Evolution Films LLP Filleted accounts for Companies House (small and micro)

EVOLUTION FILMS LLP - Company Information

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REGISTERED NUMBER: OC371017

Evolution Films LLP

Filleted Unaudited Financial Statements

31 December 2017

Evolution Films LLP

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Current assets

Stocks		460,000	460,000
Debtors	4	400	–
Cash at bank and in hand		41	404
		---------	---------
		460,441	460,404

Creditors: amounts falling due within one year	5	15,085		13,322
		---------		---------
Net current assets			445,356	447,082
			---------	---------
Total assets less current liabilities			445,356	447,082
			---------	---------
Net assets			445,356	447,082
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts		–	–

Members' other interests

Members' capital classified as equity	2,361,000	2,361,000
Other reserves	(1,915,644)	(1,913,918)
	------------	------------
	445,356	447,082
	------------	------------

Total members' interests

Loans and other debts due to members	–	–
Members' other interests	445,356	447,082
	---------	---------
	445,356	447,082
	---------	---------

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

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Evolution Films LLP

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the members and authorised for issue on 10 May 2018 , and are signed on their behalf by:

Mr Andreas Roald ,

for Sovereign Corporate Ltd

Registered number: OC371017

Evolution Films LLP

Notes to the Financial Statements

Year ended 31 December 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 99 Kenton Road, Harrow, HA3 0AN.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

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 statement of comprehensive income and are equity appropriations in the statement of financial position.

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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Stocks

Stocks represent film distribution rights in various territories and are valued at the lower of cost and net realisable value. The net realisable value comprises any contractual guaranteed amounts due to the LLP together with estimated net revenues receivable from the exploitation of the film distribution rights, discounted for inherent risks and various uncertainties that could potentially impact upon such revenues.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4.	Debtors

	2017	2016
	£	£
Other debtors	400	–
	----	----

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,400	–
Other creditors	12,685	13,322
	--------	--------
	15,085	13,322
	--------	--------