REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
JUNO MEDIA LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
JUNO MEDIA LIMITED |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 3 |
Report of the Director | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Statement of Comprehensive Income | 10 |
Statement of Financial Position | 11 | to | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 | to | 24 |
JUNO MEDIA LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 November 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
14th Floor |
33 Cavendish Square |
London |
W1G 0PW |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STRATEGIC REPORT |
for the Year Ended 30 November 2023 |
The directors present the strategic report for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
The business is an online music and music equipment retailer with international sales across UK, Europe, USA, Asia, and South America. The Company offers a range of music and equipment and has strong customer loyalty and repeat business. The result for the year shows a slight increase in revenue of £1.31m to £25.2m (5% increase) with the gross profit improving by £288k to £3.16m and gross profit margin rising to 12.54% in 2023 compared to 12.03% in 2022. Profit before tax increased to £727k in 2023 from £245k in 2022. The business showed good growth in gross margin and profit before taxation which are very positive. Reduced revenue in USA and the rest of the world markets was offset by increases in revenue in UK, Europe, South American and Asian markets. Increase in gross profit margin was achieved by increasing prices on certain ranges, acquiring new suppliers with lower costs along with venturing into niche markets which have higher profit margins. |
FUTURE DEVELOPMENTS |
Juno's position in the music and music equipment markets remains strong with growth in revenue and growth in its mix of international sales outside the UK and Europe. Focus continues to grow revenue in the UK domestic and non- EU markets to minimise any negative impacts from loss of trade within the EU. |
KEY PERFORMANCE INDICATORS |
The key financial performance indicators of the Company are turnover, gross profit margin, profit before taxation and net assets. A brief analysis of these is shown below: |
30.11.23 | 30.11.22 | Variance |
Turnover | £25,218,075 | £23,909,879 | +5% |
Gross Profit Margin | 12.54% | 12.03% | +4% |
Profit Before Taxation | £726,531 | £244,958 | +197% |
Net Assets | £1,805,933 | £1,267,253 | +43% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. Compliance with regulation, legal and ethical standards are a high priority and the Directors and Operations team take important roles in this regard. |
The principal risks of the company derive from the ability to generate new sales and on the level of economic demand generally. |
Other principal risks are with: |
- increased competition in the equipment market. |
- retention of key staff - the Company has a number of key staff including the Managing Director and Operations Manager and each of these roles could be covered for a period of time until a replacement is found. |
- the war in Ukraine has led to economic risks and uncertainties including interest rates which are on the increase. The Company has no significant debt finance apart from a £120k CBIL loan so the financial risk is low and the Company will monitor the position on an ongoing basis. |
FINANCIAL INSTRUMENTS |
Liquidity Risk |
The Company has a strong operating cash inflow and manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STRATEGIC REPORT |
for the Year Ended 30 November 2023 |
Credit Risk |
Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. |
Import and export risks |
With the implementation of Brexit, there were uncertainties on the supply chain and potential delays through customs. With the supply chain and customs having been operational for the past three years, the risk from import and export are now seen as low. |
Foreign Exchange Risk |
The Company operates across the world and is exposed to movements in foreign currencies affecting the financial result and the value of Company equity. Foreign exchange risk arises because the amount of local currency paid or received for transactions denominated in foreign currencies may vary due to changes in exchange rates (transaction exposures). Foreign exchange risks arise primarily on transactions that are denominated in USD and EUR. In managing its exposure regarding the fluctuation in foreign currency exchange rates, the Company maintains USD and Euro bank accounts to offset the receipts and payments as far as possible and to minimise the exchange impact. |
ON BEHALF OF THE BOARD: |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
REPORT OF THE DIRECTOR |
for the Year Ended 30 November 2023 |
The director presents his report with the financial statements of the Company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Company in the year under review was that of online music and music equipment retail. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th November 2023, nor were they distributed in the year ended 30th November 2022. |
DIRECTORS |
Other changes in directors holding office are as follows: |
On 14th December 2022 the share capital of Juno Media Ltd was purchased by Juno Group Ltd. |
DISCLOSURE IN THE STRATEGIC REPORT |
Matters regarding the review of the business, future developments, post balance sheet event and risk management have been included in the Strategic Report in accordance with 'The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013'. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to: |
- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- ensure applicable UK Accounting standards have been followed, subject to any material departures; |
- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business. |
The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
REPORT OF THE DIRECTOR |
for the Year Ended 30 November 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the Company's auditors are unaware, and he has taken all the steps that |
he ought to have taken as a director in order to make himself aware of any relevant audit information |
and to establish that the Company's auditors are aware of that information. |
AUDITORS |
Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco |
Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JUNO MEDIA LIMITED |
Opinion |
We have audited the financial statements of Juno Media Limited (the 'Company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 30 November 2023 and of its profit 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 Auditors' 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 UK, including the FRC'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. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JUNO MEDIA LIMITED |
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 Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where 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. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JUNO MEDIA LIMITED |
Auditors' 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 a Report of the Auditors 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. |
Extent to which the audit was considered capable of detecting irregularities, including fraud. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Based on our understanding of the Company and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
We obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. These included but were not limited to, UK Companies Act, UK financial reporting standards, and taxation legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included but were not limited to, legislation relating to health and safety. |
As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JUNO MEDIA LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
14th Floor |
33 Cavendish Square |
London |
W1G 0PW |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
505,877 | 163,001 |
Other operating income | 5 |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
733,332 | 252,873 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STATEMENT OF FINANCIAL POSITION |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STATEMENT OF FINANCIAL POSITION - continued |
30 November 2023 |
The financial statements were approved by the director and authorised for issue on |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2023 |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Juno Media Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05505108 and registered office address is Born & Co, 1st Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ. |
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 £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The Company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
These financial statements are separate financial statements. The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare and deliver consolidated financial statements as it and its subsidiary undertakings are included in the group financial statements of its parent company Juno Group Limited, a company incorporated in the England and Wales. The consolidated financial statements of Juno Group Limited can be obtained from the Company’s registered address Mackrell Solicitors, Savoy Hill House, Savoy Hill, London, WC2R 0BU. |
Related party exemption |
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 members of a group. |
Turnover |
Turnover represents the invoiced sale of music CDs and vinyl records, music equipment and accessories net of discounts, credit notes and VAT. Income is recognised on despatch of the product. |
Intangible assets |
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is now fully amortised having been amortised evenly over its estimated useful life of ten years. |
Intangible assets (including goodwill) are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated |
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - 20% on cost |
Fixtures and fittings | - 25% on cost |
Computer equipment | - 25% on cost |
Property improvements | - over the term of the lease |
Stocks |
Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Included within stock is a provision for obsolete and slow moving stock of £123,333 (2022 : £89,503). |
Financial instruments |
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Company's balance sheet when the Company becomes a party to the contractual provisions of the instrument. |
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivables balances and historical experience. Individual trade receivables are written off when management deems them not to be collectible. |
Cash and cash equivalents comprise cash on hand and call deposits. |
Trade payables are not interest bearing and are stated at their nominal value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-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. |
Operating leases |
Operating lease expenditure is charged to the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions: |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Value of stock provision: The value of the stock provision is based on review and analysis of expected future sales and providing provisions for any stock where the net realisable value may fall below cost. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the Company. |
An analysis of turnover by class of business is given below: |
30.11.23 | 30.11.22 |
£ | £ |
( |
) | ( |
) |
An analysis of turnover by geographical market is given below: |
30.11.23 | 30.11.22 |
£ | £ |
United Kingdom |
Europe |
United States of America |
South America |
Asia |
Rest of the World | 822,928 | 1,019,274 |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
5. | OTHER OPERATING INCOME |
30.11.23 | 30.11.22 |
£ | £ |
Sundry receipts | 131,850 | 5,315 |
Other operating income |
215,399 | 77,421 |
Other operating income is income not classified as turnover according to the accounting policy and is in respect of income earned from service agreements and brand sales. |
Included within sundry receipts is a one off receipt of £128,862 which is compensation for loss of revenue paid by the insurance company arising from a systems cyber attack in late August 2023. |
6. | EMPLOYEES AND DIRECTORS |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries | 2,175,280 | 2,245,627 |
Social security costs | 171,962 | 193,311 |
Other pension costs | 37,415 | 34,311 |
2,384,657 | 2,473,249 |
The average monthly number of employees, including the directors, during the year was as follows: |
30.11.23 | 30.11.22 |
Dispatch and goods in | 62 | 60 |
Data | 17 | 15 |
Buying | 9 | 8 |
IT | 2 | 2 |
Digital | 1 | - |
Accounts and administration | 6 | 6 |
