Registration number:
|
Siere Trading Ltd
|
|
Brebners
|
Siere Trading Ltd
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
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 |
|
|
Notes to the Financial Statements |
Siere Trading Ltd
Company Information
|
Directors |
J Chen J Ping |
|
Registered office |
|
|
Auditors |
|
Siere Trading Ltd
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
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 £4,025,965 for the year (2024: £26,960,429), with a loss after tax of £1,681,336 (2024: £891,930). As at 31 December 2025, net liabilities amounted to £782,372 (2024: net assets amounted to £876,468).
The 2025 financial year saw a significant contraction in trading activity following the scheduled termination of the Group’s licensing agreement with DVF on 31 January 2025. Full-price wholesale and ecommerce sales of new season DVF product ceased at that date, and the remainder of the sales came from the orderly clearance of residual DVF inventory at discounted price points. As anticipated, this clearance activity drove materially lower turnover and compressed gross profit margins relative to the prior year resulting in a loss for the year.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£'000 |
4,026 |
26,960 |
|
Gross Profit Margin |
% |
(19) |
37 |
|
Operating Profit Margin |
% |
(40) |
(2) |
Principal risks and uncertainties
The directors and executive leadership team regularly assess the group's exposure to risk. During the year ended 31 December 2025, 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 2025
Future developments
Following the conclusion of the DVF licensing agreement on 31 January 2025, and in light of the continued deterioration in the global economic and geopolitical climate, the Directors have concluded that the prospects of securing an alternative licensing arrangement on commercially acceptable terms within a reasonable timeframe are insufficient to support the Group’s ongoing cost base. Accordingly, the Directors have resolved to close the Group during the financial year ending 31 December 2026.
Approved and authorised by the
|
......................................... |
Siere Trading Ltd
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
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
|
......................................... |
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
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 2025, 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 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 2025 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 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 opinion.
Emphasis of matter
We draw attention to the basis other than going concern note to the financial statements which explains that the directors intend to close the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in the going concern note. 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.
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.
Opinion on other matter 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 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. |
Siere Trading Ltd
Independent Auditor's Report to the Members of Siere Trading Ltd
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.
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.
Siere Trading Ltd
Independent Auditor's Report to the Members of Siere Trading Ltd
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.
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.
......................................
For and on behalf of
London
W1D 5AR
Siere Trading Ltd
Consolidated Income Statement for the Year Ended 31 December 2025
|
Note |
2025 |
(As restated) |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross (loss)/profit |
( |
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating loss |
( |
( |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(109,088) |
(44,263) |
||
|
Loss before tax |
( |
( |
|
|
Tax on loss |
|
( |
|
|
Loss for the financial year |
( |
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
( |
Siere Trading Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
(As restated) |
|
|
Loss for the year |
( |
( |
|
Foreign currency translation gains/(losses) |
|
( |
|
Total comprehensive income for the year |
( |
( |
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
( |
Siere Trading Ltd
Consolidated Statement of Financial Position as at 31 December 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
( |
|
|
|
Provisions for liabilities |
- |
( |
|
|
Net (liabilities)/assets |
( |
|
|
|
Capital and reserves |
|||
|
Called up share capital |
10,000 |
10,000 |
|
|
Retained earnings |
(792,372) |
866,468 |
|
|
Equity attributable to owners of the company |
(782,372) |
876,468 |
|
|
Shareholders' (deficit)/funds |
(782,372) |
876,468 |
Approved and authorised by the
|
......................................... |
Company registration number: 12918440
Siere Trading Ltd
Statement of Financial Position as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
- |
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
- |
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
|
|
|
Provisions for liabilities |
- |
( |
|
|
Net (liabilities)/assets |
( |
|
|
|
Capital and reserves |
|||
|
Called up share capital |
10,000 |
10,000 |
|
|
Retained earnings |
(495,930) |
(9,006) |
|
|
Shareholders' (deficit)/funds |
(485,930) |
994 |
The company made a loss of £486,924 (2024: £194,677) for the financial year.
Approved and authorised by the
|
......................................... |
Company registration number: 12918440
Siere Trading Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2025 |
|
|
|
|
|
Loss for the year |
- |
( |
( |
( |
|
Other comprehensive income |
- |
|
|
|
|
Total comprehensive income |
- |
( |
( |
( |
|
At 31 December 2025 |
|
( |
( |
( |
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2024 |
|
|
|
|
|
Loss for the year (As restated) |
- |
( |
( |
( |
|
Other comprehensive income |
- |
( |
( |
( |
|
Total comprehensive income (As restated) |
- |
( |
( |
( |
|
At 31 December 2024 (As restated) |
10,000 |
866,468 |
876,468 |
876,468 |
Siere Trading Ltd
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
( |
|
|
Loss for the year |
- |
( |
( |
|
At 31 December 2025 |
|
( |
( |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Loss for the year |
- |
( |
( |
|
At 31 December 2024 |
10,000 |
(9,006) |
994 |
Siere Trading Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
(As restated) |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
|
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Decrease/(increase) in trade and other debtors |
|
( |
|
|
Decrease in trade and other creditors |
( |
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
- |
( |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
|
Cash and cash equivalents at 31 December |
779,721 |
1,922,092 |
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the group is that of the wholesale and online sales of clothing and footwear.
|
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. The current year figures are presented on a basis other than going concern, as detailed in the following accounting policies. The prior year figures were presented on a going concern basis.
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 £486,924 (2024: loss of £194,677).
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 2025
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.
