Big Screen Productions 24 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 limited liability partnership's principal activities are disclosed in the Members' Report.
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.
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.
Turnover represents amounts receivable for services provided in the normal course of business, net of VAT.
In the current year the balance includes advance proceeds of £112,595 applicable to the sale of the
Partnership’s Film Rights. The Partnership held Film Rights in relation to studio films, "The Heat", "Baggage Claim", "The Wolverine", The Counselor" and "Enough Said".
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 beneficially belong to the buyer and reduce the buyer’s consideration payable on completion.
As part of the sale of film rights occurring within the year, the buyer was entitled to receipts relating to productions held within the partnership, from 1 January 2023 onwards. The effect of this on the financial statements is to reverse turnover which had been recognised in prior periods. Since the agreement relating to this sale was signed on 13 June 2024, it is deemed that no prior year restatement is necessary in respect of this agreement.
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.
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.
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 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.
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.
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 average number of persons (excluding members) employed by the partnership during the year was:
Included in other debtors is £47,334 relating to the sale of the film rights which is due in more than 1 year.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
The adjustments arising on acquisition were in respect of the following:
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The auditor's report is unqualified and includes the following:
Charges are in place against the films entitled "Baggage Claim", "The Counselor", "The Heat", "Enough Said" and "The Wolverine" in favour of the following parties to secure interests in the copyright of and title of the films:
Fox Searchlight Pictures, Inc.
Twentieth Century Fox Film Corporation
Twentieth Century Fox Worldwide Productions, Inc
As noted in the Review of Business, no provision for the tax impact of the Upper Tribunal decision has been made in the Partnership's financial statements for the years ended 31 December 2019, 2020 , 2021, 2022, 2023 and 2024. The Partnership cannot reasonably quantify the liability as a number of inputs into the calculation of the liability remain to be agreed with HMRC and this is not expected to happen until the Partnership's tax case is finally resolved.
The Ingenious Member controls the financial and operating policies of the Partnership. The ultimate company of the Ingenious Member is Freeshire Limited (formerly known as Ingenious Media Limited). Freeshire Limited is a wholly-owned subsidiary within the Group. Fernlakes Limited (formerly known as Ingenious Media Holdings Limited) is the only parent undertaking for which consolidated financial statements are prepared.
The consolidated financial statements of Fernlakes Limited can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The controlling shareholder of Fernlakes Limited in the year was Patrick.A.McKenna.