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Registered number:
FOR THE YEAR ENDED 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
CONTENTS
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
COMPANY INFORMATION
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The principal activities of the company are and will continue to be the retailing of luxury fashion at the Haymarket flagship store in London and online through the Dover Street Market International (“DSMI”) website.
The business measures itself in a number of different ways using key performance indicators (KPIs); at the highest level these are as follows:
∙Turnover decreased by 2% from £27,669,341 in 2024 to £27,153,769 in 2025;
∙Gross Profit rate increased from 32.9% in 2024 to 33.5% in 2025; and
∙Operating loss rate improved from -21.0% in 2024 to -18.8% in 2025.
These KPIs reflect a very challenging trading environment including but not limited to excess of stock in the market and competitors offering significant discounts.
The value of stock held at 31 May 2025 totalled £11,225,949 (2024: £13,749,160), a decrease of 18%. Stock levels have decreased due to tighter working capital management and improved ratio of full price sales. DSMI is committed to return to profit and is moving in a positive direction with the improvement in rate of Gross Profit, in part delivered by the aforementioned improvement in full price sales. The future focus of the business is centred around improving the rate of Gross profit 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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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. Clients pay in full prior to delivery. 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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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.
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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The loss for the year, after taxation, amounted to £5,467,527 (2024 - loss £2,229,727).
The directors do not recommend the payment of a final dividend (2024 - £Nil).
The directors who served during the year were:
J Gilchrist (resigned 7 December 2025)
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.
The auditor, Blick Rothenberg Audit LLP, will 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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
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 2006. They 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.
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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 2025
We have audited the financial statements of Dover Street Market International (DSMI) Limited (the 'company') for the year ended 31 May 2025, 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 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 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.
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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 2025
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 report. 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. 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.
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.
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.
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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 2025
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 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 require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary.
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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 2025
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date: 29 May 2026
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
BALANCE SHEET
AS AT 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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
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 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, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) disclosures relating to financial instruments);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙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 2025 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:
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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.
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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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.
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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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.
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.
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.
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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (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:
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Ordinary shares are classified as equity.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. 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. Stocks provisioning The carrying value of stocks, 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 stocks 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.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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:
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
11.Taxation (continued)
The company has carried forward tax losses of £22,266,059 (2024: £17,217,924) resulting in a potential deferred tax asset at the corporation tax rate of 25% of £5,566,542 (2024: £4,304,481). 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 (2024: £Nil).
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 27
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 28
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 29
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Share premium account
Capital contribution reserve
Profit and loss account
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Subsequent to the approval and signing of the financial statements for the year ended 31 May 2024, it came to the attention of the directors that the accounting treatment of a waiver of loan from the company’s ultimate parent undertaking, Comme des Garçons Co., Ltd., was incorrect.
In the year ended 31 May 2024, the waiver of intercompany loan balances amounting to £3,046,140 was recognised within the profit and loss account. Following a review, management has concluded that this treatment was inappropriate. The waiver should instead have been recognised as a capital contribution from the ultimate parent company, reflecting a transaction with the shareholder in its capacity as owner, instead of being income. Accordingly, the comparative figures have been restated to correct this error. The impact of the adjustment is to reduce retained earnings at 1 June 2024 by £3,046,140 and to increase capital contribution reserve (within equity) by the same amount. There is no impact on taxation arising from this adjustment.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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:
Amounts owed to related parties are unsecured, interest-free and have no fixed repayment dates, except where otherwise disclosed in note 17.
The immediate parent undertaking is
In the opinion of the directors the ultimate parent undertaking is The ultimate controlling party is
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