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Registered number: 07877671












DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 4
Directors' report
 
5
Directors' responsibilities statement
 
6
Independent auditor's report
 
7 - 10
Profit and loss account
 
11
Balance sheet
 
12 - 13
Statement of changes in equity
 
14
Notes to the financial statements
 
15 - 31


 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
 
COMPANY INFORMATION


Directors
D J L Bowden 
A N Joffe 
J Gilchrist 
R C Hallauer 




Registered number
07877671



Registered office
3rd Floor
33-34 Great Pulteney Street

London

W1F 9NP




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The principal activities of the company are and will continue to be the retailing of luxury fashion at the Haymarket Flagship, London and online through the Dover Street Market International (“DSMI”) website.

Business review
 
The business measures itself in a number of different ways using key performance indicators (KPIs); at the highest level these are as follows:

Turnover growth which has decreased by 23% from £35,993,859 in 2023 to £27,669,341 in 2024;
Turnover, excluding an exceptional pop-up sale offsite in the 2023 financial year, has decreased by 16% from £32,752,475 in 2023 to £27,669,341 in 2024; 
Gross profit rate which has increased from 30% in 2023 to 33% in 2024; and
Operating profit rate unchanged at approx. 21% across both years.

These KPIs have been impacted as a result of weaker trading results during the year, notably due to the much publicised excess of stock in the market and competition resulting in competitors offering significant discounts as well as increased competition from Europe which benefits from VAT refund schemes.
For the year ended 31 May 2024, the company made a profit before tax of £816,413 (2023: loss of £6,079,736).
As at 31 May 2024, the company had net assets of £3,390,754 (2023: £2,574,341). 
The value of stock held at 31 May 2024 totalled £13,749,160 (2023: £15,051,490), a decrease of 9%. Stock levels have decreased due to tighter working capital management and improved ratio of full price sales.
DSMI is committed to return to profit following a series of challenges including but not limited to the ongoing impact of Brexit, inflationary pressures driving down discretionary spend and the removal of the VAT refund scheme. 
The future focus of the business is centred around improving the rate of gross margin by adopting a conservative approach to revenue growth whilst optimising the quality of sales. In parallel the business is focussed on driving efficiency into its cost base to support a return to the pre pandemic levels of profitability.

Page 2

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
Operating risks
The directors consider that the principal operating risk and uncertainty facing the company is competition in the market from other retailers.
The directors have taken measures to minimise the company's exposure to this risk by ensuring its offering is continually reviewed, displays are constantly updated and the point of difference and desirability of the brand is constantly measured and challenged as part of its DNA.
Changes in fashion trends
DSMI is focused on service delivery to ensure that the product assortment provided matches customer preferences. DSMI is dependent upon its ability to interpret and offer fashion products that consumers wish to purchase and, should the desirability of certain products not match DSMI expectation, this could cause an adverse impact on DSMI’s revenues and profitability.
Financial risk management objectives and policies
Liquidity risk
The company manages its cash requirements to ensure that it has sufficient liquid resources to meet the operating needs of the business.
Credit risk
The company is exposed to credit risk. However, it manages this risk by only offering credit to pre-approved customers.
Foreign exchange risk
The company is exposed to foreign exchange risk as it purchases a significant proportion of its stock in foreign currencies. It manages this exposure by operating foreign currency bank accounts and, where possible, using foreign-denominated receipts to make payments in the same currency. Where surplus foreign currency funds exist, the company ensures that the timing of their conversion into sterling arises at favourable rates of exchange.

Page 3

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Policy on payment of creditors
 
The company declares its strictly implemented policy of punctual payment for materials and services according to the terms and conditions agreed with its suppliers which is in line with the government's recommendation on payment practices.
Health and safety
The company recognises its responsibilities, under the Health & Safety at Work Act 1974, for ensuring, so far as is reasonably practicable, the health, safety and welfare of its employees, temporary staff, and visitors to its premises and to others who may be affected by its operations and/or activities. Health and safety is regarded as a key component of the company's strategy and its operational considerations. It is a prime responsibility of the management team to promote a positive health and safety culture. The company will develop, install and support appropriate methods for the control of health and safety; means of securing employee co-operation; methods for the effective communication of health and safety information; means for ensuring the competence of its employees in health and safety matters.
The company will adequately resource the continuing implementation, operation and review of this policy.

