Limited Liability Partnership registration number OC308659 (England and Wales)
INGENIOUS FILM PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
INGENIOUS FILM PARTNERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Waterloo Film Partner 1 Limited
Waterloo Film Partner 2 Limited
LLP registration number
OC308659
Registered office
Parcels Building
14 Bird Street
London
United Kingdom
W1U 1BU
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
INGENIOUS FILM PARTNERS LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Reconciliation of members' interests
8 - 9
Notes to the financial statements
10 - 15
INGENIOUS FILM PARTNERS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activities of Ingenious Film Partners LLP, a Partnership registered in England and Wales, was to produce and deliver a 'slate' of theatrical films in association with a mix of leading independent producers and studios.

 

The Partnership was formed to conduct an integrated film business and the principal place of business is Parcels Building, 14 Bird Street, London, United Kingdom W1U 1BU.

 

The Partnership has adopted a sophisticated project selection procedure to manage risks from the outset and will only produce films where there is a strong likelihood of distribution and where it is able to secure a participation in gross sales receipts arising from that distribution. The Partnership has also operated in other aspects of the film production and distribution value chain thereby deploying capital across activities with differing risk profiles

Fair review of the business

On 26 July 2019 Ingenious Film Partners 2 LLP (as lead case for Ingenious Film Partners LLP) received the  decision of the Upper Tribunal on its appeal against the decision of the First-tier Tax Tribunal (in respect of its appeals and the appeals brought by Ingenious Film Partners LLP against the enquiry closure notices issued by HMRC). The Upper Tribunal concluded that the Partnership was not trading and did not have a view to profit. Accordingly,  any tax impact of the Upper Tribunal decision would ordinarily be expected to be reflected in the financial statements of the Partnership as a body corporate subject to corporation tax rather than as a partnership whose members are subject to tax.

 

However, the Partnership was granted permission to appeal the decision of the Upper Tribunal on the issues of trading and view to profit by the Court of Appeal in February 2020, and the appeal hearing before the Court of Appeal commenced on 11 March 2021. The decision of the Court of Appeal was received on 4 August 2021. The Court of Appeal decided that the Partnership was trading and trading with a view to profit, reversing the decision of the Upper Tribunal. HMRC did not appeal the Court of Appeal decision and, therefore, the Partnership will not be required to provide for a liability to tax for any year as the members of the Partnership will remain subject to tax on all partnership profits.

 

Following the conclusion to the Partnership’s tax litigation with HMRC, the Partnership will not be required to provide for a liability to tax for any year as the members of the Partnership will be subject to tax on all profits.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Waterloo Film Partner 1 Limited
Waterloo Film Partner 2 Limited
Future developments

The Partnership is well placed to benefit from the future expatiation of its film productions by the Commissioning Distributor and from its relationship with Fernlakes Limited and its subsidiaries ("the Ingenious Group").

 

Following the conclusion to the Partnership’s tax litigation with HMRC, the Partnership set out to sell its film income entitlements (“Film Rights”). See note 9 ‘Events after the balance sheet date’ for further detail.

 

Results for the year and allocation to members

The profit for the year before members' remuneration and profit shares was £903,275 (2023: £1,983,777).

Auditor

The auditor, Shipleys LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

INGENIOUS FILM PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as a disclosure of information to auditors

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Members' interests

The Designated Members are not entitled to drawings. In accordance with the Members' Agreement,drawings shall be made at the discretion of Goldwoodshire Limited, the operator of the Partnership ("the Operator").

 

Members' capital is subscribed in accordance with the current Members' Agreement, and retained by the Partnership until such time as the members agree to repay that capital. There were no transfers of members' capital to debt during the current or prior year.

 

The operating cash requirements of the Partnership shall be met out of the members' initial contributions. No member shall be required to make any further funding available after their admission as a member (save to the extent of their liability on a winding up).

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 16 October 2024 and signed on behalf by:
16 October 2024
Duncan Reid - Waterloo Film Partner 1 Limited
Designated Member
INGENIOUS FILM PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INGENIOUS FILM PARTNERS LLP
- 3 -
Opinion

We have audited the financial statements of Ingenious Film Partners LLP (the 'limited liability partnership') for the year ended 31 January 2024 which comprise the income statement, the statement of financial position, the reconciliation of members' interests and notes to the financial statements, including 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).

In our opinion the financial statements:

Basis for opinion

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

INGENIOUS FILM PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGENIOUS FILM PARTNERS LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the Company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company's financial statements to material misstatements from irregularities, including fraud, and instances of non-compliance with laws and regulations.

