With Nothing Underneath Ltd

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 11127856

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		82,290		39,123

			82,290		39,123
CURRENT ASSETS
Stocks		1,220,053		652,649
Debtors		491,827		117,114
Cash at bank and in hand		1,951,343		148,816

		3,663,223		918,579
Creditors: Amounts Falling Due Within One Year		(923,866 )		(518,745 )

NET CURRENT ASSETS (LIABILITIES)			2,739,357		399,834

TOTAL ASSETS LESS CURRENT LIABILITIES			2,821,647		438,957

PROVISIONS FOR LIABILITIES
Deferred Taxation			(14,977 )		(8,397 )

NET ASSETS			2,806,670		430,560

CAPITAL AND RESERVES
Called up share capital	5		2,500,104		100
Share premium account			1,999		1,999
Profit and Loss Account			304,567		428,461

SHAREHOLDERS' FUNDS			2,806,670		430,560

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With Nothing Underneath Ltd

Abridged Balance Sheet (continued)

As At 31 December 2024

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mrs Philippa Durell

Director

24/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

With Nothing Underneath Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11127856 . The registered office is 1 Knowle Road, Salcombe, TQ8 8EQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns.

Sale of goods - retail

The company operates a retail shop for the sale of own branded products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery.

Sale of goods - internet based transactions

The company sells goods via its website for delivery to the customer. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Over the period of the lease
Plant & Machinery	5 years straight line basis
Fixtures & Fittings	3 years straight line basis
Computer Equipment	3 years straight line basis

Repairs and maintenance are expensed as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is determined on a first-in, first-out (FIFO) basis. Cost includes all direct costs attributable to bringing the inventory to its present location and condition.

2.6. Financial Instruments

Financial assets

Basic financial assets, including trade and other receivable and, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

...CONTINUED

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With Nothing Underneath Ltd

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Financial Instruments - continued

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Employee Benefits

Short term benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Pensions

The company operates a defined pension contribution scheme. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Share based payments

The company provides equity share-based payment arrangements to certain key employees.

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With Nothing Underneath Ltd

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2023: 11)

4. Tangible Assets

	Total
	£
Cost
As at 1 January 2024	81,829
Additions	69,124

As at 31 December 2024	150,953

Depreciation
As at 1 January 2024	42,706
Provided during the period	25,957

As at 31 December 2024	68,663

Net Book Value
As at 31 December 2024	82,290

As at 1 January 2024	39,123

5. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2,500,104	100

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