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Registration number: 12918440

Siere Trading Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Siere Trading Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Income Statement

10

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 29

 

Siere Trading Ltd

Company Information

Directors

J Chen

J Ping

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditors

Brebners
Chartered Accountants & Statutory Auditor130 Shaftesbury Avenue
London
W1D 5AR

 

Siere Trading Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is that of the wholesale and online sales of clothing and footwear.

Fair review of the business

The Group generated turnover of £27,161,925 for the year (2023: £30,196,032), with a loss after tax of £614,917 (2023: profit after tax of £1,039,738). As at 31 December 2024, net assets amounted to £1,153,481 (2023: £1,853,971).

In the 2024 financial year, both revenue and gross profit margins declined, primarily due to the scheduled termination of the Group’s licensing agreement with DVF in January 2025. This development led to a reduction in sales orders and the incurrence of certain exceptional costs associated with the transition.

In response, management implemented cost-saving measures to reduce operational expenditure and help offset the impact, ensuring a resilient operational performance under challenging trading conditions.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

27,162

30,196

Gross Profit Margin

%

37

32

Operating Profit Margin

%

(1)

4

Principal risks and uncertainties

The directors and executive leadership team regularly assess the group's exposure to risk. During the year ended 31 December 2024, the principal risk on trading both operationally and financially was the significant increase in costs due to inflation. Management continue to monitor KPIs and costs across the group to pro-actively deal with any such issues.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liability. The group aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets throughout the group.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variability rate debt. The group monitors cash on a daily basis, along with a review of available banking facilities, debtors and creditors, to ensure that the group has sufficient cashflow and funds to continue trading.

Price risk is the risk of cost inflation and the group's ability to maintain margins through price increases in light of the cost pressure, particularly from fabric, manufacturing cost and logistics. This is being actively managed by regular review of manufacturing and logistics costs on an ongoing basis.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Group policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Foreign exchange risk is the risk of volatile exchange rates causing a financial loss from international transactions. Sterling has been volatile during the year with the current global political climate proving to have had a direct impact on sterling value. The group operates bank accounts in multiple currencies to help mitigate against this exposure where possible.

 

Siere Trading Ltd

Strategic Report for the Year Ended 31 December 2024

Future developments

While the global economic outlook remains uncertain, and ongoing geopolitical conflicts continue to contribute to market volatility, the Directors remain confident in the Group’s long-term prospects.

The licensing agreement with DVF concluded on 31 January 2025. The Directors are actively engaged in discussions with several luxury fashion brands to secure a new exclusive licensing agreement to commence within the next 12 months. The Group continues to receive the full support of its parent company, Glamel Trading Ltd, throughout this transitional period.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
J Chen
Director

 

Siere Trading Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

J Chen

J Ping

Information included in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial risk management and exposure.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
J Chen
Director

 

Siere Trading Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Siere Trading Ltd

Independent Auditor's Report to the Members of Siere Trading Ltd

Qualified opinion

We have audited the financial statements of Siere Trading Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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 qualified opinion on financial statements

Whilst we were appointed as auditor of the company in respect of the year ended 31 December 2022, consolidated accounts were not required and thus we did not observe the counting of physical inventories at the end of that year for subsidiary undertakings. We were unable to satisfy ourselves by alternative means concerning inventory of £4,011,590 held by the subsidiary undertakings at 31 December 2022 by using other audit procedures. Consequently, we were unable to determine whether there was any consequential effect on the cost of sales for year ended 31 December 2023. Our audit opinion on the financial statements for the period ended 31 December 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

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 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 UK, including the FRC'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 qualified opinion.

