JCC 2003 Trust, a trust set up in Jersey.
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