Equal opportunities
 
The company is committed to an active equal opportunities policy from recruitment and selection, through training and development, appraisal and promotion to retirement.
It is the policy of the company to promote an environment free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of gender, colour, ethnic or national origin, disability, age, marital status, sexual orientation or religion. All decisions relating to employment practices will be objective, free from bias and based solely upon work criteria and individual merit.
The company is responsive to the needs of its employees, customers and the community at large.


This report was approved by the board and signed on its behalf.



D J L Bowden
Director

Date: 30 May 2025

Page 4

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Results and dividends

The profit for the year, after taxation, amounted to £816,413 (2023 - loss £6,079,736).

The directors do not recommend the payment of a final dividend (2023 - £nil).

Directors

The directors who served during the year were:

D J L Bowden 
A N Joffe 
J Gilchrist 
R C Hallauer 

Matters covered in the Strategic report

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the Directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Group's (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Blick Rothenberg Audit LLPwill 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.
 





D J L Bowden
Director

Date: 30 May 2025

Page 5

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements 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;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 6

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
 FOR THE YEAR ENDED 31 MAY 2024

Opinion


We have audited the financial statements of Dover Street Market International (DSMI) Limited (the 'company') for the year ended 31 May 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the notes to the financial statements, including significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit 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.


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 are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' 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.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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 set out on page 6, 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.


Page 8

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

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.


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:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation and and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Page 9

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


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 2006Our 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.





Darsh Shah (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
30 May 2025
Page 10

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

2024
As restated
2023
Note
£
£

  

Turnover
 4 
27,669,341
35,993,859

Cost of sales
  
(18,563,857)
(25,200,754)

Gross profit
  
9,105,484
10,793,105

Distribution costs
  
(3,269,670)
(4,506,932)

Administrative expenses
  
(12,766,273)
(14,744,992)

Other operating income
 5 
1,132,235
1,028,104

Operating loss
 6 
(5,798,224)
(7,430,715)

Intercompany loans waived
  
6,117,968
1,708,120

Income from other fixed asset investments
  
843,403
-

Interest receivable and similar income
 9 
11,447
10,103

Interest payable and similar expenses
 10 
(358,181)
(367,244)

Profit/(loss) before tax
  
816,413
(6,079,736)

Tax on profit/(loss)
 11 
-
-

Profit/(loss) for the financial year
  
816,413
(6,079,736)

The notes on pages 15 to 31 form part of these financial statements.

There are no items of other comprehensive income for either the year or the prior year other than the profit/(loss) for the year. Accordingly, no statement of other comprehensive income has been prepared.

Page 11


 
REGISTERED NUMBER:07877671
DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
30,973
20,191

Tangible assets
 13 
3,805,034
4,632,970

Investments
 14 
12,457,490
13,811,527

  
16,293,497
18,464,688

Current assets
  

Stocks
 15 
13,749,160
15,051,490

Debtors: amounts falling due after more than one year
 16 
-
223,285

Debtors: amounts falling due within one year
 16 
3,713,453
3,111,484

Cash at bank and in hand
  
250,890
1,403,991

  
17,713,503
19,790,250

Creditors: amounts falling due within one year
 17 
(23,242,240)
(23,985,736)

Net current liabilities
  
 
 
(5,528,737)
 
 
(4,195,486)

Total assets less current liabilities
  
10,764,760
14,269,202

Creditors: amounts falling due after more than one year
 18 
(6,855,093)
(11,172,502)

Provisions for liabilities
  

Other provisions
 19 
(518,913)
(522,359)

  
 
 
(518,913)
 
 
(522,359)

Net assets
  
3,390,754
2,574,341


Capital and reserves
  

Called up share capital 
 20 
7,351
7,351

Share premium account
 21 
2,996,000
2,996,000

Profit and loss account
 21 
387,403
(429,010)

Total equity
  
3,390,754
2,574,341


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



D J L Bowden
Director

Date: 30 May 2025

The notes on pages 15 to 31 form part of these financial statements.
Page 12


 
REGISTERED NUMBER:07877671
DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024