Material uncertainty relating to going concern

We draw attention to the going concern disclosure within note 2 in the financial statements, which indicates that the Group's brand licence, which is critical to its operations and revenue generation, expired after the reporting date and has not been renewed or replaced as at the date of this report. This condition, along with other matters set out in the going concern note, indicates that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

 

Siere Trading Ltd

Independent Auditor's Report to the Members of Siere Trading Ltd

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

As described in the basis of qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £4,011,590 held at 31 December 2022. We have concluded that where other information refers to the inventory balance or related balances such as cost of sales or gross profit it may be materially misstated for the same reason.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and 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 light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 considered necessary for the purpose of our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

 

Siere Trading Ltd

Independent Auditor's Report to the Members of Siere Trading Ltd

Auditor 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:

Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws environmental legislation, health and safety legislation, data protection legislation and international maritime regulations. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the Group is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, discussion of any regulatory and legal matters with management, and inspection of regulatory and legal costs; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance
and management. The further removed non-compliance with laws and regulations is from the events reflected in
the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Siere Trading Ltd

Independent Auditor's Report to the Members of Siere Trading Ltd

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 2006. Our 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.

......................................
Colin Li (Senior Statutory Auditor)
For and on behalf of Brebners, Statutory Auditor
 130 Shaftesbury Avenue
London
W1D 5AR

1 August 2025

 

Siere Trading Ltd

Consolidated Income Statement for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

27,161,925

30,196,032

Cost of sales

 

(16,987,371)

(20,562,772)

Gross profit

 

10,174,554

9,633,260

Administrative expenses

 

(10,645,916)

(8,655,764)

Other operating income

100,610

105,573

Operating (loss)/profit

4

(370,752)

1,083,069

Other interest receivable and similar income

5

158

3,383

Interest payable and similar expenses

6

(44,421)

(46,714)

   

(44,263)

(43,331)

(Loss)/profit before tax

 

(415,015)

1,039,738

Tax on (loss)/profit

9

(199,902)

(163,315)

(Loss)/profit for the financial year

 

(614,917)

876,423

Profit/(loss) attributable to:

 

Owners of the company

 

(614,917)

876,423

 

Siere Trading Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

(Loss)/profit for the year

(614,917)

876,423

Foreign currency translation (losses)/gains

(85,573)

1,940

Total comprehensive income for the year

(700,490)

878,363

Total comprehensive income attributable to:

Owners of the company

(700,490)

878,363

 

Siere Trading Ltd

Consolidated Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

6,162

23,760

Current assets

 

Stocks

12

4,537,063

6,161,801

Debtors

13

3,042,592

2,861,373

Cash at bank and in hand

 

1,922,092

1,844,968

 

9,501,747

10,868,142

Creditors: Amounts falling due within one year

15

(8,353,999)

(9,037,122)

Net current assets

 

1,147,748

1,831,020

Total assets less current liabilities

 

1,153,910

1,854,780

Provisions for liabilities

16

(429)

(809)

Net assets

 

1,153,481

1,853,971

Capital and reserves

 

Called up share capital

18

10,000

10,000

Retained earnings

19

1,143,481

1,843,971

Equity attributable to owners of the company

 

1,153,481

1,853,971

Shareholders' funds

 

1,153,481

1,853,971

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
J Chen
Director

Company registration number: 12918440

 

Siere Trading Ltd

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

1,717

3,237

Investments

11

8,366

8,750

 

10,083

11,987

Current assets

 

Stocks

12

364,435

713,528

Debtors

13

216,727

466,440

Cash at bank and in hand

 

221,938

130,745

 

803,100

1,310,713

Creditors: Amounts falling due within one year

15

(811,760)

(1,126,220)

Net current (liabilities)/assets

 

(8,660)

184,493

Total assets less current liabilities

 

1,423

196,480

Provisions for liabilities

16

(429)

(809)

Net assets

 

994

195,671

Capital and reserves

 

Called up share capital

18

10,000

10,000

Retained earnings

(9,006)

185,671

Shareholders' funds

 

994

195,671

The company made a loss of £194,677 (2023: profit of £78,196) for the financial year.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
J Chen
Director

Company registration number: 12918440

 

Siere Trading Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2024

10,000

1,843,971

1,853,971

1,853,971

Loss for the year

-

(614,917)

(614,917)

(614,917)

