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REGISTERED NUMBER: 14486916 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 15 NOVEMBER 2022 TO 30 NOVEMBER 2023

FOR

JUNO GROUP LTD

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Period 15 November 2022 to 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive
Income

10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


JUNO GROUP LTD

COMPANY INFORMATION
for the Period 15 November 2022 to 30 November 2023







DIRECTOR: Mr R M H Atherton



REGISTERED OFFICE: 10 Greenland Street
London
NW1 0ND



REGISTERED NUMBER: 14486916 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Abdultaiyab Pisavadi BSc FCA



AUDITORS: Sumer Auditco Ltd
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

GROUP STRATEGIC REPORT
for the Period 15 November 2022 to 30 November 2023

The director presents the Group strategic report for the period ended 30 November 2023.

REVIEW OF BUSINESS

The Group is an online music and music equipment retailer with international sales across UK, Europe, USA, Asia, and South America. The Group offers a range of music and equipment and has strong customer loyalty and repeat business. The result for the year shows revenue of £25.2m with the gross profit of £3.16m and gross profit margin of 12.54%. Profit before tax was £539k.


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 Group are turnover, gross profit margin, profit before taxation and net assets. A brief analysis of these is shown below:

30.11.23

Turnover £25,218,075

Gross Profit Margin 12.54%

Profit Before Taxation £538,883

Net Assets £2,110,823


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 Group 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 Group 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 group has no significant debt finance apart from a £120k CBIL loan so the financial risk is low and the Group will monitor the position on an ongoing basis.

FINANCIAL INSTRUMENTS

Liquidity Risk

The Group 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.


Credit Risk

Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.


JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

GROUP STRATEGIC REPORT
for the Period 15 November 2022 to 30 November 2023


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 Group operates across the world and is exposed to movements in foreign currencies affecting the financial result and the value of Group 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 Group 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:





Mr R M H Atherton - Director


15 November 2024

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

REPORT OF THE DIRECTOR
for the Period 15 November 2022 to 30 November 2023

The director presents his report with the financial statements of the company and the group for the period 15 November 2022 to 30 November 2023.

INCORPORATION
The company was incorporated on 15 November 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of online music and music equipment retail. Juno Group Ltd's principal activity is that of a holding company.

DIVIDENDS
No dividends will be distributed for the period ended 30 November 2023.

DIRECTOR
Mr R M H Atherton was appointed as a director on 15 November 2022 and held office during the whole of the period from then to the date of this report.

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 director is responsible for preparing the Group Strategic Report, the Report of the Director and the consolidated 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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is 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 Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

REPORT OF THE DIRECTOR
for the Period 15 November 2022 to 30 November 2023


AUDITORS
The auditors, Sumer Auditco Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr R M H Atherton - Director


15 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JUNO GROUP LTD

Opinion
We have audited the financial statements of Juno Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JUNO GROUP LTD


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 Group 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.

We obtained an understanding of the legal and regulatory frameworks that the group and parent 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 group and parent 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 and profit 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 GROUP LTD


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.




Abdultaiyab Pisavadi BSc FCA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Ltd
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

15 November 2024

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Period 15 November 2022 to 30 November 2023

Notes £   

TURNOVER 3 25,218,075

Cost of sales 22,054,686
GROSS PROFIT 3,163,389

Administrative expenses 2,845,160
318,229

Other operating income 4 215,399
OPERATING PROFIT 7 533,628

Interest receivable and similar income 12,056
545,684

Interest payable and similar expenses 8 6,801
PROFIT BEFORE TAXATION 538,883

Tax on profit 9 187,851
PROFIT FOR THE FINANCIAL
PERIOD

351,032

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

351,032

Profit attributable to:
Owners of the parent 351,032

Total comprehensive income attributable to:
Owners of the parent 351,032

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

CONSOLIDATED BALANCE SHEET
30 November 2023

Notes £    £   
FIXED ASSETS
Intangible assets 11 1,704,579
Tangible assets 12 67,623
Investments 13 -
1,772,202

CURRENT ASSETS
Stocks 14 3,125,350
Debtors 15 797,631
Cash at bank and in hand 38,781
3,961,762
CREDITORS
Amounts falling due within one year 16 3,482,888
NET CURRENT ASSETS 478,874
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,251,076

CREDITORS
Amounts falling due after more than
one year

17

(104,888

)

