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REGISTERED NUMBER: OC366988 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

LEVEL FILMS LLP

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEVEL FILMS LLP

GENERAL INFORMATION
for the Year Ended 31 AUGUST 2023







DESIGNATED MEMBERS: M Crocker
J R Dean





REGISTERED OFFICE: 61 Queen Square
Bristol
BS1 4JZ





REGISTERED NUMBER: OC366988 (England and Wales)





ACCOUNTANTS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,919 2,907

CURRENT ASSETS
Debtors 5 20,323 17,730
Cash at bank - 6,771
20,323 24,501
CREDITORS
Amounts falling due within one year 6 12,542 9,851
NET CURRENT ASSETS 7,781 14,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,700

17,557

CREDITORS
Amounts falling due after more than
one year

7

11,700

17,100
NET ASSETS ATTRIBUTABLE TO
MEMBERS

-

457

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

BALANCE SHEET - continued
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

-

457

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

9

-

457
Amounts due from members 5 (8,839 ) -
(8,839 ) 457

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26 August 2024 and were signed by:





J R Dean - Designated member

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2023

1. STATUTORY INFORMATION

Level Films LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for goods and services provided during the year, excluding value added tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including adjustments for estimates of amounts not invoiced and amounts invoiced in advance. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 20% to 33% on cost
Computer equipment - 33% on reducing balance

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the LLP's cash management.

Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Going concern
The LLP has been profitable for each of the last five years ended 31 August 2023, and has remained profitable in the period up to the signing of these financial statements.

The members have assessed the next twelve months as best they can. The LLP has met all of its existing liabilities and its remaining supplier liabilities fall within its existing working capital facilities. The members have a reasonable expectation that the LLP will remain a going concern and the members will endeavour to ensure that the LLP continues to have sufficient working capital to meet its requirements for the foreseeable future. The members will continue to carefully monitor the situation and have alternative plans in place should the need arise.

In light of the above, the members have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings Computer
& equipment equipment Totals
£    £    £   
COST
At 1 September 2022 268 21,880 22,148
Additions - 2,749 2,749
At 31 August 2023 268 24,629 24,897
DEPRECIATION
At 1 September 2022 241 19,000 19,241
Charge for year 14 1,723 1,737
At 31 August 2023 255 20,723 20,978
NET BOOK VALUE
At 31 August 2023 13 3,906 3,919
At 31 August 2022 27 2,880 2,907

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,484 17,730
Amounts due from members 8,839 -
20,323 17,730

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan (see note 8) 5,716 5,400
VAT 2,178 2,501
Accruals and deferred income 4,648 1,950
12,542 9,851

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 11,700 17,100

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 316 -
Bank loans - less than 1 yr 5,400 5,400
5,716 5,400

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,400 5,400

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,300 11,700

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits - 457

Falling due within one year - 457

Loans and other debts due to members' rank pari passu as liabilities alongside all other unsecured liabilities of the firm in the event of a winding up. There are no restrictions or limitations on the ability of members to reduce the amounts of members' other interests.

10. ULTIMATE CONTROLLING PARTY

The partnership is under the joint control of the members.