Other comprehensive income

-

(85,573)

(85,573)

(85,573)

Total comprehensive income

-

(700,490)

(700,490)

(700,490)

At 31 December 2024

10,000

1,143,481

1,153,481

1,153,481



 

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

10,000

965,608

975,608

975,608

Profit for the year

-

876,423

876,423

876,423

Other comprehensive income

-

1,940

1,940

1,940

Total comprehensive income

-

878,363

878,363

878,363

At 31 December 2023

10,000

1,843,971

1,853,971

1,853,971

 

Siere Trading Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

10,000

185,671

195,671

Loss for the year

-

(194,677)

(194,677)

At 31 December 2024

10,000

(9,006)

994



 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

10,000

107,475

117,475

Profit for the year

-

78,196

78,196

At 31 December 2023

10,000

185,671

195,671

 

Siere Trading Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(614,917)

876,423

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

9,121

11,221

Loss on disposal of tangible assets

12,515

-

Finance income

5

(158)

(3,383)

Finance costs

6

44,421

46,714

Income tax expense

9

199,902

163,315

 

(349,116)

1,094,290

Working capital adjustments

 

Decrease/(increase) in stocks

 

1,636,241

(1,631,638)

(Increase)/decrease in trade and other debtors

 

(528,911)

683,607

Decrease in trade and other creditors

 

(347,321)

(606,642)

Cash generated from operations

 

410,893

(460,383)

Income taxes paid

 

(300,374)

(222,036)

Net cash flow from operating activities

 

110,519

(682,419)

Cash flows from investing activities

 

Interest received

158

3,383

Acquisitions of tangible assets

10

(3,909)

(10,204)

Net cash flows from investing activities

 

(3,751)

(6,821)

Cash flows from financing activities

 

Interest paid

6

(44,421)

(46,714)

Net increase/(decrease) in cash and cash equivalents

 

62,347

(735,954)

Cash and cash equivalents at 1 January

 

1,844,968

2,764,362

Effect of exchange rate fluctuations on cash held

 

14,777

(183,440)

Cash and cash equivalents at 31 December

 

1,922,092

1,844,968

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the group is that of the wholesale and online sales of clothing and footwear.

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £194,677 (2023: profit of £78,196).

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosure exemptions available under FRS 102:

(a) No cash flow statement has been presented for the company;
(b) Disclosures in respect of financial instruments of the company have not been prepared;
(c) Disclosures in respect of key management personnel compensation in total for the company have not been presented.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December each year.

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group made a loss for the year ended 31 December 2024 of £614,917 but had net assets at that date amounting to £1,153,481, including cash at bank of £1,922,092.

As disclosed in Note 24, subsequent to the year end, the Group’s brand licence agreement, which is fundamental to its business operations and revenue generation expired. As at the date of approval of these financial statements, the licence has not been renewed or replaced, and the directors are actively seeking a new brand licence agreement. Negotiations regarding a potential renewal or alternative arrangements are ongoing and while these are ongoing, the Group has significantly scaled back their operations to manage costs.

At 31 December 2024, a net amount of £5,935,599 was due to the parent undertaking. The parent undertaking have confirmed that it is their intention to continue to support Siere Trading Ltd for the foreseeable future and in particular while the Group searches for a new brand licence agreement. There may be a period where the activities of the Group are reduced to minimal level. The directors believe the Group's overhead expenses can be easily controlled, and, with historical accumulated cash reserves, the directors are confident that the Group can continue to meet its liabilities as they fall due.

The directors have considered the Group’s management accounts and forecast cash flows, which show that the Group continues to be well placed to manage its resources going forwards. However, the uncertainty in securing a new brand licence agreement represents a material uncertainty that may cast significant doubt on the Group's long term operational plan.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements. The financial statements do not include any adjustments that would result if they were not prepared on a going concern basis.

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements

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.

Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- Stock provision

Annually, the group considers the carrying value of stock to identify whether there has been any impairment. This estimate includes consideration of seasonal trends, style taste and confirmed demand for the group's products within the fashion environment in which the group operates. Provision for impairment is made when the net realisable value of any stock line is considered to be less than the carrying value.

- Bad debt provision

The group assesses the recoverability of trade receivables based on historical experience, current economic conditions, the age of outstanding debts, and specific knowledge of individual customer credit risk. A provision is made against trade receivables where there is objective evidence that the group will not be able to collect all amounts due. The actual outcome may differ from these estimates, and any changes in assumptions or economic conditions could result in revisions to the provision in future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of clothing 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.

Turnover in respect of online sales is recognised when customers place an order and pay on the online platform. Turnover in respect of wholesale sales is recognised when goods are despatched or collected. The company recognises revenue from services rendered 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 the company's associated activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is determined using the weighted average method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

27,161,925

30,196,032

The analysis of the group's turnover for the year by geographic market is as follows:

2024
£

2023
£

UK

1,620,651

1,853,802

Europe

6,112,892

8,583,042

Rest of world

19,428,382

19,759,188

27,161,925

30,196,032

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

9,121

11,221

Foreign exchange losses/(gains)

39,463

(183,440)

Operating lease expense - property

98,545

111,370

Bad debts

719,465

173,366

Stock provision

489,881

76,369

Loss on disposal of property, plant and equipment

12,515

-

5

Other interest receivable and similar income

2024
£

2023
£

Other finance income

158

3,383

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

44,421

46,714

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,279,695

2,581,900

Social security costs

293,295

259,034

Pension costs, defined contribution scheme

45,979

65,788

Other employee expense

89,880

147,889

3,708,849

3,054,611

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration

36

36

Sales

2

2

38

38

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

72,000

67,250

Other compliance services

3,510

3,601

75,510

70,851

9

Taxation

Tax charged/(credited) in the consolidated income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

28,706

UK Corporation tax loss carry back

(28,706)

-

Foreign tax

228,988

135,853

Total current income tax

200,282

164,559

Deferred taxation

Arising from origination and reversal of timing differences

(380)

(1,244)

Tax expense in the income statement

199,902

163,315

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(415,015)

1,039,738

Corporation tax at standard rate

(99,260)

219,892

Decrease from UK loss carry back

(28,706)

-

Differences between depreciation and capital allowances

(344)

(114)

Decrease from effect of different UK tax rates on some earnings

-

(1,805)

UK effect of tax losses

1,996

4,211

Effect of foreign tax rates

326,596

(57,625)

Deferred tax movement

(380)

(1,244)

Total tax charge

199,902

163,315

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Group & company

2024

(Liability)
£

Accelerated capital allowances

(429)

(429)

2023

(Liability)
£

Accelerated capital allowances

(809)

(809)

10

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

46,585

46,585

Additions

3,959

3,959

Disposals

(26,613)

(26,613)

Foreign exchange movements

493

493

At 31 December 2024

24,424

24,424

Depreciation

At 1 January 2024

22,825

22,825

Charge for the year

9,121

9,121

Eliminated on disposal

(13,848)

(13,848)

Foreign exchange movements

164

164

At 31 December 2024

18,262

18,262

Carrying amount

At 31 December 2024

6,162

6,162

At 31 December 2023

23,760

23,760

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

15,735

15,735

Additions

1,376

1,376

Disposals

(3,300)

(3,300)

At 31 December 2024

13,811

13,811

Depreciation

At 1 January 2024

12,498

12,498

Charge for the year

2,837

2,837

Eliminated on disposal

(3,241)

(3,241)

At 31 December 2024

12,094

12,094

Carrying amount

At 31 December 2024

1,717

1,717

At 31 December 2023

3,237

3,237

11

Investments

Company

2024
£

2023
£

Investments in subsidiaries

8,366

8,750

Subsidiaries

£

Cost or valuation

At 1 January 2024

8,750

Revaluation

(384)

At 31 December 2024

8,366

Carrying amount

At 31 December 2024

8,366

At 31 December 2023

8,750

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Sempra International Trading B.V.

