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

Magnum Photos Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-30 Whitechapel Road, Peoples Mission Hall, London, E1 1EW.

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.

In preparing these financial statements, the directors have considered the company’s ability to continue as a going concern. At the balance sheet date, the company had net liabilities of £7,7true19,941 (2024: £7,143,524).

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.

This dependence on group support indicates the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern.

Revenue 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.

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:

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

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:

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.

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.

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.

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, 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.

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.

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.

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.

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

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.

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.

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.

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

During the year the company has entered into a secured loan facility with Ortus Secured Finance for £612,500. The loan bears interest at a rate equal to the base rate plus 8% and is repayable over a 12-month term.

Other payables includes £1,155,160 relating to uncleared funds due to shareholder-photographers. The company operates as a photographer-owned organisation and formal agreements are in place confirming that these balances will not be demanded for repayment in the foreseeable future.

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.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 April 2025 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.

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

Magnum Photos Limited is a wholly owned subsidiary of Magnum Global Ventures Inc., incorporated in the United States. Its ultimate parent company is Magnum Photos International Inc., also incorporated in the United States. During the year, the company entered into transactions with related parties in the normal course of business. At the reporting date, amounts due from related parties included £69,805 (2024: £70,502) from Magnum Photos International Inc. and £12,720 (2024: £11,692) from Magnum London Foundation. Amounts due to related parties included £2,933,168 (2024: £2,918,758) to Magnum Global Ventures Inc., £898,811 (2024: £1,206,353) to Magnum Photos New York, £732,517 (2024: £915,694) to Magnum Photos Paris SARL, £744,187 (2024: £374,034) to Magnum Paris Creative and £10,581 (2024: £9,206) to other group entities. All balances are unsecured, interest-free and repayable on demand unless otherwise stated.

Loan from Magnum Global Ventures Inc. amounting to £550,008 (2024: £550,008) is unsecured and repayable on demand.

Subsequent to the year end, the company implemented a number of restructuring and cost optimisation measures as part of its wider turnaround strategy.

On 19 December 2025, the company completed the disposal of its office premises for consideration of £1,152,834, resulting in a gain on disposal of £971,159. Following the disposal, the company relocated its operations to a co-working facility with ongoing lease commitments of £1,700 per month. 

During January 2026, the company undertook a restructuring exercise comprising redundancies, role relocations and organisational changes. The restructuring resulted in one-off redundancy costs of £22,799 and is expected to generate annual payroll savings of £316,400.

In December 2025, management formalised a turnaround plan focused on cost reduction, operational efficiency and simplification of the Group’s operating structure. The plan was subsequently reviewed as part of an independent business review performed by Deloitte.

These events occurred after the reporting date and relate to management actions, strategic decisions and restructuring initiatives undertaken subsequent to the year end. Accordingly, they do not provide evidence of conditions that existed at the balance sheet date and are therefore treated as non-adjusting post balance sheet events.