Company registration number 01932412 (England and Wales)
MAGNUM PHOTOS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MAGNUM PHOTOS LIMITED
COMPANY INFORMATION
Directors
Ms Olivia Arthur
Ms Lua Ribeira Cendan
(Appointed 28 February 2025)
Company number
01932412
Registered office
Ground Floor, 63 Gee Street
London
EC1V 3RS
Auditor
MMBA London Ltd
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
MAGNUM PHOTOS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
MAGNUM PHOTOS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
4
92,750
92,123
Property, plant and equipment
5
179,362
209,917
272,112
302,040
Current assets
Trade and other receivables
6
482,669
250,236
Cash and cash equivalents
31,203
56,972
513,872
307,208
Current liabilities
7
(7,929,508)
(7,256,183)
Net current liabilities
(7,415,636)
(6,948,975)
Net liabilities
(7,143,524)
(6,646,935)
Equity
Called up share capital
2
2
Retained earnings
(7,143,526)
(6,646,937)
Total equity
(7,143,524)
(6,646,935)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Ms Olivia Arthur
Director
Company registration number 01932412 (England and Wales)
MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Magnum Photos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 63 Gee Street, London, EC1V 3RS.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

In preparing these financial statements the Directors note that at the balance sheet date, the company had nettrue liabilities of £7,143,524 (2023: £6,646,935).

 

The company will continue to benefit from financial support from its parent company and a group company, who have confirmed that they will provide the company with sufficient resources to enable it to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements. The Directors have reviewed and considered relevant information including the group's annual budget, the post balance sheet date performance and growth, and the cash flow forecasts in making their assessment.

 

Based on these assessments the Directors believe that it is still appropriate to adopt the going concern basis in preparing the financial statements.

1.3
Revenue

Turnover represents amounts receivable for the sale of photographic material and is stated net of VAT. Sales are recognised on delivery of images to the purchaser.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website cost
20% per annum on a straight line basis
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
4% per annum on a straight line basis
Plant and machinery
20% per annum on a straight line basis
Fixtures and fittings
20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.13
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

 

Bad debt provision

There is estimation uncertainty in calculating bad debt provisions in relation to third party and intercompany debts. A full review of debtors has been carried out and whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. The potential risk of this is considered to be low.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
22
MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Intangible fixed assets
Website cost
£
Cost
At 1 May 2023
341,950
Additions
38,400
At 30 April 2024
380,350
Amortisation and impairment
At 1 May 2023
249,827
Amortisation charged for the year
37,773
At 30 April 2024
287,600
Carrying amount
At 30 April 2024
92,750
At 30 April 2023
92,123
5
Property, plant and equipment
Land and buildings leasehold
Plant and machinery
Fixtures and fittings
Archive     prints
Total
£
£
£
£
£
Cost
At 1 May 2023
669,484
136,374
30,145
42,534
878,537
Additions
-
0
7,223
1,094
-
0
8,317
At 30 April 2024
669,484
143,597
31,239
42,534
886,854
Depreciation and impairment
At 1 May 2023
485,622
110,399
30,065
42,534
668,620
Depreciation charged in the year
25,692
12,882
298
-
0
38,872
At 30 April 2024
511,314
123,281
30,363
42,534
707,492
Carrying amount
At 30 April 2024
158,170
20,316
876
-
0
179,362
At 30 April 2023
183,862
25,975
80
-
0
209,917
MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
377,276
124,188
Amounts owed by group undertakings
82,194
75,595
Other receivables
23,199
50,453
482,669
250,236
7
Current liabilities
2024
2023
£
£
Trade payables
806,762
834,940
Amounts owed to group undertakings
5,974,062
5,506,717
Taxation and social security
102,363
53,987
Other payables
1,046,321
860,539
7,929,508
7,256,183
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

Opinion

In our opinion the financial statements:

Other matters

We draw attention to the fact that the financial statements of Magnum Photos Limited for the year ended 30 April 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements on 29 April 2024.

Senior Statutory Auditor:
Mr Waqqas Shabir Memon, BSc, FCCA
Statutory Auditor:
MMBA London Ltd
Date of audit report:
30 April 2025
10
Parent company

The ultimate parent company is Magnum Photos International Inc. a company registered in the United States of America.

MAGNUM PHOTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
11
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

At the balance sheet date, the amount owed by the ultimate parent company Magnum Photos International Inc. was £70,502 (2023: £70,502) and the amount owed to the immediate parent company Magnum Global Ventures Inc. was £3,468,766 (2023: £3,450,232).

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