Simpel Wetsuits Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

(Registration number: 15126809)
Statement of Financial Position as at 31 December 2024

	Note	2024 £
Current assets
Debtors	4	7,900
Cash at bank and in hand		317
		8,217
Creditors: Amounts falling due within one year	5	(7,185)
Net assets		1,032
Capital and reserves
Called up share capital		1
Profit and loss account		1,031
Shareholders' funds		1,032

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 2 September 2025

Mr Steven Paul Hay
Director

Simpel Wetsuits Limited

Notes to the Unaudited Financial Statements for the Period from 10 September 2023 to 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
C/O Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a wetsuit retailer.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Simpel Wetsuits Limited

Notes to the Unaudited Financial Statements for the Period from 10 September 2023 to 31 December 2024 (continued)

2	Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. The overdrawn balance sheet is currently being supported by loans from the directors and from associated entities. All parties are committed to supporting the business with these loans for the foreseeable future, and therefore consider the going concern basis to be appropriate.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Simpel Wetsuits Limited

Notes to the Unaudited Financial Statements for the Period from 10 September 2023 to 31 December 2024 (continued)

2	Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Debtors

	2024 £
Trade debtors	7,899
Other debtors	1
	7,900

Simpel Wetsuits Limited

Notes to the Unaudited Financial Statements for the Period from 10 September 2023 to 31 December 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

	2024 £
Due within one year
Trade creditors	5,345
Amounts owed to group undertakings and undertakings in which the company has a participating interest	240
Accruals and deferred income	1,600
	7,185

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7	Related party transactions

Summary of transactions with other related parties

Within creditors is a balance of £240.31 owed to companies with common control.

8	Parent and ultimate parent undertaking

The ultimate parent is Bispo Limited , incorporated in England and Wales . Their registered office is Westcotts LLP, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, United Kingdom, PL6 8LT.