Pinewood Shepperton plc Annual Report ... - Pinewood Studios

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84 Pinewood Shepperton plc Annual Report & Accounts 2010Notes to the consolidated financial statements continued23. Obligations under leases continuedOperating lease commitments – Group as a lessee continuedShepperton StudiosShepperton Studios Limited entered into a commercial property lease on the Shepperton Studios property withShepperton Studios Property Partnership, its 50% owned joint venture partnership. The lease term expires on 18 August2026 with no break option.Under the terms of the agreement the tenant may not assign the lease until 18 August 2016.The net cost to the Group of future minimum rentals payable under the non-cancellable Shepperton Studios propertyoperating lease as at 31 December is as follows:Within one year 940 892After one year but not more than five years 3,760 3,568After five years but not more than 20 years 9,964 10,38014,664 14,8402010£0002009£000Operating lease commitments – Group as a lessorThe Group has entered into a commercial property lease on the property classified as Investment property. This noncancellablelease has a remaining term of between 9 and 14 years. The lease includes a clause to enable upward revisionof the principal rental charge on an annual basis subject to prevailing market conditions.Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:Within one year 518 518After one year but not more than five years 2,080 2,080After five years but not more than 20 years 1,562 2,0804,160 4,6782010£0002009£00024. Commitments and contingenciesCapital commitmentsAt 31 December 2010 the Group had capital commitments contracted for but not provided in the accounts in relationto the completion of the power upgrade of £2.3m (31 December 2009: nil).GuaranteesAt 31 December 2010, the Group had guarantees in place, in the form of documentary credits, that were not provided forin the accounts totalling £155,000 (2009: £163,250) in relation to certain Section 278 highways related infrastructure.
Pinewood Shepperton plc Annual Report & Accounts 2010 85Notes to the consolidated financial statements continued25. Related party disclosuresThe consolidated financial statements include the financial statements of Pinewood Shepperton plc, its subsidiaries and its50% interest in the joint ventures listed in the following table.% equity interestCountry of incorporation 2010 2009Pinewood Studios Limited United Kingdom 100 100Shepperton Studios Limited United Kingdom 100 100Pinewood-Shepperton Studios Limited United Kingdom 100 100Studiolink Limited United Kingdom 100 100Teddington Studios Limited United Kingdom 100 100The Studio Broadcasting Company Limited United Kingdom 100 100Baltray No.1 Limited United Kingdom 100 100Baltray No.2 Limited United Kingdom 100 100Shepperton Management Limited United Kingdom 100 100Saul’s Farm and Stables Limited United Kingdom 100 100Saul’s Farm Limited United Kingdom 100 100Pinewood Malaysia Limited United Kingdom 100 100Pinewood Germany Limited United Kingdom 100 100Pinewood Dominican Republic Limited United Kingdom 100 100Pinewood USA Inc USA 100 –Pinewood Film Production Studios Canada Inc Canada 100 –Pinewood Shepperton plc is the parent entity of the Group.% Joint venture interestJoint ventures 2010 2009Shepperton Studios (General Partner) Limited United Kingdom 50 50Shepperton Studios Property Partnership United Kingdom 50 50Pinewood Studios Berlin Film Services GmbH Germany 50 50
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