International Value Investments Limited 31/12/2024 iXBRL

Deferred tax (note )

At 1 January 2024 and 31 December 2024

Company registration number: 02413313

International Value Investments Limited

Trading as International Value Investments Limited

Filleted financial statements

31 December 2024

International Value Investments Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

International Value Investments Limited

Directors and other information


Directors	Mr T C Smith
	Mr Julian Robins	(Appointed 8 March 2024)


Company number	02413313


Registered office	C/O Fundsmith Llp
	33 Cavendish Square
	London
	W1G 0PW


Business address	C/O Fundsmith Llp
	33 Cavendish Square
	London
	W1G 0PW


Auditor	Finegan Gibson Ltd
	Causeway Tower
	9 James Street South
	Belfast
	BT2 8DN

International Value Investments Limited

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing 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 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 company and the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

International Value Investments Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Investments	4	14,096,780		11,507,921
		_______		_______
			14,096,780		11,507,921

Current assets
Debtors	5	195		195
Cash at bank and in hand		99,067		5,788,009
		_______		_______
		99,262		5,788,204
Creditors: amounts falling due
within one year	6	( 53,084)		( 3,794,347)
		_______		_______
Net current assets			46,178		1,993,857
			_______		_______
Total assets less current liabilities			14,142,958		13,501,778


Provisions for liabilities	7		( 1,354,782)		( 1,354,782)

			_______		_______
Net assets			12,788,176		12,146,996
			_______		_______

Capital and reserves
Called up share capital	8		131,602		131,602
Profit and loss account			12,656,574		12,015,394
			_______		_______
Shareholders funds			12,788,176		12,146,996
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr T C Smith

Director

Company registration number: 02413313

International Value Investments Limited

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	131,602	11,332,633	11,464,235

Profit for the year		682,761	682,761
	_______	_______	_______
Total comprehensive income for the year	-	682,761	682,761

	_______	_______	_______
At 31 December 2023 and 1 January 2024	131,602	12,015,394	12,146,996

Profit for the year		641,180	641,180
	_______	_______	_______
Total comprehensive income for the year	-	641,180	641,180

	_______	_______	_______
At 31 December 2024	131,602	12,656,574	12,788,176
	_______	_______	_______

International Value Investments Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is International Value Investments Limited, C/O Fundsmith Llp, 33 Cavendish Square, London, W1G 0PW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans	Other loans	Total
	£	£	£
Cost or valuation
At 1 January 2024	6,327,046	5,180,875	11,507,921
Additions	2,011,251	-	2,011,251
Revaluations	645,108	-	645,108
Other movements	( 67,500)	-	( 67,500)
	_______	_______	_______
At 31 December 2024	8,915,905	5,180,875	14,096,780
	_______	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-	-
	_______	_______	_______
Carrying amount
At 31 December 2024	8,915,905	5,180,875	14,096,780
	_______	_______	_______
At 31 December 2023	6,327,046	5,180,875	11,507,921
	_______	_______	_______

5. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings	195	195
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	9,660	7,170
Amounts owed to group undertakings	40,557	40,557
Corporation tax	-	21,690
Other creditors	2,867	3,724,930
	_______	_______
	53,084	3,794,347
	_______	_______

7. Provisions

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary Shares shares of £ 1.00 each	131,602	131,602	131,602	131,602
	_______	_______	_______	_______

9. Summary audit opinion

The auditor's report dated 29 September 2025 was unqualified.

The senior statutory auditor was Conor Dolan FCA for and on behalf of Finegan Gibson Ltd

10. Related party transactions

In accordance with FRS 102 Paragraph 33.1A, the exemption has been taken from disclosing transactions and balances with other group companies on the basis that they, directly or indirectly, are all 100% subsidiaries of The Eighth Wonder Foundation, the ultimate parent entity. The company is a corporate member in Fundsmith LLP where the director, Mr T C Smith , is also a member. At the year end, the value of the members capital account in Fundsmith LLP was £5,180,875 (2023: £5,180,875). At the year end the company owed a director £NIL (2023: £3,717,760). This loan is interest free and repayable on demand.

11. Parent company

The parent company is Value Investments Limited and its registered office is Floor 2, 201 Great Portland Street, London, England, W1W 5AB. The ultimate parent entity is The Eighth Wonder Foundation with a registered office at c/o Victoria Corporate Agents (Proprietary) Limited, Suite 108, Premier Building, Victoria, Mahe, Seychelles.