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Registered number: 11105554
ZIP WORLD GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ZIP WORLD GROUP HOLDINGS LIMITED
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COMPANY INFORMATION
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ZIP WORLD GROUP HOLDINGS LIMITED
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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 GROUP HOLDINGS LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic 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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At the year end, the company acts as an intermediate holding company and management do not expect this to change in the future.
As at 31 December 2025, the company had net assets of £300 (31 December 2024: £300).
The company's result for the year was £Nil (2024: £Nil).
Principal risks and uncertainties
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As the company is an intermediate holding company, the principal risks and uncertainties are considered minimal. The company is integrated within the ZWPV Group and is subject to the group's risk management and internal control framework. The directors have considered the principal risks and uncertainties facing the company and have concluded that these are consistent with those of the group. Details of those risks and the associated mitigating actions are set out in the group Strategic Report, which does not form part of this report. The directors do not consider there to be any material risks specific to the company that require separate disclosure.
Key performance indicators
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Given the nature of the business entity, the company's directors are of the opinion that KPIs to understand the performance of the business are limited to ensuring that the investments in subsidiaries are able to be repaid over time.
Directors' statement of compliance with duty to promote the success of the company
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From the perspective of the group board, as a result of the group governance structure (whereby the board of the company is embedded within the board for ZWPV Limited (the "group), the matters that it is responsible for considering under Section 172 (1) of the Companies Act 2006 (‘s172’) have been considered by both the company board and that of the group. The board has also considered other relevant matters where appropriate. To the extent necessary for an understanding of the development, performance and position of the company, an explanation of how the group board has considered the matters set out in s172 (for the group and for the company) is set out in group’s Strategic report, which does not form part of this report.
This report was approved by the board and signed on its behalf.
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ZIP WORLD GROUP HOLDINGS LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements for the year ended 31 December 2025.
The principal activity of the company during the year was that of a holding company.
The company has not traded during the year or during the preceding financial year. During these years the company received no income and incurred no expenditure and therefore made neither profit nor loss.
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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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 state of affairs 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 GROUP HOLDINGS 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 company is a subsidiary of ZWPV Topco Limited. The company has significant net assets and in particular considers the investment balance recoverable owing to the financial forecasts of the trading entity in the group, Zip World Limited.
Further information on the group's going concern status can be found within the disclosures of ZWPV Topco Limited, however the group, based on reasonable and appropriate forecasts for future trade, can remain within its committed lending facilities and meet its obligations as they fall due throughout a period of at least 12 months from the date of approval of these financial statements. The directors have therefore prepared the financial statements on a going concern basis.
An indication of the likely future development of the business is included in the Strategic Report.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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 company granted a charge in favour of Barclays Bank PLC (as Security Agent). The charges contained a negative pledge, fixed and floating charges. The charges covered all property or undertaking of the company in respect of obligations to Barclays Bank PLC (as security agent).
On 26 March 2026, the company satisfied a charge in respect of obligations to HSBC Bank PLC (note 9).
On 22 January 2026, the company satisfied a charge in respect of obligations to The County Council of the City and County of Cardiff (note 9).
On 22 January 2026, the company satisfied a charge in respect of obligations to LDC (Managers) Limited (note 9).
The business subsequently re-financed in March 2026 to pay down A class loan notes and replace with a £25m term loan facility alongside a £5m RCF and Capex Facility. This has a minimum term of three years to March 2029 with two potential extension years.
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ZIP WORLD GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 in order 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 period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ZIP WORLD GROUP HOLDINGS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD GROUP HOLDINGS LIMITED
Opinion
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 result 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 Group Holdings 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 1 to 11 to the financial statements
∙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).
Basis for opinion
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
In auditing the financial statements, we have concluded that the Director’s 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 GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD GROUP HOLDINGS LIMITED (CONTINUED)
Other information
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 in this regard.
Other Companies Act 2006 reporting
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
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 GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD GROUP HOLDINGS LIMITED (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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;
∙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 the health and safety legislation and taxation regimes.
