Independent Film Sales Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04999028

Independent Film Sales Limited

Filleted Financial Statements

31 December 2025

Independent Film Sales Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Independent Film Sales Limited

Officers and Professional Advisers

Director	LJ Roeg

Registered office	Ground Floor, Hanway House
	24-26 Hanway Street
	London
	England
	W1T 1UH

Auditor	Riverside Accountancy Lancaster Limited
	Chartered accountants & statutory auditor
	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS

Independent Film Sales Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	1,369	3,796

Current assets

Debtors	6	1,139,437	1,099,454
Cash at bank and in hand		191,697	235,811
		------------	------------
		1,331,134	1,335,265

Creditors: amounts falling due within one year	7	798,204	800,785
		------------	------------
Net current assets		532,930	534,480
		---------	---------
Total assets less current liabilities		534,299	538,276

Creditors: amounts falling due after more than one year	8	6,163,045	5,899,622
		------------	------------
Net liabilities		( 5,628,746)	( 5,361,346)
		------------	------------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 5,628,846)	( 5,361,446)
		------------	------------
Shareholders deficit		( 5,628,746)	( 5,361,346)
		------------	------------

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 income statement has not been delivered.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 21 September 2026 , and are signed on behalf of the board by:

LJ Roeg
Director

Company registration number: 04999028

Independent Film Sales Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, Hanway House, 24-26 Hanway Street, London, W1T 1UH, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. The financial statements are rounded to the nearest £1.

Going concern

During the past few years the company has been developing its portfolio of intellectual property and enhancing its value. It is the intention of the company to continue these activities and accordingly will in at least the medium term, continue to be dependent upon the support of its parent company. Its parent company company has undertaken not to seek repayment until at least 31 December 2026 unless the company is in a position to do so. The company's cash flow forecast for the period 31 December 2026 suggests that the company will continue to require support from its parent company for at least that period. The company has received assurances from its parent that it anticipates being able to meet any funding requirements in that period. Based on these undertakings the directors consider its appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

The company acts as a sales agent on behalf of film producers. In accordance with FRS 102 Section 23, the company has determined that it acts as an agent rather than a principal in these transactions. Accordingly, turnover represents only the commissions earned by the company and excludes te gross value of film sales and any amounts due to the film producers. Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received, or receivable, net of VAT. The company recognises its agency commissions when the company receives formal sales reports from its sub-distributors, confirming the expoitation of the film in its respective territory.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	20% straight line
Fixtures and fittings	-	33% straight line

Impairment of fixed 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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 are 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 3 ).

5. Tangible assets

	Short leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2025 and 31 December 2025	1,115	13,679	14,794
	-------	--------	--------
Depreciation
At 1 January 2025	892	10,106	10,998
Charge for the year	223	2,204	2,427
	-------	--------	--------
At 31 December 2025	1,115	12,310	13,425
	-------	--------	--------
Carrying amount
At 31 December 2025	–	1,369	1,369
	-------	--------	--------
At 31 December 2024	223	3,573	3,796
	-------	--------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	66,764	77,943
Amounts owed by group undertakings and undertakings in which the company has a participating interest	668,886	632,992
Other debtors	403,787	388,519
	------------	------------
	1,139,437	1,099,454
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	240
Trade creditors	20,582	46,123
Social security and other taxes	28,026	35,177
Other creditors	749,596	719,245
	---------	---------
	798,204	800,785
	---------	---------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,163,045	5,899,622
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Summary audit opinion

The auditor's report dated 21 September 2026 was unqualified .

The senior statutory auditor was Lyndsay Nicholson FCA , for and on behalf of Riverside Accountancy Lancaster Limited .

11. Related party transactions

Interest was charged by connected companies totalling £126,134 (2024 - £117,196). Included within debtors are loans due from a connected party totalling £127,728 (2024 - £127,728). Also included within debtors are loans due from a connected company totalling £668,886 (2024 - £632,992). Included within creditors are loans due to connected companies totalling £6,163,045 (2024 - £5,899,623).

12. Controlling party

The immediate parent company is Independent Film Productions Limited a company registered in England and Wales, and ultimate parent company is Living Capital Exploration & Renewals AB, a company incorporated in Sweden. The ultimate controlling party is Andreas Versteegh, a national and resident of Sweden. Mr Versteegh owns and controls 100% of Living Capital Exploration & Renewals AB. The ultimate controlling party that produces consolidated accounts is Living Capital Exploration & Renewals AB whose registered office is Karlavagen 46, 114 49 Stockholm, Sweden.