Limited Liability Partnership Registration No. OC415209 (England and Wales)
GFM PRODUCTIONS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
King & King
Chartered Accountants
5th Floor
Watson House
London
W1U 7BU
GFM PRODUCTIONS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr F J Hedman
Mr M P Ryan
Hencohbla Limited
Mr G S Collins
LLP registration number
OC415209
Registered office
Suite 7 The Sanctuary
23 Oak Hill Grove
Surbiton
England
KT6 6DU
Accountants
King & King
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
GFM PRODUCTIONS LLP
CONTENTS
Page
Accountants' report
2
Statement of financial position
3 - 4
Reconciliation of members' interests
5
Notes to the financial statements
6 - 10
GFM PRODUCTIONS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 27 DECEMBER 2023
- 1 -

The members present their annual report and financial statements for the year ended 27 December 2023.

Principal activities

The principal activity of the limited liability partnership continued to be that of developing,financing and selling live action films.

Other information and explanations

The LLP changed its name on the 12 March 2019 to GFM Productions LLP (2018: GFM Animation LLP).

Members' drawings, contributions and repayments

Members' drawings policy allows each member to draw an agreed sum of remuneration for the services performed for the LLP.

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:

Mr F J Hedman
Mr M P Ryan
Hencohbla Limited
Mr G S Collins

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 26 November 2024 and signed on behalf by:
26 November 2024
Mr G S Collins
Designated Member
GFM PRODUCTIONS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GFM PRODUCTIONS LLP FOR THE YEAR ENDED 27 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFM Productions LLP for the year ended 27 December 2023 which comprise, the statement of financial position, the reconciliation of members' interests and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of GFM Productions LLP, as a body, in accordance with the terms of our engagement letter dated 31 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of GFM Productions LLP and state those matters that we have agreed to state to the limited liability partnership's members of GFM Productions LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFM Productions LLP and its members as a body, for our work or for this report.

It is your duty to ensure that GFM Productions LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GFM Productions LLP. You consider that GFM Productions LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GFM Productions LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
26 November 2024
GFM PRODUCTIONS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
27 DECEMBER 2023
27 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
4
834
45,407
Cash and cash equivalents
3
3
837
45,410
Current liabilities
5
(21,744)
(8,070)
Net current (liabilities)/assets
(20,907)
37,340
Non-current liabilities
6
(20,205)
(33,833)
Net (liabilities)/assets attributable to members
(41,112)
3,507
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
168,725
168,725
Members' other interests
Other reserves classified as equity
(209,837)
(165,218)
(41,112)
3,507
Total members' interests
Loans and other debts due to members
168,725
168,725
Members' other interests
(209,837)
(165,218)
(41,112)
3,507

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 27 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

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

GFM PRODUCTIONS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
27 DECEMBER 2023
27 December 2023
- 4 -
The financial statements were approved by the members and authorised for issue on 26 November 2024 and are signed on their behalf by:
26 November 2024
Mr G S Collins
Designated member
Limited Liability Partnership Registration No. OC415209
GFM PRODUCTIONS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 27 DECEMBER 2023
- 5 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 28 December 2022
(165,218)
168,725
168,725
3,507
Loss for the financial year available for discretionary division among members
(44,619)
-
-
(44,619)
Members' interests after loss for the year
(209,837)
168,725
168,725
(41,112)
Members' interests at 27 December 2023
(209,837)
168,725
168,725
(41,112)
GFM PRODUCTIONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 DECEMBER 2023
- 6 -
1
Accounting policies
Limited liability partnership information

GFM Productions LLP is a limited liability partnership incorporated in England and Wales. The registered office is Suite 7 The Sanctuary, 23 Oak Hill Grove, Surbiton, England, KT6 6DU.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The LLP should be able to maintain its business risk successfully. After making appropriate enquiries, the members have a reasonable expectation that the LLP has adequate resources available to it to continue its operational business for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements.

1.4
Revenue

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the statement of financial position date are carried forward as work in progress.

1.5
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.

GFM PRODUCTIONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -

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.

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.

1.6
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.

1.7
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 trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

GFM PRODUCTIONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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 trade and other payables, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GFM PRODUCTIONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.9
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.

3
Employees

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

2023
2022
Number
Number
Total
3
3
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
45,161
Other receivables
834
246
834
45,407
5
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
10,943
5,220
Trade payables
1,500
-
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
3,455
350
Other payables
5,846
2,500
21,744
8,070
GFM PRODUCTIONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
5
Current liabilities
(Continued)
- 10 -

Other payables include a loan which will be jointly secured with loans made by the members.

6
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
20,205
33,833

The Barclays Bounce Back Loan is unsecured and guaranteed by the Government.

7
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.

8
Future developments

The LLP acquired two live projects during the period, outcome of which is subject to the LLP's ability to raise production finance and market/sell these projects successfully to the worldwide distributors.

9
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
GFM Film Sales Limited
3,455
350
GFM Animation Limited
4,846
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
GFM Animation Limited
-
45,161
11
Controlling parties

The LLP is equally controlled and manged by its members.

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