Page 13

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 June 2022
14,001
2,996,000
5,650,726
8,660,727


Comprehensive income for the year

Loss for the financial year
-
-
(6,079,736)
(6,079,736)
Total comprehensive income for the year
-
-
(6,079,736)
(6,079,736)


Contributions by and distributions to owners

Shares cancelled during the year
(6,650)
-
-
(6,650)



At 1 June 2023
7,351
2,996,000
(429,010)
2,574,341


Comprehensive income for the year

Loss for the financial year
-
-
816,413
816,413
Total comprehensive income for the year
-
-
816,413
816,413


At 31 May 2024
7,351
2,996,000
387,403
3,390,754


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Dover Street Market International (DSMI) Limited's principal activities are the operation of a high end fashion store and online retailing.
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 3rd Floor, 33-34 Great Pulteney Street, London, W1F 9NP. The address of its principal place of business is 18-22 Haymarket, London, SW1Y 4DG. 
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are
rounded to the nearest £.

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 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. 
 
The company was, at the end of the year, a subsidiary of Comme des Garçons International S.A.S., whose registered office is 16 Place Vendôme, Paris 75001, France. In accordance with Section 401 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
 
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
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, 11.45,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) disclosures relating to financial instruments);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Comme des Garçons International S.A.S. as at 31 May 2024 and these financial statements may be obtained from its registered office at 16 Place Vendôme, Paris 75001, France.
The following accounting policies have been applied:

Page 15

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.2

Going concern

The directors have obtained a letter of support from the parent company, Comme des Garçons International S.A.S, for a period of at least twelve months from the date on which these financial statements were signed.
Having considered post year end trading, financial results, cash reserves, group results and the ongoing support of the parent company, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.4
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying value amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

Page 16

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.5
Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. 
Deferred tax balances are recognised in respect of all timing differences that have originated but     not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 

Page 17

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  



Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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.
Page 18

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  



Derecognition of financial assets and financial liabilities
 
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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of nine years.

 
2.8

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and dismantling and restoration.
Subsequent additions and major components
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.
The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful life.
Repairs, maintenance and minor inspection costs are expensed as incurred.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 19

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
7 - 33%
Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%
Other fixed assets
-
25 - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease. 

  
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.11

Share capital

Ordinary shares are classified as equity.

 
2.12

Valuation of investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

Page 20

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within interest receivable or payable. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 21

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.18

Restatement of comparatives

The comparative financial information was restated for the following:
1. To correctly reclassify intercompany loan written off following the forgiveness of these loans from other group companies from interest receivable to intercompany loans waived. There is no impact to the profit or loss, or on net assets as a result of the restatement.
2. To correctly reclassify credit card and merchant fees incurred on sales made from administrative expenses to distribution costs. There is no impact to the profit or loss, or on net assets as a result of the restatement.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the key judgments made by the directors are:
Impairment of investments
The company considers whether investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
Stock provisioning
The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgments and estimates that are made by management. The judgments relating to stock include an estimation of future expected average sales prices and disposal costs. These judgments also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates.
Provisions for liabilities
The company assesses all potential liabilities and uncertainties in light of the requirements of FRS 102 Section 21 Provisions and Contingencies. In particular, the company assesses whether the likelihood of settlement is probable in which case provisions are recognised when the amounts can be reliably estimated. Potential liabilities that are either not probable and/or cannot be reliably measured are treated as contingent liabilities and separately disclosed in the financial statements. See note 19 for the carrying amount of provisions.

Page 22

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

The whole of the turnover is attributable to the operation of a high end fashion store and online retailing.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
18,698,799
25,656,245

Rest of Europe
2,959,537
1,812,000

Rest of the world
6,011,005
8,525,614

27,669,341
35,993,859



5.


