Company No: 05372121 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	1,170		1,467
Tangible assets	4	3,445		11,396
		4,615		12,863
Current assets
Stocks		147,821		165,046
Debtors	5	9,603		9,235
Cash at bank and in hand		42,793		46,603
		200,217		220,884
Creditors: amounts falling due within one year	6	( 52,808)		( 51,075)
Net current assets		147,409		169,809
Total assets less current liabilities		152,024		182,672
Creditors: amounts falling due after more than one year	7	0		( 6,000)
Provision for liabilities		( 1,154)		( 3,216)
Net assets		150,870		173,456
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		150,770		173,356
Total shareholders' funds		150,870		173,456

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Watergate Bay Surf Co Limited (registered number: 05372121) were approved and authorised for issue by the Board of Directors on 20 August 2026. They were signed on its behalf by:

R D Burnham Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Watergate Bay Surf Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities and is recognised on fulfilment of the underlying sale transaction, usually being at point of sale. Turnover is shown net of value added tax, returns, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences	15 years straight line
Website costs	5 years straight line

Trademarks, patents and licences

Separately acquired licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Vehicles	4 years straight line
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		6

3. Intangible assets

	Trademarks, patents and licences		Website costs		Total
	£		£		£
Cost
At 01 December 2024	76,000		1,485		77,485
At 30 November 2025	76,000		1,485		77,485
Accumulated amortisation
At 01 December 2024	76,000		18		76,018
Charge for the financial year	0		297		297
At 30 November 2025	76,000		315		76,315
Net book value
At 30 November 2025	0		1,170		1,170
At 30 November 2024	0		1,467		1,467

4. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 December 2024	8,440		28,834		15,819		53,093
At 30 November 2025	8,440		28,834		15,819		53,093
Accumulated depreciation
At 01 December 2024	8,440		23,428		9,829		41,697
Charge for the financial year	0		5,406		2,545		7,951
At 30 November 2025	8,440		28,834		12,374		49,648
Net book value
At 30 November 2025	0		0		3,445		3,445
At 30 November 2024	0		5,406		5,990		11,396

5. Debtors

	2025		2024
	£		£
Other debtors	9,603		9,235

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	6,000		12,000
Trade creditors	15,435		11,016
Amounts owed to directors	7,006		0
Accruals	3,919		4,132
Corporation tax	14,223		16,598
Other taxation and social security	5,864		7,109
Other creditors	361		220
	52,808		51,075

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		6,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £560,000 (2024 - £620,000). This represents the minimum value of future operating lease payments due.

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
C L Burnham	(3,503)		201
R D Burnham	(3,503)		201

The directors operate a loan account with the company. Interest at a rate of 10% has been charged on the average amount due to the directors. At the balance sheet date the amounts due (to)/from the directors were as shown above.