PROVISIONS FOR LIABILITIES 21 (35,365 )
NET ASSETS 2,110,823

CAPITAL AND RESERVES
Called up share capital 22 10,000
Share premium 23 1,749,791
Retained earnings 23 351,032
SHAREHOLDERS' FUNDS 2,110,823

The financial statements were approved by the director and authorised for issue on 15 November 2024 and were signed by:





Mr R M H Atherton - Director


JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

COMPANY BALANCE SHEET
30 November 2023

Notes £    £   
FIXED ASSETS
Intangible assets 11 -
Tangible assets 12 -
Investments 13 3,159,480
3,159,480

CREDITORS
Amounts falling due within one year 16 1,374,801
NET CURRENT LIABILITIES (1,374,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,784,679

CREDITORS
Amounts falling due after more than
one year

17

24,888
NET ASSETS 1,759,791

CAPITAL AND RESERVES
Called up share capital 22 10,000
Share premium 23 1,749,791
SHAREHOLDERS' FUNDS 1,759,791

Company's profit for the financial year -

The financial statements were approved by the director and authorised for issue on 15 November 2024 and were signed by:





Mr R M H Atherton - Director


JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Period 15 November 2022 to 30 November 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 10,000 - 1,749,791 1,759,791
Total comprehensive income - 351,032 - 351,032
Balance at 30 November 2023 10,000 351,032 1,749,791 2,110,823

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Period 15 November 2022 to 30 November 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 10,000 - 1,749,791 1,759,791
Balance at 30 November 2023 10,000 - 1,749,791 1,759,791

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

CONSOLIDATED CASH FLOW STATEMENT
for the Period 15 November 2022 to 30 November 2023

Notes £   
Cash flows from operating activities
Cash generated from operations 1 1,188,123
Interest paid (5,720 )
Net cash from operating activities 1,182,403

Cash flows from investing activities
Purchase of tangible fixed assets (16,284 )
Purchase of subsidiary, net of cash (1,099,394 )
Interest received 12,056
Net cash from investing activities (1,103,622 )

Cash flows from financing activities
Loan repayments in year (40,000 )
Net cash from financing activities (40,000 )

Increase in cash and cash equivalents 38,781
Cash and cash equivalents at
beginning of period

2

-

Cash and cash equivalents at end
of period

2

38,781

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Period 15 November 2022 to 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
£   
Profit before taxation 538,883
Depreciation charges 42,448
Amortisation charges 260,464
Finance costs 6,801
Finance income (12,056 )
836,540
Increase in stocks (122,155 )
Decrease in trade and other debtors 378,270
Increase in trade and other creditors 95,468
Cash generated from operations 1,188,123

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in
respect of these Balance Sheet amounts:

Period ended 30 November 2023

30.11.23
£   
38,781

Please see note 27 for net assets acquired as part of business combination.


3. ANALYSIS OF CHANGES IN NET DEBT

At 15.11.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand - 38,781 38,781
- 38,781 38,781
Debt
Debts falling due within 1 year - (40,000 ) (40,000 )
Debts falling due after 1 year - (80,000 ) (80,000 )
- (120,000 ) (120,000 )
Total - (81,219 ) (81,219 )

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Period 15 November 2022 to 30 November 2023

1. STATUTORY INFORMATION

Juno Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 14486916 and registered office address is 10 Greenland Street, London, NW1 0ND.

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. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available to qualifying entities:

Parent company disclosure exemptions

1. Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;
2. No cash flow statement or net debt reconciliation has been presented for the parent company;

The following principle accounting policies have been applied:

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investment in an associate is held at cost less accumulated impairment losses.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

2. ACCOUNTING POLICIES - continued

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.

Goodwill
Goodwill included in the financial statements of the Company acquired is now fully amortised, having been amortised evenly over its estimated useful life of ten years.

Goodwill on business combination, Juno Group Ltd acquiring Juno Media Ltd in 2022, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group'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 director has a reasonable expectation that
the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the group's balance sheet when the group 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.

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 group 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.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principle activity of the Group.