 

Based on this understanding we designed our audit procedures to detect irregularities, including fraud. Testing undertaken included making enquiries of the management; journal entry testing; review of board minutes; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INGENIOUS FILM PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGENIOUS FILM PARTNERS LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Joberns
Senior Statutory Auditor
For and on behalf of Shipleys LLP
16 October 2024
Chartered Accountants
Statutory Auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
INGENIOUS FILM PARTNERS LLP
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
925,361
2,036,986
Administrative expenses
(22,086)
(53,209)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
903,275
1,983,777

The income statement has been prepared on the basis that all operations are continuing operations.

INGENIOUS FILM PARTNERS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
6
889,427
1,115,638
Cash at bank and in hand
892,336
391,738
1,781,763
1,507,376
Creditors: amounts falling due within one year
7
(875,889)
(596,998)
Net current assets and net assets attributable to members
905,874
910,378
Represented by:
Members' other interests
Members' capital classified as equity
441,525,261
441,525,261
Other reserves classified as equity
(440,619,387)
(440,614,883)
905,874
910,378

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 16 October 2024 and are signed on their behalf by:
16 October 2024
Duncan Reid - Waterloo Film Partner 1 Limited
Designated member
Limited Liability Partnership Registration No. OC308659
INGENIOUS FILM PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2024
£
£
£
Members' interests at 1 February 2023
441,525,261
(440,614,883)
910,378
Profit for the financial year available for discretionary division among members
-
903,275
903,275
Members' interests after profit for the year
441,525,261
(439,711,608)
1,813,653
Other movements
-
(907,779)
(907,779)
Members' interests at 31 January 2024
441,525,261
(440,619,387)
905,874
INGENIOUS FILM PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 February 2022
441,525,261
(440,598,461)
926,800
Profit for the financial year available for discretionary division among members
-
1,983,777
1,983,777
Members' interests after profit for the year
441,525,261
(438,614,684)
2,910,577
Other movements
-
(2,000,199)
(2,000,199)
Members' interests at 31 January 2023
441,525,261
(440,614,883)
910,378
INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
1
Accounting policies
Limited liability partnership information

Ingenious Film Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Parcels Building, 14 Bird Street, London, United Kingdom, W1U 1BU.

 

The principal activities of Ingenious Film Partners LLP, a Partnership registered in England and Wales, was to produce and deliver a 'slate' of theatrical films in association with a mix of leading independent producers and studios.

 

The Partnership has adopted a sophisticated project selection procedure to manage risks from the outset and will only produce films where there is a strong likelihood of distribution and where it is able to secure a participation in gross sales receipts arising from that distribution. The Partnership has also operated in other aspects of the film production and distribution value chain thereby deploying capital across activities with differing risk profiles.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Partnership's business activities, together with the factors likely to affect its future development, performance and position have been reviewed by the members.

 

Having assessed the risks facing the Partnership as described above and as set out in the Member's Report, its financial position, profit and cash flow forecasts, the members believe that the Partnership is well placed to manage its business successfully and will be able to maintain positive cashflows for the foreseeable future. Accordingly, the members continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax,

under contractual obligations which are performed gradually over time.

 

In the current year the balance includes film revenue of £3,789 in addition to advance proceeds of £1,853,251

received, whilst a £931,679 adjustment to prior year income was required following the sale of the Partnership’s Film Rights (see note 9 ‘Events after the reporting date’ for further detail).

INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following are the critical judgements that the members have made in the process of applying the Partnership's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

 

Impairment of investments

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, and impairment loss is recognised in profit or loss as described below.

3
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
5,500
5,500
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
5
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
11
11
2024
2023
£
£
Profit attributable to the member with the highest entitlement
-
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,035
1,066
Amounts owed by group undertakings
861,431
953,376
Other debtors
26,961
161,196
889,427
1,115,638
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
667,136
320,110
Taxation and social security
-
610
Other creditors
208,753
276,278
875,889
596,998
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Events after the reporting date

The Partnership holds Film Rights in relation to studio films and independent films. In June 2024, the Partnership disposed of its Film Rights in the studio films. Under the terms of the sale, and the correspondence leading up to the execution of the sale, the receipts making up the advance proceeds on film rights sale (as disclosed in Turnover on page 6, further explained in Accounting policies note 1.3) beneficially belong to the buyer and reduce the buyer’s consideration payable on completion.

 

The Partnership has started engaging with various 3rd parties to sell the Film Rights in relation to its independent films. The Partnership is seeking to conclude the sale of its remaining Film Rights within the next 12 months.

 

INGENIOUS FILM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
10
Ultimate controlling party

The Ingenious Member controls the financial and operating policies of the Partnership. The ultimate parent company of the Ingenious Member is Freeshire Limited.

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