Studio location of horror film with final bits cut (7)
I believe the answer is:
elstree
'studio location' is the definition.
(I've seen this before)
I can't explain the remainder of the clue.
(Other definitions for elstree that I've seen before include "establishment producing presentable features" , "Film studios to N. of London" , "Studio location" , "Hertfordshire place associated with film studios" , "Place for filming" .)