While Simon Cowell's bank balance is growing at a fast and steady rate, the same can no longer be said of his figure.

It appears the X Factor judge may have made a 2007 New year's resolution to banish his man boobs - and stuck to it.

This time last year, Cowell was pictured holidaying in Barbados, keeping abreast of the rest, with an expanding chest.

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Moobless: Simon seems to have lost some of his assests since his holiday in Barbados last Christmas

However, exactly a year on, Cowell wasted no time in stripping down to his trunks to reveal his newly-honed torso.

The 48-year-old media mogul jumped straight on a plane, back to Barbados with his girlfriend Terri Seymour after the talent show wrapped last Saturday, avoiding the wrath of furious fans who claim the voting lines for Rhydian Roberts were blocked.

Despite the scandal engulfing the show, Simon looked carefree as he unveiled a new slimline physique while he cruised around the jewel-toned waters on a jet-ski yesterday.

Gone were the man boobs and paunch he bore last year on his annual Christmas jaunt to the paradise island.

Instead, Cowell looked lean and muscular as he enjoyed his annual winter break with long-term girlfriend Terri Seymour.

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Life's a beach: Simon with girlfriend Terri Seymour

His devotion to getting himself in shape has clearly paid off and 33-year-old Miss Seymour would have had to look long and hard to find his former love handles.

The couple were joined on their three-week sunshine break by Cowell's mother Julie and his best friend Michael Winner, 72, who has himself shed the paunch - but more through a debilitating illness than a concerted exercise regime.

Cowell, who is Britain's highest paid TV star with an estimated fortune of £100 million, recently told the Daily Mail about the effort he took to preserve his looks.

He said: "I am vain but I cannot think of one person on TV who is not. It is the nature of the beast.

"I have had Botox but not in an obsessive way. I just like to take care of myself. I am eating a lot better and have cut out the chocolate biscuits and crisps.

"I work out, take lots of vitamins and think I look good for my age."

Perhaps mediating between his warring fellow X-Factor judges Dannii Minogue and Sharon Osbourne has kept him on his toes.

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Laughing all the way to the bank: Simon Cowell flashes a carefree grin as he rides a jetski in the Caribbean island of Barbados today

Or it could be that his vow to give up junk food and work out more is taking an effect.

Following the controversial end to the reality TV contest last weekend, broadcasting watchdog Ofcom will now investigate the row after receiving 1000 complaints from viewers.

Welsh singer Rhydian is said to be furious after claims hundreds of fans could not get through during the show's final on Saturday, where he lost out to Leon Jackson.

An X Factor spokeswoman denied any voting irregularities, and producers TalkbackThames said the voting bottleneck was down to the volume of calls and insisted the contest was not rigged.

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Making a splash: Simon and Terri frolic in the tropical waters

"They expressed concerns about the operation of the voting and many said they were struggling to get through," an Ofcom spokesman said.

Rhydian's father Malcolm, 60, revealed The X Factor finalist was left feeling "stitched up" and that the shock result, after the Welshman was the firm favourite to win, was a "fix".

Malcolm said: "Rhyd's not a bad loser but he feels the same as us about the result - and we think it's a fix.

"He believes it's possible he was stitched up. He's disappointed for himself and his fans."

Mr Roberts, 60, added: "Most of Wales couldn't get through."

Leon's mother Wendy Jackson today hit back at claims of voting irregularities.

She told Glasgow-based Real Radio: "I think it's just a lot of rubbish because on Saturday night I had a lot of people texting me they couldn't get through on the lines for Leon - the lines were absolutely jammed.

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Terri needs some help as Simon walks on ahead of her

Meanwhile Simon is said to be paying himself a reported £1.5million for his role as one of four judges - alongside Sharon, Louis and Dannii – and the music mogul will make a further £6million from record sales from Leon Jackson who has automatically been signed up to his label, Syco.

He is also rumoured to have struck a deal with runner-up Rhydian.

In addition, the show's two previous winners, Leona Lewis and Shayne Ward, currently occupy the top two positions in the album charts respectively, with Miss Lewis' album the biggest and fastest selling British record of all time.

Indeed, Simon has netted himself a rather impressive £15million over the past year from the worldwide success of these two artists.

"The X Factor is one of ITV's most successful shows of the year and in Leona and Shayne, it has already produced two of the most popular artists of 2007," Max Clifford, Cowell's publicist, said before the final.

"Both stars are signed to Simon's record label and both have become international stars with record sales across the world. Whoever wins tonight's show also has the potential to earn him millions.

"Yet again Simon has proved himself to be the man with the platinum touch and out of everyone involved with The X Factor, it is Simon who will be having the merriest Christmas of all."