The Augusta Film LLP OC304982 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is acquisition of films and provision of development and pre-production services to British Qualifying Films. Digita Accounts Production Advanced 6.30.9574.0 true OC304982 2023-04-06 2024-04-05 OC304982 2024-04-05 OC304982 core:OtherReservesSubtotal 2024-04-05 OC304982 core:CurrentFinancialInstruments 2024-04-05 OC304982 core:Non-currentFinancialInstruments 2024-04-05 OC304982 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-05 OC304982 core:WithinOneYear 2024-04-05 OC304982 bus:SmallEntities 2023-04-06 2024-04-05 OC304982 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC304982 bus:FilletedAccounts 2023-04-06 2024-04-05 OC304982 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC304982 bus:RegisteredOffice 2023-04-06 2024-04-05 OC304982 bus:PartnerLLP1 2023-04-06 2024-04-05 OC304982 bus:PartnerLLP4 2023-04-06 2024-04-05 OC304982 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC304982 countries:AllCountries 2023-04-06 2024-04-05 OC304982 2022-04-06 2023-04-05 OC304982 2023-04-05 OC304982 core:OtherReservesSubtotal 2023-04-05 OC304982 core:CurrentFinancialInstruments 2023-04-05 OC304982 core:Non-currentFinancialInstruments 2023-04-05 OC304982 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 OC304982 core:WithinOneYear 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC304982

The Augusta Film LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

The Augusta Film LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

The Augusta Film LLP

Limited liability partnership information

Designated members

MFF Leasing Limited

Mr John Nicholas Hardy
 

Registered office

Quayside House
Highland Terrace
Tiverton
EX16 6PT

 

The Augusta Film LLP

(Registration number: OC304982)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

3

706,968

1,883,058

Current assets

 

Debtors

4

29,210,589

29,210,588

Creditors: Amounts falling due within one year

5

(1,612,806)

(2,197,173)

Net current assets

 

27,597,783

27,013,415

Total assets less current liabilities

 

28,304,751

28,896,473

Creditors: Amounts falling due after more than one year

6

-

(1,612,805)

Net assets attributable to members

 

28,304,751

27,283,668

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(773,376)

(773,376)

Members’ other interests

 

Members' capital classified as equity

 

23,532,308

23,532,308

Other reserves

 

5,545,819

4,524,736

 

29,078,127

28,057,044

   

28,304,751

27,283,668

Total members' interests

 

Loans and other debts due to members

 

(773,376)

(773,376)

Equity

 

29,078,127

28,057,044

   

28,304,751

27,283,668

For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

The Augusta Film LLP

(Registration number: OC304982)
Balance Sheet as at 5 April 2024

The financial statements of The Augusta Film LLP (registered number OC304982) were approved by the members and authorised for issue on 3 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr John Nicholas Hardy
Designated member

 

The Augusta Film LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of The Augusta Film LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis as disclosed in the Members' Report.

Sale and leaseback

The limited liability partnership unconditionally committed to the sale and leaseback agreement for "Alexander" for £23,473,624 on 15 October 2003, whereby it purchased 21% of the master prints of this production and leased back the rights to the producer, retaining substantially the risks and rewards of ownership.

The transaction is treated in accordance with FRS102. The cost of the film is capitalised at its fair value as at the date the limited liability partnership acquired the unconditional liability to purchase the rights of the film.

The lease is for a term of 20 years and the cost of the film is amortised on a straight line basis over that period.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

The Augusta Film LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The limited liability partnership is not liable for taxation and any liability arising on profits of the limited liability partnership is borne by the members in accordance with the Partnership Deed dated 13 May 2003.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

The Augusta Film LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of the 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 FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

The Augusta Film LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

3

Investments held as fixed assets

Other investments

Unlisted investments
£

Total
£

Cost

At 6 April 2023

23,473,624

23,473,624

At 5 April 2024

23,473,624

23,473,624

Provision for impairment

At 6 April 2023

21,590,566

21,590,566

Charge for year

1,176,090

1,176,090

At 5 April 2024

22,766,656

22,766,656

Net book value

At 5 April 2024

706,968

706,968

At 5 April 2023

1,883,058

1,883,058

Intangible fixed assets are the film master print for 'Alexander'. The designated members consider the carrying value of the film master print in the accounts totalling £706,968 (2023 - £1,883,058) to be fair after carrying out a full impairment review in accordance with the requirements of FRS102.

 

The Augusta Film LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

4

Debtors

2024
£

2023
£

Trade debtors

-

2,270,034

Other debtors

29,210,589

26,940,554

Less non-current portion

(29,207,047)

(26,937,012)

Total current trade and other debtors

3,542

2,273,576

Included within this amount are other debtors of £29,207,047 (2023: £26,937,012) in respect of distributions made to members in advance of profits being earned and allocated.

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Accruals and deferred income

1,612,806

2,197,173

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Accruals and deferred income

-

1,612,805

7

Financial commitments, guarantees and contingencies

On 23 December 2004, the limited liability partnership entered into an agreement whereby it assigned its rights to receive the Minimum Rental Payments under the licence agreement to the Bank of Scotland. The limited liability partnership also provided a charge over its assets, primarily being the acquired rights to the motion picture. The assignment and charge related to security for loans obtained by members from the Bank of Scotland to fund their subscription to the limited liability partnership. On 31 July 2017, the Bank of Scotland transferred all of its rights under these agreements to Winter Financial Solutions beta GmbH, a subsidiary of Bank Winter & Co AG.