ACCOUNTS - Final Accounts

Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:

Registered number: 03978592

PRINTS AND EDITIONS LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINTS AND EDITIONS LIMITED

COMPANY INFORMATION

Director	D S Hirst


Registered number	03978592


Registered office	Eighth Floor
	6 New Street Square
	New Fetter Lane
	London
	EC4A 3AQ


Independent auditor	Rawlinson & Hunter Audit LLP
	Statutory Auditors & Chartered Accountants
	Eighth Floor
	6 New Street Square
	New Fetter Lane
	London
	EC4A 3AQ

PRINTS AND EDITIONS LIMITED

CONTENTS

	Page
Director's Report	1 - 2
Director's Responsibilities Statement	3
Independent Auditor's Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 17

PRINTS AND EDITIONS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements of Prints and Editions Limited ("the Company") for the year ended 31 December 2024.

Principal activity

The principal activity of the Company continued to be that of trading in works of art.

Director

The director who served during the year was:

D S Hirst

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Going concern

The Company operates through the management of Science (UK) Limited, a company under common control within the Science group of companies. The Company is party to a cross guarantee on the loan facilities of its parent company and therefore the Company's ability to continue as a going concern is reliant on the ability of its parent company and the Science group of companies as a whole to generate cash and operate within its available credit facilities.
The director has prepared cashflow forecasts for the group to 31 December 2026 and is confident that the Company will be able to meet its liabilities as they fall due for a period of twelve months from the signing of the financial statements.
The refinancing of the Company's loan during 2024, and the bank facilities available and business plan of the group, have provided the Company with sufficient facilities to meet the cash flow requirements for at least twelve months from the approval of these financial statements.
Based on his assessment the director considers that the adoption of the going concern basis of preparation is appropriate. The financial statements therefore do not include any adjustments which might be required if the going concern basis was inappropriate.
Post balance sheet events
There have been no significant events affecting the Company since the year end.

Auditor

Under section 487(2) of the Companies Act 2006, Rawlinson & Hunter Audit LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

PRINTS AND EDITIONS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

D S Hirst

Director

Date: 26 September 2025

Page 2

PRINTS AND EDITIONS LIMITED

DIRECTOR'S RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

PRINTS AND EDITIONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINTS AND EDITIONS LIMITED

Opinion

We have audited the financial statements of Prints and Editions Limited ("the Company") for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Page 4

PRINTS AND EDITIONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINTS AND EDITIONS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Director's Report and Financial Statements other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Director's Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Page 5

PRINTS AND EDITIONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINTS AND EDITIONS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We designed our audit procedures to respond to identified audit risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:

∙the review of control accounts and journal entries for large, unusual or unauthorised entries;

∙the analytical review of the detailed profit and loss account for variances that are either unexpected or considered not to be in accordance with our understanding of the business and art sector during the year;

∙obtaining and reviewing for completeness a list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Company for previously unreported related party transactions;

∙the verification of a sample of sales made in the year, ensuring that each has been recognised in accordance with the Company’s revenue recognition policy and that the corresponding derecognition of the artwork from stock at carrying value has also been recognised in the same period; and

∙review of transactions and journals for any indication of fraud or management override.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 6

PRINTS AND EDITIONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINTS AND EDITIONS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

William Watson (Senior Statutory Auditor)

for and on behalf of

Rawlinson & Hunter Audit LLP

Statutory Auditors & Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ

26 September 2025

Page 7

PRINTS AND EDITIONS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		2,499,773	5,766,241
Cost of sales		(1,525,961)	(5,362,847)
Gross profit		973,812	403,394
Administrative expenses		(2,814,458)	(1,559,247)
Movement on impairment of stock	6	458,179	(1,172,377)
Operating loss		(1,382,467)	(2,328,230)
Interest payable and similar expenses		(2,026,530)	(1,966,576)
Loss before tax		(3,408,997)	(4,294,806)
Tax credit/(charge) on loss		742,515	(1,906)
Loss for the financial year		(2,666,482)	(4,296,712)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 17 form part of these financial statements.