Other operating income

2024
2023
£
£

Intercompany management charges
976,768
970,759

Royalty receivable
155,467
57,345

1,132,235
1,028,104



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Movement in stock provision (included in cost of sales)
1,159,759
(1,500,825)

Depreciation of tangible fixed assets
902,006
958,174

Amortisation of intangible assets, including goodwill
-
5,802

Operating lease rentals
3,222,470
3,290,071

Fees payable to the company's auditor for the audit of the company's annual accounts
42,500
48,250

Fees payable to the company's auditor for non-audit services
13,900
13,600

Exchange differences
(1,111,541)
(292,762)

Loss on disposal of tangible fixed assets
-
15,938

Page 23

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,272,543
6,566,948

Social security costs
722,860
764,457

Cost of defined contribution scheme
184,124
205,008

7,179,527
7,536,413


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Selling and customer service
101
108



Administration
33
37

134
145


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
313,833
307,566

Company contributions to defined contribution pension schemes
23,667
22,667

337,500
330,233


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £313,833 (2023 - £307,566).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £23,667 (2023 - £22,667).


9.


Interest receivable and similar income

As restated
2024
2023
£
£


Interest receivable on intercompany balances
11,447
10,103

Page 24

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
54,006
27,991

Other loan interest payable
304,175
339,253

358,181
367,244


11.


Taxation


2024
2023
£
£



Current tax on profits for the year
-
-

Tax on profit/(loss)
 
-
 
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
816,413
(6,079,736)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
204,103
(1,215,947)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,510
10,006

Capital allowances for year in excess of depreciation
150,083
110,457

Other timing differences leading to an increase (decrease) in taxation
13,129
14,710

Non-taxable income
(1,743,205)
(343,645)

Unrelieved tax losses carried forward
1,362,380
1,424,419

Total tax charge for the year
-
-

The substantively enacted corporation tax rate is 25%. Deferred taxes at balances sheet date have been measured at the corporation tax rate of 25% and are reflected as such in these financial statements.
 

Page 25

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

The company has carried forward tax losses of £16,579,831 (2023: £11,125,625) resulting in a potential deferred tax asset at the corporation tax rate of 25% of £4,142,505 (2023: £2,781,406). The directors have considered the relief of these losses against future profits. Due to inherent uncertainties regarding future performance, the directors consider it prudent for no deferred tax asset to be recognised in the current period (2023: £Nil).


12.


Intangible assets




Trademarks

£



Cost


At 1 June 2023
30,384


Additions
10,782



At 31 May 2024

41,166



Amortisation


At 1 June 2023
10,193



At 31 May 2024

10,193



Net book value



At 31 May 2024
30,973



At 31 May 2023
20,191





Page 26

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 June 2023
8,644,367
120,638
1,506,429
958,926
11,230,360


Additions
-
-
16,893
57,177
74,070



At 31 May 2024

8,644,367
120,638
1,523,322
1,016,103
11,304,430



Depreciation


At 1 June 2023
4,579,772
70,217
1,251,867
695,534
6,597,390


Charge for the year
665,951
20,117
101,850
114,088
902,006



At 31 May 2024

5,245,723
90,334
1,353,717
809,622
7,499,396



Net book value



At 31 May 2024
3,398,644
30,304
169,605
206,481
3,805,034



At 31 May 2023
4,064,595
50,421
254,562
263,392
4,632,970


14.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost 


At 1 June 2023
13,700,655
110,872
13,811,527


Disposals
(1,354,037)
-
(1,354,037)



At 31 May 2024
12,346,618
110,872
12,457,490




The directors are satisfied that the carrying value of the investments in subsidiary undertakings is appropriate on the basis of support from the ultimate parent underwriting for any losses that may arise as a result of the company's investments in the subsidiaries.

Page 27

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Dover Street Market New York LLC
167 Lexington Avenue, Ste. 100, New York NY 10016, USA
Operation of a high end fashion store and online retailing
Ordinary
100%
Dover Street Market Japan Co. Limited
5-11-15 Minimiaoyama, Minato-ku, Tokyo 107-0062, Japan
Operation of a high end fashion store and online retailing
Ordinary
100%
Dover Street Market LA LLC
608 Imperial St, Los Angeles, CA 90021, USA
Operation of a high end fashion store and online retailing
Ordinary
100%
Dover Street Market Paris
16 Place Vendome, Paris 75001, France
Cosmetics and beauty products
Ordinary
100%


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
13,749,160
15,051,490



16.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
223,285


2024
2023
£
£

Due within one year

Trade debtors
559,839
705,844

Amounts owed by group undertakings
1,609,660
512,740

Other debtors
318,999
635,384

Prepayments and accrued income
1,224,955
1,257,516

3,713,453
3,111,484


Amounts owed by group undertakings are interest-free, unsecured, have no fixed repayment date and are repayable on demand.