Apollolaan 151, Desk 432, Newday offices A'dam Zuid, 1077AR, Amsterdam, The Netherlands

Ordinary

100%

100%

SIA International Trading Limited

440 West 14th Street, New York, NY 10014 , USA

Ordinary

100%

100%

All of the subsidiary undertakings above are included in the consolidated results.

The principal activities of each subsidiary undertaking are as follows:

Sempra International Trading B.V. - the wholesale trade and online business of clothing and accessories.
SIA International Trading Limited - the wholesale trade and online business of clothing and accessories.
 

12

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stock

4,537,063

6,161,801

364,435

713,528

Stock is stated after a provision for diminution in value of £570,627 (2023: £76,304).

13

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

2,821,182

2,650,798

108,322

237,708

Amounts owed by group undertakings

-

-

23,800

169,347

Other debtors

129,500

11,737

53,355

11,211

Prepayments

13,499

190,486

2,544

48,174

Corporation tax asset

78,411

8,352

28,706

-

3,042,592

2,861,373

216,727

466,440

Trade debtors are stated after a provision for irrecoverability of £795,717 (2023: £172,037).

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

1,922,092

1,844,968

221,938

130,745

15

Creditors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Due within one year

Trade creditors

983,014

1,619,438

31,029

170,744

Amounts due to parent undertaking

5,935,599

5,819,077

290,076

442,433

Social security and other taxes

455,228

606,011

46,471

90,581

Amounts due to group undertakings

-

-

61,861

78,594

Other payables

7,126

75,130

7,126

55,658

Accruals

949,089

865,194

375,197

259,504

Corporation tax liability

23,943

52,272

-

28,706

8,353,999

9,037,122

811,760

1,126,220

16

Provisions for liabilities

Group and company

Deferred tax
£

Total
£

At 1 January 2024

809

809

Increase (decrease) in existing provisions

(380)

(380)

At 31 December 2024

429

429

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £45,979 (2023 - £65,788).

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1.00 each

10,000

10,000

10,000

10,000

         

There are no restrictions on the repayment of capital or the distribution of dividends.

19

Reserves

Profit and loss account - this reserve records retained earnings and accumulated losses.

20

Commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments under operating leases not recognised in the statement of financial position is as follows:

2024
£

2023
£

Not later than one year

2,912

144,603

Later than one year and not later than five years

730

-

3,642

144,603

21

Analysis of changes in net debt

Group

 

Non cash changes

At 1 January 2024

Net cash flows

Foreign exchange movements

At 31 December 2024

Cash and cash equivalents

Cash

1,844,968

62,347

14,777

1,922,092

Total of net cash / (borrowings)

1,844,968

62,347

14,777

1,922,092

 

Siere Trading Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

22

Related party transactions

Summary of transactions with subsidiaries

In accordance with FRS102 paragraph 33.1A, exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of the voting rights are controlled within the Group.

23

Parent and ultimate parent undertaking

The immediate parent undertaking is Glamel Trading Limited, incorporated in Hong Kong.

The ultimate parent undertaking is Fentennial Limited, incorporated in the British Virgin Islands.

The parent of the smallest and largest group preparing group accounts in which the results of the company are included is Glamel Trading Limited whose registered address is Unit 1904, 19/F., Podium Plaza, 5 Hanoi Road, Rsmi Sha Tsui, Kowloon, Hong Kong.

24

Non adjusting events after the financial period

The Group’s brand licence agreement, which is fundamental to its business operations and revenue generation, expired on 31 January 2025. As at the date of approval of these financial statements the licence has not been renewed or replaced and the directors are actively seeking a new brand licence agreement. Negotiations regarding a potential renewal or alternative arrangements are ongoing and whilst these are ongoing the Group has significantly scaled back their operations to manage costs.

The expiry of the brand licence agreement represents a non-adjusting event after the financial period. However, it has been considered in the assessment of the Group’s ability to continue as a going concern.