Customer services | 10 | 11 |
Management | 6 | 7 |
Marketing | 3 | 4 |
Distribution | 3 | 3 |
119 | 116 |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration | 2,550 | 235,004 |
Directors' pension contributions to money purchase scheme | - | - |
The number of directors to whom retirement benefits were accruing is as follows: |
Money purchase scheme | - | - |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.11.23 | 30.11.22 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
Foreign exchange differences |
Operating leases |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.23 | 30.11.22 |
£ | £ |
Bank interest |
Bank loan interest |
Corporation tax interest |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.11.23 | 30.11.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Book profit on chargeable asset | - | (112 | ) |
Deferred tax | (1,393 | ) | 11,758 |
Total tax charge | 187,851 | 31,875 |
The rate of Corporation Tax for the UK remains 19% until 31 March 2023, increasing to 25% from |
1 April 2023 for companies with profits over £250,000. As the company’s financial year straddles |
this date, a blended corporation tax rate of 23.011% has been applied which reflects 8 months |
of this new rate and 4 months of the previous rate of 19%. As at 31 December 2023, all deferred |
tax assets and liabilities are recognised at an effective tax rate of 25%. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
12. | FIXED ASSET INVESTMENTS |
The Company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: Born & Co, 1st Floor Devonshire House, 1 Mayfair Place, London, W1J 8AJ |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
2022 | 2021 |
£ | £ |
Cost | 100 | 100 |
Impairment | (100 | ) | (100 | ) |
- | - |
Associated company |
Registered office: 10 Greenland Street, London, NW1 0ND |
Nature of business: |
% |
Class of shares: | holding |
30.11.23 | 30.11.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
2021 | 2020 |
£ | £ |
Cost | 1 | 1 |
Impairment | (1 | ) | (1 | ) |
- | - |
Indigo Record Pressings Limited ceased trading on 30 November 2017. |
Investments are recognised at cost, which includes directly attributable expenditure, less any accumulated impairment. |
13. | STOCKS |
30.11.23 | 30.11.22 |
£ | £ |
Raw materials |
Goods for resale | 3,097,524 | 2,957,952 |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Accrued income | 128,723 | - |
Directors' current accounts | - | 645,409 |
Tax |
VAT |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 22,930 | 39,479 |
Accrued expenses |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans (see note 17) |
17. | LOANS |
An analysis of the maturity of loans is given below: |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans |
The loan shown is secured by fixed and floating charges held on all assets of the Company. |
These loans are also secured by personal guarantees provided by R M H Atherton and S J Boyd. |
A £200k Coronavirus Business Interruption Loan (CBIL) was taken by the Company in November 2020. This loan is secured by fixed and floating charges held on all assets of the Company with the Government providing an 80% guarantee for any amounts not paid by the Company in the event of default. |
20. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 10,365 | 11,758 |
Other provisions | 25,000 | 25,000 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Accelerated capital allowances | (1,393 | ) |
Balance at 30 November 2023 |
The provision of £25,000 is in respect of dilapidations arising from the obligations under leases of the premises. |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Nominal | 2021 | 2020 |
Number | Class | Value | £ | £ |
380,000 | Ordinary "A" Shares | £0.01 | 3,800 | 3,800 |
570,000 | Ordinary "B" Shares | £0.01 | 5,700 | 5,700 |
60,000 | Ordinary "C" Shares | £0.01 | 600 | 600 |
190,000 | Ordinary "D" shares | £0.01 | 1,900 | 1,900 |
12,000 | 12,000 |
The share capital was transferred to Juno Group Ltd on 14 December 2022. |
"A" Ordinary, "B" ordinary, "C" Ordinary and "D" Ordinary shares are ranked pari passu with the following exceptions: |
RETURN OF CAPITAL RIGHTS |
The surplus assets of the Company remaining after the payment of its liabilities are applied in the following order of priority: |
1. First paying each holder of Ordinary Shares in respect of each Ordinary Share which they are the holder, an amount equal to the Issue Price of such Ordinary Share. |
2. The balance of such assets, if any, shall be distributed as follows: |
a. 67% to holders of "A" Ordinary Shares pari passu. |
b. 21% to holders of "B" Ordinary Shares pari passu. |
c. 5% to holders of "C" Ordinary Shares pari passu. |
d. 7% to holders of "D" Ordinary Shares pari passu. |
IN THE EVENT OF A SALE |
In the event of a sale the total consideration to be received by the Ordinary Shareholders shall be apportioned as follows: |
a. 67% to holders of "A" Ordinary Shares pari passu. |
b. 21% to holders of "B" Ordinary Shares pari passu. |
c. 5% to holders of "C" Ordinary Shares pari passu. |
d. 7% to holders of "D" Ordinary Shares pari passu. |
VOTING RIGHTS |
"D" Ordinary Shares do not have any voting rights. |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |
JUNO MEDIA LIMITED (REGISTERED NUMBER: 05505108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022: |
30.11.23 | 30.11.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors Mr B Yarwood and Ms S Boyd resigned as directors on 14 December 2022. |
24. | RELATED PARTY DISCLOSURES |
The balances on the directors loans and the movements in the year are disclosed in note 23 to the accounts. Interest is charged on the loans at the HM Revenue and Customs official rate. |
The bank loans are secured by a joint and several guarantee from R.M.H. Atherton and Ms S.J. Boyd supported by a third legal charge over freehold residential property. |
All directors of the Company are considered to be key management personnel. |
25. | ULTIMATE CONTROLLING PARTY |
On 14 December 2022, Juno Group Limited acquired 100% of the share capital of Juno Media Limited (controlled by Mr R M H Atherton) and became the ultimate controlling party. |
Juno Group Ltd is the parent company of Juno Media Ltd and will prepare consolidated financial statements. Juno Group Ltd's registered office address and principal place of business is Mackrell Solicitors, Savoy Hill House, Savoy Hill, London, WC2R 0BU. |