Page 28

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
278,105
-

Trade creditors
5,240,885
8,423,715

Amounts owed to group undertakings
15,455,063
12,190,586

Corporation tax
13,948
-

Other taxation and social security
191,364
743,799

Other creditors
172,400
441,727

Accruals and deferred income
1,883,825
2,179,259

Shares classified as debt
6,650
6,650

23,242,240
23,985,736


The bank overdraft is secured by a composite company unlimited multilateral guarantee which the parent company, Comme des Garçons International S.A.S. has entered into.
Included in other creditors is £80,307 (2023: £84,488) in relation to unpaid pensions contributions.
Included in amounts owed to group undertakings is £3,477,343 (2023: £3,342,317) bearing interest at 4.1%, £2,750,964 (2023: £2,793,431) bearing interest at 2.1% per annum, £883,361 (2023: £865,208) bearing interest at 1% per annum and £Nil (2023: £288,468) bearing interest at 1.903% per annum.
Disclosure of the terms and conditions attached to the non-equity shares is provided in note 20.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
6,855,093
11,172,502


Amounts owed to group undertakings bear interest at a rate of 1.903% per annum.


19.


Provisions




Other provision

£





At 1 June 2023
522,359


Charged to profit or loss
(3,446)



At 31 May 2024
518,913

Provisions have been recognised in respect of disputed amounts with third parties. In accordance with FRS102 21.14, no further details are provided as this will be prejudicial.

Page 29

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



7,351 (2023 - 7,351) ordinary shares of £1 each
7,351
7,351

As at year end, there is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



6,650 (2023 - 6,650) preference shares of £1 each
6,650
6,650



Approval of the re-designation of 6,650 ordinary shares to preference shares was approved on 5 October 2021 but was contingent on the registration of Dover Street Market Holding S.A.S. (DSMH) as the holder of 6,650 ordinary shares in the capital of the company. DSMH was the registered holder of the legal title to 6,650 ordinary shares on 25 May 2023.
The holder of any of the preference shares has the right to a fixed cumulative preferential dividend for a period of five years from 5 October 2021 at the rate of £386 per share, to the extent that there are profits available for distribution. No liability has been recognised at year end as the company did not have the required distributable reserves as at 31 March 2024, as stipulated in the company's articles of association.


21.


Reserves

Share premium account

The share premium reserve included any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 

Page 30

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

22.


Commitments under operating leases

At 31 May 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,950,230
3,276,027

Later than 1 year and not later than 5 years
11,682,448
11,712,066

Later than 5 years
16,083,370
18,983,978

30,716,048
33,972,071

23.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Entities with control or significant influence
Sales
-
-
61,463
61,463


Purchases
(3,104,578)
(1,516,872)
(495,741)
(1,741,799)



Management fees
(74,679)
(94,766)
(501,587)
(426,907)



Loans
(2,638,060)
(299,176)
(8,623,513)
(9,472,522)



Interest payable
(205,722)
(178,812)
-
-



Loan forgiveness
6,117,968
1,708,120
-
-



Fellow subsidiary undertakings
Sales
49,503
30,364
211,242
97,370


Purchases
(1,042,738)
(340,624)
(1,196,389)
(67,518)



Management fees
138,361
22,364
-
-



Loans
433,031
(1,365,263)
(11,004,703)
(11,359,625)



Interest payable
(78,109)
(27,898)
-
-


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


24.


Controlling party

The immediate parent undertaking is Comme des Garçons International S.A.S., a company incorporated in France. Group financial statements, in which the company and its subsidiaries are consolidated, are prepared and available from its registered address at 16 Place Vendome, Paris 75001, France.
In the opinion of the directors the ultimate parent undertaking is Comme des Garçons Co. Limited, a company incorporated in Japan.
The ultimate controlling party is R Kawakubo by virtue of her shareholding in the parent company. 

Page 31

 

DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED