Waterloo Street LLP - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: OC389596 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

FOR

WATERLOO STREET LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

6

DESIGNATED MEMBERS:

Premiere Sovereign Business Limited

PC Nominees No1 Limited

REGISTERED OFFICE:

3rd Floor

Hanover House

118 Queens Road

Brighton

East Sussex

BN1 3XG

REGISTERED NUMBER:

OC389596 (England and Wales)

ACCOUNTANTS:

JS&CO LLP

3rd Floor, Hanover House

118 Queens Road

Brighton

East Sussex

BN1 3XG

CURRENT ASSETS

Stocks

94,659

102,828

Debtors

3

1,715,585

1,586,180

Cash at bank

779

833

1,811,023

1,689,841

CREDITORS

Amounts falling due within one year

4

(845

)

(1,732

)

NET CURRENT ASSETS

1,810,178

1,688,109

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,810,178

1,688,109

LOANS AND OTHER DEBTS DUE TO MEMBERS

5

1,810,178

1,688,109

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

5

1,810,178

1,688,109

Amounts due from members

3

(1,692,363

)

(1,549,760

)

117,815

138,349

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 31st May 2017.

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 of Part 15 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 small LLPs.

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 on 20th July 2017 and were signed by:

Premiere Sovereign Business Limited - Designated member

1.	STATUTORY INFORMATION

Waterloo Street LLP is registered in England and Wales. The LLP's registered number and registered office

address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stock relates to distribution rights acquired and

the valuation is prepared either by a professional third party valuer or by JS & Co LLP.

Once the film distribution rights have been sold in exchange for a right to income, the cost of acquiring the

original film distribution rights is reclassified from stock to prepayments and accrued income. This right to

income is valued at the value of the future expected economic benefits to accrue to the LLP which is based on a

valuation prepared either by a professional third party valuer or by JS & Co LLP.

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 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 Liabilities and

Equity. A members' 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, or in the case of losses, as

assets. 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, or in the case of losses

as Assets 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 classed as an appropriation of equity rather than as an

expense. They are therefore shown as a residual amount available for discretionary distribution among the

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 members' and are charged to the Income Statement within 'Members remuneration charged as

an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within

'Members' other interests'.

Changes in equity on transition to frs 102

In the opinion of the Designated Members, there are no transitional adjustments required to show a true and fair

view after the first-time adoption of FRS 102.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Amounts due from members

1,692,363

1,549,760

Other debtors

2

2

VAT

772

1,772

Prepayments and accrued income

22,448

34,646

1,715,585

1,586,180

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

845

1,732

5.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a

winding up.

6.	CONTINGENT LIABILITIES

There is a potential liability accruing to the LLP regarding support services if the members do not pay them

direct.

7.	OTHER FINANCIAL COMMITMENTS

The LLP has an obligation to pay to the members 50% of the income that it receives from its trade and security

over the members' interests regarding this contingent liability has been granted.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual

unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your

approval the financial statements of Waterloo Street LLP for the year ended 31st May 2017 which comprise the Income

Statement, Balance Sheet, and the related notes from the LLP's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Waterloo Street LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Waterloo Street LLP and state those matters that we have agreed to state to the members of Waterloo Street LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Waterloo Street 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 Waterloo Street LLP. You consider that Waterloo Street 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 Waterloo Street 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.

JS&CO LLP

3rd Floor, Hanover House

118 Queens Road

Brighton

East Sussex

BN1 3XG

20th July 2017