REGISTERED NUMBER: 12567769 (England and Wales)

INTERNATIONAL LITERARY PROPERTIES UK LTD

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Scott Paul Hoffman

REGISTERED OFFICE:

77 Station Raod

Petersfield

Hampshire

GU32 3FQ

REGISTERED NUMBER:

12567769 (England and Wales)

ACCOUNTANTS:

Sheen Stickland

Chartered Accountants

The Engine House

77 Station Road

Petersfield

Hampshire

GU32 3FQ

FIXED ASSETS

Intangible assets

4

2,008,658

2,100,728

Investments

5

8,912,938

8,912,938

10,921,596

11,013,666

CURRENT ASSETS

Debtors

6

263,058

356,235

Cash at bank

105,473

159,441

368,531

515,676

CREDITORS

Amounts falling due within one year

7

(822,456

)

(517,768

)

NET CURRENT ASSETS

1,190,987

1,033,444

TOTAL ASSETS LESS CURRENT LIABILITIES

12,112,583

12,047,110

PROVISIONS FOR LIABILITIES

408,693

508,425

NET ASSETS

11,703,890

11,538,685

CAPITAL AND RESERVES

Called up share capital

98,443

98,443

Share premium

9,745,891

9,745,891

Retained earnings

1,859,556

1,694,351

11,703,890

11,538,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

Scott Paul Hoffman - Director

1.	STATUTORY INFORMATION

INTERNATIONAL LITERARY PROPERTIES UK LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue receivable by the Company and its Group in respect of the following; all of which are exclusive of Value Added Tax:

- Rights granted to third parties;

- Royalties and advances receivable from the exploitation of intellectual property in connection with rights, titles and interest held by the Company in literary estates; and

- Management and servicing fees

Revenue in respect of rights granted is recognised in accordance with the invoicing schedule outlined in the underlying agreement with amounts accrued and/or deferred where applicable to reflect the granted period outstanding as at the balance sheet date.

Revenue in respect of royalties and advances receivable is recognised as and when the Company receives notification of amounts due, during the reporting period, with amounts accrued and/or deferred where applicable in accordance with the terms of the underlying contract.

Revenue in respect of management and servicing fees is recognised on provision of services with amounts accrued and/or deferred in accordance with the timing of invoices.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible assets comprise of the following:

Goodwill on acquisition of subsidiary undertakings

On initial recognition, such assets are measured at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses with any related expenditure previously recognised in profit or loss not recognised as an asset in a subsequent period.

Goodwill is amortised on a straight line basis to profit or loss over its useful economic life of ten to twenty years.

Purchased rights, titles and interest held in literary estates

On initial recognition, such assets are measured at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is provided on a straight line basis to profit or loss over the assets' useful economic life equal to the term assigned upon acquisition during which the underlying economic benefits are made available to the Group.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").

The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2024

and 31st December 2024

2,277,690

AMORTISATION

At 1st January 2024

176,962

Charge for year

92,070

At 31st December 2024

269,032

NET BOOK VALUE

At 31st December 2024

2,008,658

At 31st December 2023

2,100,728

The intangible assets which are material to the financial statements comprise of the rights, titles and interests of multiple authors held at a carrying value of £2,009,136 which have a remaining amortisation period ranging 21 years as at the balance sheet date.

The directors are of the opinion that in respect of intangible assets held, as disclosed above, there are no significant indicators of impairment that would justify a provision towards a diminution in value to be made.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st January 2024

and 31st December 2024

8,912,938

NET BOOK VALUE

At 31st December 2024

8,912,938

At 31st December 2023

8,912,938

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

2,800

61,206

Prepayments and accrued income

110,000

172,202

112,800

233,408

Amounts falling due after more than one year:

Tax

150,258

122,827

Aggregate amounts

263,058

356,235

Debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.

Amounts owed by group undertakings falling due within one year are also unsecured and repayable on demand with no fixed date for repayment.

At the balance sheet date, the provision for impairment carried forward against debtors falling due within one year was £nil (2022: £nil).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

6,833

10,974

Intercompany

(965,910

)

(579,311

)

VAT

2,393

18,016

Other creditors

13,739

13,503

Accruals and deferred income

120,489

19,050

(822,456

)

(517,768

)

Amounts owed to group undertakings and joint ventures are unsecured, interest-free and repayable on demand with no fixed date of repayment.

8.	CONTINGENT LIABILITIES

During a prior reporting period, the Company entered into an agreement to acquire a share in the rights, titles and interest held in certain literary estates for a purchase price of £1,600,000 of which £600,000 of the purchase price is contingent on the exploitation of the underlying rights, titles and interest achieving specific financial targets during the three years ending 31 December 2026.

9.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and:

There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.

10.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is International Literary Properties LLC, a company incorporated under the applicable legislature of the state of Delaware, USA which holds a 100% interest in the total voting rights of International Literary Properties UK Limited.

The parent undertaking of the smallest group to consolidate these financial statements is FBT Holdings LLC. FBT Holdings LLC is the Company's ultimate parent undertaking and whose registered business address is 630 9th Avenue, Suite 1101, New York, NY 10036.