Our procedures in respect of the above included:
∙Enquires 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;
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ZIP WORLD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD GROUP HOLDINGS LIMITED (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements (continued)
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiry 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;
∙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.
Our procedures in respect of the above included:
∙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 GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIP WORLD GROUP HOLDINGS 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 GROUP HOLDINGS LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
The company has not traded during the year or during the preceding financial year. During these years the company received no income and incurred no expenditure and therefore made neither profit nor loss.
The notes on 13 to 17 form part of these financial statements.
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ZIP WORLD GROUP HOLDINGS LIMITED
REGISTERED NUMBER:11105554
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BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 17 form part of these financial statements.
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ZIP WORLD GROUP HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 17 form part of these financial statements.
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ZIP WORLD GROUP HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Zip World Group Holdings Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 11105554, and its registered head office is located at Zip World Base Camp, Denbigh Street, Llanrwst, Conwy, 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 company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
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; and
∙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 GROUP HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company is a subsidiary of ZWPV Topco Limited. The company has significant net assets and in particular considers the investment balance recoverable owing to the financial forecasts of the trading entity in the group, Zip World Limited.
Further information on the group's going concern status can be found within the disclosures of ZWPV Topco Limited, however the group, based on reasonable and appropriate forecasts for future trade, can remain within its committed lending facilities and meet its obligations as they fall due throughout a period of at least 12 months from the date of approval of these financial statements. The directors have therefore prepared the financial statements on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
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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 in 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
In the process of preparing the financial statements, the following significant estimates were applied.
Recoverability of investments (note 7)
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 GROUP HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fees payable to the company's auditor for the audit of the company's financial statements of £1,000 (2024: £2,550) are borne by another group company.
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The company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).
The company has no directors' remuneration as it is borne by another group company. It is not practicable to ascertain the proportion of the directors emoluments that specifically relate to this company.
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Investments in subsidiary companies
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Direct subsidiary undertakings
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The following were direct 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 GROUP HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fixed asset investments (continued)
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Indirect subsidiary undertaking
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The following were indirect 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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Joint venture
The company has an indirect 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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Allotted, called up and fully paid
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30,000 (2024: 30,000) Ordinary shares of £0.01 each
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There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
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The company granted charges in favour of HSBC Bank PLC (as Security Trustee for the Secured Parties), The County Council of the City and County of Cardiff and LDC (Managers) Limited. The charges contained a negative pledge, fixed and floating charges. The charges covered all property or undertaking of the company in respect of obligations to HSBC Bank PLC (as Security Trustee for the Secured Parties), The County Council of the City and County of Cardiff, LDC (Managers) Limited. The charges were satisfied on 26 March 2026 and 22 January 2026 (note 10).
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ZIP WORLD GROUP HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 25 March 2026, the company granted a charge in favour of Barclays Bank PLC (as Security Agent). The charges contained a negative pledge, fixed and floating charges. The charges covered all property or undertaking of the company in respect of obligations to Barclays Bank PLC (as security agent).
On 26 March 2026, the company satisfied a charge in respect of obligations to HSBC Bank PLC (note 9).
On 22 January 2026, the company satisfied a charge in respect of obligations to The County Council of the City and County of Cardiff (note 9).
On 22 January 2026, the company satisfied a charge in respect of obligations to LDC (Managers) Limited (note 9).
The business subsequently re-financed in March 2026 to pay down A class loan notes and replace with a £25m term loan facility alongside a £5m RCF and Capex Facility. This has a minimum term of three years to March 2029 with two potential extension years.
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Ultimate parent undertaking and controlling party
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The immediate parent company is ZWPV Limited, a company incorporated in the England and Wales.
ZWPV Topco Limited is the smallest and largest group company to consolidate these financial statements. Copies of the financial statements can be obtained from Dolphin House, Market Place, Deddington, OX15 0SE.
The ultimate parent undertaking and ultimate controlling party is The JCC 2003 Trust, a trust set up in Jersey.
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