Registered number:
FOR THE YEAR ENDED 31 MAY 2020
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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 2020
The principal activities of the company during the year were the operation of a high end fashion store and online retailing.
The business measures itself in a number of different ways using key performance indicators (KPIs); at the highest level these are as follows:
- Turnover growth - Gross margin - Operating margin Turnover has grown by 4.3% from £35.2m in 2019 to £36.7m in 2020. The gross margin has improved from 37.0% in 2019 to 40.3% in 2020. The operating profit margin was 4.3% (2019: 2.6%) and has increased as a result of the strong trading results during the year, notably prior to the COVID-19 pandemic, and the increase in online sales. As at 31 May 2020, the company had net assets of £11,694,563 (2019: £9,462,440). The value of stocks held at 31 May 2020 totalled £15,283,754 (2019: £11,267,982), an increase of 35.6%. Stock levels have increased due to slower trading activity prior to the year end due to the effects of the COVID-19 pandemic resulting in the temporary closure of the UK store. COVID-19 The final quarter of the financial year was of course dominated by the challenges imposed upon us by COVID-19. This resulted in the temporary closure of the Haymarket store from March to June 2020 in accordance with government guidelines and the team working from home where possible. Whilst our headline revenues have been negatively impacted, we have mitigated this as best as possible through the significant growth in online sales which continues into the next financial year. We remain resolute in our commitment to the health, safety and wellbeing our of employees, clients and suppliers by adhering to all government guidelines and the implementation strict protocols and procedures. We give our deepest and humblest thanks to all the healthcare, frontline workers and volunteers who have, and continue to help and support us at this time. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
Operating risks
The directors consider that the principal operating risk and uncertainty facing the company is competition from existing fashion brands/retailers. The directors have taken measures to minimise the company's exposure to this risk by ensuring their offering is continually reviewed, that displays are constantly updated and they are cutting and leading edge in their sector. Financial risk management objectives and policies Liquidity risk The company has a working capital cycle resulting in peak requirement periods in the year. The company manages its cash requirements to ensure that it has sufficient liquid resources to meet the operating needs of the business. Credit risk The company is exposed to credit risk. However, it manages this risk by only offering credit to pre-approved customers. Foreign exchange risk The company is exposed to foreign exchange risk as it purchases a significant proportion of its stock in foreign currencies. It manages this exposure by operating foreign currency bank accounts and, where possible, using foreign-denominated receipts to make payments in the same currency. Where surplus foreign currency funds exist, the company ensures that the timing of their conversion into sterling arises at favourable rates of exchange.
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. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
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 2020
The directors present their report and the financial statements for the year ended 31 May 2020.
The profit for the year, after taxation, amounted to £
2,232,123
(2019 -
£
2,603,617
)
.
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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 2020
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 judgments 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 2020
We have audited the financial statements of Dover Street Market International (DSMI) Limited (the 'company') for the year ended 31 May 2020, which comprise the profit and loss account, the balance sheet, the statement of changes in equity
and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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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 2020
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.
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 2020
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.
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
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 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:
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2020
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BALANCE SHEET
AS AT
31 MAY 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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 5-11 Regent Street, Charles House, London, SW1Y 4LR. The address of its principal place of business is 18-22 Haymarket, London, SW1Y 4DG. The financial statements are presented in Sterling (£).
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, 75001 Paris. In accordance with Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) disclosures relating to financial instruments);
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Comme des Garçons International S.A.S. as at 31 May 2020 and these financial statements may be obtained from its registered office at 16 Place Vendôme, 75001 Paris. 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 2020
2.
Accounting policies (continued)
In making this assessment the directors have considered the impact of COVID-19 on the business. During the last quarter of 2020 and in the year to 31 May 2021 the store, in Haymarket, has been closed in line with the relevant national and local lockdown periods. However the company has mitigated the effect of this through its online sales platform and has accordingly generated sufficient profitability to ensure the going concern basis of the company remains appropriate. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Investments in subsidiaries and associates are measured at cost less accumulated impairment.
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 2020
2.
Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
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. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date, and that are expected to apply to the reversal of timing differences.
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.
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. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.
Accounting policies (continued)
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.
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. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.
Accounting policies (continued)
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.
Subsequent additions and major components Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful life. Repairs, maintenance and minor inspection costs are expensed as incurred. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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 the 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 2020
2.
Accounting policies (continued)
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.
Interest income is recognised in the profit and loss account using the effective interest method.
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 2020
2.
Accounting policies (continued)
Impairment of investments The company considers whether investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. Stock provisioning The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgments and estimates that are made by management. The judgments relating to stock include an estimation of future expected average sales prices and disposal costs. These judgments also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
12.
Taxation (continued)
In the Spring Budget 2021 on 3 March 2021, the Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.
As of the date of the approval of these financial statements the increase in rates has not been substantively enacted. As the proposal to increase the rate had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. |
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Included in amounts owed to group undertakings is £5,057,672 (2019: £6,429,192) bearing interest at rates between 1% and 2.1% per annum.
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
21.
Deferred taxation (continued)
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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 due for repayment within one year.
Share premium account
Profit & loss account
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DOVER STREET MARKET INTERNATIONAL (DSMI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
The immediate parent undertaking is Comme des Garçons International S.A.S., a company incorporated in France. Group financial statements, in which the company is consolidated, are prepared and are available from 16 Place Vendome, 75001, Paris.
In the opinion of the directors the ultimate parent undertaking is Comme des Garçons Co. Limited, a company incorporated in Japan. The ultimate controlling party is R Kawakubo by virtue of her shareholding in the parent company. |