Page 8

PRINTS AND EDITIONS LIMITED

REGISTERED NUMBER: 03978592

BALANCE SHEET

AS AT 31 DECEMBER 2024

	2024	2023
Note	£	£


Current assets
Stocks	6	249,307,701	243,636,061
Debtors: amounts falling due within one year	7	795,905	4,159,970
Cash at bank and in hand	8	2,188,807	32,838
		252,292,413	247,828,869
Creditors: amounts falling due within one year	9	(226,998,556)	(244,658,732)
Net current assets		25,293,857	3,170,137
Total assets less current liabilities		25,293,857	3,170,137
Creditors: amounts falling due after more than one year	10	(24,790,202)	-

Net assets		503,655	3,170,137

Capital and reserves
Called up share capital	13	100	100
Profit and loss account	14	503,555	3,170,037
		503,655	3,170,137

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D S Hirst

Director

Date: 26 September 2025

The notes on pages 11 to 17 form part of these financial statements.

Page 9

PRINTS AND EDITIONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	3,170,037	3,170,137
Comprehensive income for the year
Loss for the year	-	(2,666,482)	(2,666,482)
Total comprehensive loss for the year	-	(2,666,482)	(2,666,482)
At 31 December 2024	100	503,555	503,655

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	7,466,749	7,466,849
Comprehensive income for the year
Loss for the year	-	(4,296,712)	(4,296,712)
Total comprehensive loss for the year	-	(4,296,712)	(4,296,712)
At 31 December 2023	100	3,170,037	3,170,137

The notes on pages 11 to 17 form part of these financial statements.

Page 10

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Prints and Editions Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. The Company's trading address is 1 Newport Street, London, SE11 6AJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

Page 11

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sales of artworks is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the Company will receive the previously agreed payment. These criteria are considered to be met when the goods are delivered to the buyer and full payment has been received.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
Net realisable value is the director's best estimate after taking into consideration the art market and saleability of the artwork.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management has to make judgements on how to apply the Company's accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below:

Impairment of stocks

Management assesses annually whether there are indicators of impairment of the Company's artwork stocks at the year end. Factors taken into consideration in reaching such a decision include the saleability of the work of art and whether the book value of the stock exceeds its expected net sales value. See Note 6 for the net carrying amount of the stocks.

Fees payable to the Company's auditor for the audit of the Company's financial statements

25,000

24,000

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

6.	Stocks
		2024	2023
		£	£

	Finished goods and goods for resale	249,307,701	243,636,061

During the year a reduction in the provision of £458,179 (2023 - increase in provision of £1,172,377) was recognised.

Page 14

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	559,195	200,330
Other debtors	16,251	4,352
Prepayments and accrued income	220,459	3,955,288
	795,905	4,159,970

8.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	2,188,807	32,838
	2,188,807	32,838

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other loans (Note 11)	-	17,283,369
Accrued interest on other loans (Note 11)	321,279	286,426
Payments on account	7,180,274	-
Trade creditors	125,625	962,908
Amounts owed to group undertakings	218,768,638	225,895,330
Accruals and deferred income	602,740	230,699
	226,998,556	244,658,732

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans (Note 11)	24,790,202	-
	24,790,202	-

Page 15

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Other loans (Note 9)	-	17,283,369
Accrued interest on other loans (Note 9)	321,279	286,426
	321,279	17,569,795
Amounts falling due 1-5 years
Other loans (Note 10)	24,790,202	-
	24,790,202	-


	25,111,481	17,569,795

The loan is secured on artwork with a total collateral value of USD 62,500,000 (2023 - USD 43,500,000).

12.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,188,807	32,838

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 16

PRINTS AND EDITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

14.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.

15.	Contingent liabilities

The Company is party to a cross guarantee with other companies in the Science group, in relation to the bank loan of Science Limited. At the year end the maximum exposure under this cross guarantee was £59,075,000 (2023 - £61,855,000).

16.	Related party transactions
	The Company has taken advantage of the exemption conferred by FRS 102 s.33.1A and not disclosed transactions with other group companies as the Company was a wholly owned subsidiary of Science Limited at the year end.

17.	Controlling party

The Company's immediate and ultimate parent company is Science Limited which is incorporated in Jersey.
The ultimate controlling party is D S Hirst.

Page 17