An analysis of turnover by class of business is given below:
£   
Music 13,510,047
Equipment 8,192,445
Distribution 1,084,175
Other 3,078,863
Sales Discounts (647,455 )
25,218,075

An analysis of turnover by geographical market is given below:
£   
United Kingdom 14,605,863
Europe 3,000,008
United States of America 2,942,879
South America 558,063
Asia 3,288,334
Rest of the World 822,928
25,218,075

4. OTHER OPERATING INCOME
£   
Sundry receipts 131,850
Other operating income 83,549
215,399

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.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

5. EMPLOYEES AND DIRECTORS

30.11.23
£   
Wages and salaries 2,175,280
Social security costs 171,962
Other pension costs 37,415
2,384,657

The average monthly number of employees, including directors, during the year was as follows:

30.11.23

Dispatch and goods in 62
Data 17
Buying 9
IT 2
Digital 1
Accounts and administration 6
Customer services 10
Management 6
Marketing 3
Distribution 3
119

Juno Group Ltd does not have any employees, other than the director, who received no remuneration in the period.

6. DIRECTORS' EMOLUMENTS
£   
Director's remuneration 2,550

Group

30.11.23
£
Directors' remuneration 2,550
Directors' pension contributions to money purchase
scheme


-


The number of directors to whom retirement benefits were accruing is as follows:

Money purchase scheme -

7. OPERATING PROFIT

The operating profit is stated after charging:

£   
Depreciation - owned assets 42,448
Goodwill amortisation 260,464
Auditors' remuneration 20,000
Foreign exchange differences 32,944
Operating leases 450,675

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

8. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank interest 113
Bank loan interest 5,608
Corporation tax interest 1,080
6,801

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 189,244

Deferred tax (1,393 )
Tax on profit 187,851

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 538,883
Profit multiplied by the standard rate of corporation tax in the UK
of 23.011 %

124,002

Effects of:
Expenses not deductible for tax purposes 44,086
Depreciation in excess of capital allowances 21,156
Deferred tax (1,393 )
Total tax charge 187,851

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 30 November 2023, all deferred tax assets and liabilities are recognised at an effective tax rate of 25%.

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 1,892,227
On acquisition of subsidiary 72,816
At 30 November 2023 1,965,043
AMORTISATION
Amortisation for period 260,464
At 30 November 2023 260,464
NET BOOK VALUE
At 30 November 2023 1,704,579



12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
Additions - 12,116 - 4,168 16,284
Reclassification/transfer 53,008 6,767 5,489 28,523 93,787
At 30 November 2023 53,008 18,883 5,489 32,691 110,071
DEPRECIATION
Charge for period 15,143 5,805 2,988 18,512 42,448
At 30 November 2023 15,143 5,805 2,988 18,512 42,448
NET BOOK VALUE
At 30 November 2023 37,865 13,078 2,501 14,179 67,623

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

13. FIXED ASSET INVESTMENTS

Juno Group Ltd

Investments
in subsidiary
companies
£   
Cost or valuation
Additions 3,159,480
At 30 November 2023 3,159,480

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Juno Media Limited
Registered office: Born & Co. 1st Floor, Devonshire House, 1 Mayfair Place, London, United Kingdom, W1J 8AJ
Nature of business: Online music and music equipment retail

%
Class of shares holding
A Ordinary 100.00
B Ordinary 100.00
C Ordinary 100.00
D Ordinary 100.00

Subsidiary

Juno Records Limited
Registered office: Born & Co. 1st Floor, Devonshire House, 1 Mayfair Place, London, United Kingdom, W1J 8AJ
Nature of business: Dormant

%
Class of shares holding
Ordinary 100.00

Juno Records Ltd is an indirect subsidiary undertaking of the Company.

Associated company

Indigo Record Pressings Limited
Registered office: 10 Greenland Street, London, NW1 0ND
Nature of business: Vinyl record pressing

%
Class of shares holding
Ordinary 50.00
30.11.23
£   
Aggregate capital and reserves (443,845 )

Cost 1
Impairment (1 )
-

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

Indigo Record Pressings Limited ceased trading on 30 November 2017.

Investments are recognised at cost, which includes directly attributable expenditure, less any accumulated impairment.