Basis other than going concern
The Group's brand licence agreement, which was fundamental to its business operations and revenue generation, expired in January 2025. Following the expiry of the agreement, management engaged in negotiations with the licensor regarding a potential renewal and also explored alternative commercial arrangements. However, no renewal or replacement agreement could be secured on acceptable terms. As a result, the Group no longer has access to the key intellectual property required to continue trading in its existing form and has ceased pursuing its previous business activities.
Consequently, the directors intend to close the company and accordingly, the directors have concluded that it is not appropriate to prepare the financial statements on a going concern basis. These financial statements have therefore been prepared on a basis other than going concern, reflecting management's intention to realise the Group's assets and settle its liabilities in an orderly manner. Assets have been measured at their estimated net realisable values and liabilities and contingent liabilities have been recognised at the amounts expected to be settled.
No provision has been recognised at 31 December 2025 for costs that may arise in connection with the potential closure, liquidation or winding up of the Group, as such costs had not become present obligations at the reporting date. Should additional obligations arise following the reporting date, these will be recognised in the period in which they are incurred or become committed.
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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. |
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.
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.
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.
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 their net realisable values. Previously, tangible assets were stated 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 |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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 2025
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.
Impairment of fixed and other assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
As disclosed in the basis other than going concern note, all assets have been reviewed for impairment to their net realisable values.
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.
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
(As restated) |
|
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by geographic market is as follows:
|
2025 |
(As restated) |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
(As restated) |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - property |
|
|
|
Bad debt charge/(reversal) |
(29,993) |
719,466 |
|
Stock impairment/(reversal) |
( |
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration |
|
|
|
Sales |
- |
|
|
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
|
|
|
Other compliance services |
|
|
|
49,406 |
75,510 |
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2025 |
(As restated) |
|
|
Current taxation |
||
|
UK corporation tax |
( |
- |
|
UK Corporation tax loss carry back |
- |
( |
|
Foreign tax |
( |
|
|
Total current income tax |
(49,332) |
273,447 |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Decrease from UK loss carry back |
( |
( |
|
Differences between depreciation and capital allowances |
( |
( |
|
UK effect of tax losses |
|
|
|
Effect of foreign tax rates |
|
|
|
Total tax (credit)/charge |
( |
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Group & company
|
2025 |
(Liability) |
|
Accelerated capital allowances |
- |
|
- |
|
2024 |
(Liability) |
|
Accelerated capital allowances |
( |
|
( |
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
Disposals |
( |
( |
|
Foreign exchange movements |
( |
( |
|
At 31 December 2025 |
|
|
|
Depreciation |
||
|
At 1 January 2025 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
Foreign exchange movements |
( |
( |
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
Disposals |
( |
( |
|
At 31 December 2025 |
- |
- |
|
Depreciation |
||
|
At 1 January 2025 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 December 2025 |
- |
- |
|
Carrying amount |
||
|
At 31 December 2025 |
- |
- |
|
At 31 December 2024 |
|
|
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Revaluation |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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 |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Apollolaan 151, Desk 432, Newday offices A'dam Zuid, 1077AR, Amsterdam, The Netherlands |
|
|
|
|
|
440 West 14th Street, New York, NY 10014 , USA |
|
|
|
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.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Stock |
|
|
- |
|
Stock is stated after a provision for diminution in value of £25,163 (2024: £570,627).
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
- |
|
|
Other debtors |
|
|
|
|
|
Prepayments |
- |
|
- |
|
|
Corporation tax asset |
|
|
|
|
|
|
|
|
|
|
Trade debtors are stated after a provision for irrecoverability of £263,937 (2024: £795,717).
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
|
|
|
Amounts due to parent undertaking |
|
|
|
|
|
Social security and other taxes |
- |
|
- |
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
Other payables |
- |
|
- |
|
|
Accruals |
|
|
|
|
|
Corporation tax liability |
- |
98,565 |
- |
- |
|
|
|
|
|
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Provisions for liabilities |
Group and company
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Unused provision reversed |
( |
( |
|
At 31 December 2025 |
- |
- |
|
|
||
|
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
There are no restrictions on the repayment of capital or the distribution of dividends.
|
Reserves |
Profit and loss account - this reserve records retained earnings and accumulated losses.
|
Commitments, guarantees and contingencies |
Group operating leases
The total of future minimum lease payments under operating leases not recognised in the statement of financial position is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Siere Trading Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Analysis of changes in net debt |
Group
|
|
|
Non cash changes |
||||||||
|
At 1 January 2025 |
Financing cash flows |
Foreign exchange movements |
At 31 December 2025 |
|||||
|
Cash and cash equivalents |
||||||||
|
Cash |
(1,922,092) |
1,096,823 |
45,548 |
(779,721) |
||||
|
Total of net cash / (borrowings) |
(1,922,092) |
1,096,823 |
45,548 |
(779,721) |
||||
|
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.
|
Prior period adjustment |
During the year, management identified various misstatements relating to the results of a subsidiary for the year ended 31 December 2024. These misstatements have been corrected in these financial statements and the comparative figures have been restated. The overall effect of the adjustment was to reduce group net assets as at 31 December 2024 and increase the group loss for the year by £277,013.
Included within these corrections are the following:
• Certain liabilities relating to sales returns had not been fully recognised previously. The effect of this correction was to decrease turnover by £171,246, increase administrative expenses by £3,411, and increase accruals by £174,657.
• Certain liabilities relating to royalties payable had been miscalculated. The effect of this correction was to decrease cost of sales by £104,868, decrease administrative expenses by £2,089, and decrease accruals by £106,957.
• The corporation tax provision was understated. The effect of this correction was to increase the corporation tax charge by £73,165, increase administrative expenses by £1,457, and increase the corporation tax liability by £74,622.
There was no effect from these corrections on the figures at the beginning of the prior year.
|
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.