14. STOCKS


Group
£   
Raw materials 27,826
Goods for resale 3,097,524
3,125,350

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Trade debtors 223,567
Other debtors 124,074
Accrued income 128,723
Tax 210,796
VAT 44,830
Prepayments 65,641
797,631

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Bank loans and overdrafts (see note 18)
40,000

-
Trade creditors 2,269,281 -
Amounts owed to group undertakings - 980,125
Tax 238,459 -
Social security and other taxes 42,797 -
Other creditors 790,757 394,676
Directors' current accounts 22,930 -
Accrued expenses 78,664 -
3,482,888 1,374,801

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR


Group Company
£    £   
Bank loans (see note 18) 80,000 -
Other creditors 24,888 24,888
104,888 24,888

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

18. LOANS

An analysis of the maturity of loans is given below:


Group
£   
Amounts falling due within one year or on demand:
Bank loans 40,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 40,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 40,000

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non- cancellable operating leases
£   
Within one year 485,450
Between one and five years 713,175
1,198,625

20. SECURED DEBTS

The following secured debts are included within creditors:


Group
£   
Bank loans 120,000

The loan shown is secured by fixed and floating charges held on all assets of the subsidiary.

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 subsidiary in November
2020. This loan is secured by fixed and floating charges held on all assets of the subsidiary with
the Government providing an 80% guarantee for any amounts not paid by the subsidiary in the
event of default

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

21. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax 10,365

Other provisions 25,000

Aggregate amounts 35,365

Group
Deferred Other
tax provisions
£    £   
Deferred tax on acquisition 11,758 -
Accelerated capital allowances (1,393 ) -
Other provisions - 25,000
Balance at 30 November 2023 10,365 25,000

The provision of £25,000 is in respect of dilapidations arising from the obligations under leases of the premises.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
7,499 A Ordinary £1 7,499
2,501 B Ordinary £1 2,501
10,000

The following shares were allotted and fully paid for cash at par during the period:

7,499 A Ordinary shares of £1 each
2,501 B Ordinary shares of £1 each

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

22. CALLED UP SHARE CAPITAL - continued

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:

a. 74.99% to holders of "A" Ordinary Shares pari passu.
b. 25.01% to holders of "B" 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. 74.99% to holders of "A" Ordinary Shares pari passu.
b. 25.01% to holders of "B" Ordinary Shares pari passu.


VOTING RIGHTS

Shareholders or A Ordinary and B Ordinary shares are each entitled to vote pari passu.

23. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

Profit for the period 351,032 351,032
Cash share issue - 1,749,791 1,749,791
At 30 November 2023 351,032 1,749,791 2,100,823

Company
Retained Share
earnings premium Totals
£    £    £   

Profit for the period - -
Cash share issue - 1,749,791 1,749,791
At 30 November 2023 - 1,749,791 1,749,791


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 November 2023 the balance owed to Mr R M H Atherton from the Group was £22,931.

At 30 November 2023 the balance owed to Mr B Yarwood from the Group was £21,384.

The directors Mr B Yarwood and Ms S J Boyd resigned as directors on 14 December 2022.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

25. RELATED PARTY DISCLOSURES

The balances on the directors loans within Juno Media Limited are disclosed in note 24 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.

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.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R M H Atherton.

JUNO GROUP LTD (REGISTERED NUMBER: 14486916)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 15 November 2022 to 30 November 2023

27. BUSINESS COMBINATIONS

During the period, the Company acquired 100% share of Juno Media Limited on 14 December 2022.

Acquisition of Juno Media Limited

Recognised amounts of identifiable assets acquired and liabilities assumed



Book value
Fair value
adjustments

Fair value
£    £    £   
Fixed assets
Intangible assets 72,816 - 72,816
Tangible assets 93,788 - 93,788
166,604 - 166,604
Current assets
Stock 3,003,195 - 3,003,195
Debtors 1,175,900 - 1,175,900
Cash at bank and in hand 300,295 - 300,295
4,479,390 - 4,479,390
Total assets 4,645,994 - 4,645,994

Creditors
Due within one year (3,221,983 ) - (3,221,983 )
Due after more than one year (120,000 ) - (120,000 )
Provisions fore liabilities (36,758 ) - (36,758 )
Total identifiable net assets 1,267,253 1,267,253

Goodwill 1,892,227

Total purchase consideration
Cash consideration including expenses 1,399,689
Share exchange 1,759,791
3,159,480

Purchase consideration settled in cash, as above 1,399,689
Cash and cash equivalents in subsidiary acquired (300,295 )
1,099,394

The goodwill arising on acquisition is attributable to the excess of consideration paid over the fair value of the net assets of the subsidiary entity. The goodwill has been amortised on a straight-line basis over a 10-year period.

The results of Juno Media Limited since the acquisition are as follow:

£   
Turnover for period since acquisition 25,218,075
Profit for the period since acquisition 538,680