Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30falsefalse2023-12-01113119falsefalse 05505108 2023-12-01 2024-11-30 05505108 2022-12-01 2023-11-30 05505108 2024-11-30 05505108 2023-11-30 05505108 2022-12-01 05505108 1 2023-12-01 2024-11-30 05505108 1 2022-12-01 2023-11-30 05505108 d:CompanySecretary1 2023-12-01 2024-11-30 05505108 d:Director1 2023-12-01 2024-11-30 05505108 d:RegisteredOffice 2023-12-01 2024-11-30 05505108 e:Buildings e:ShortLeaseholdAssets 2023-12-01 2024-11-30 05505108 e:Buildings e:ShortLeaseholdAssets 2024-11-30 05505108 e:Buildings e:ShortLeaseholdAssets 2023-11-30 05505108 e:PlantMachinery 2023-12-01 2024-11-30 05505108 e:PlantMachinery 2024-11-30 05505108 e:PlantMachinery 2023-11-30 05505108 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05505108 e:FurnitureFittings 2023-12-01 2024-11-30 05505108 e:FurnitureFittings 2024-11-30 05505108 e:FurnitureFittings 2023-11-30 05505108 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05505108 e:ComputerEquipment 2023-12-01 2024-11-30 05505108 e:ComputerEquipment 2024-11-30 05505108 e:ComputerEquipment 2023-11-30 05505108 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05505108 e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05505108 e:Goodwill 2023-12-01 2024-11-30 05505108 e:Goodwill 2024-11-30 05505108 e:Goodwill 2023-11-30 05505108 e:CurrentFinancialInstruments 2024-11-30 05505108 e:CurrentFinancialInstruments 2023-11-30 05505108 e:Non-currentFinancialInstruments 2024-11-30 05505108 e:Non-currentFinancialInstruments 2023-11-30 05505108 e:CurrentFinancialInstruments e:WithinOneYear 2024-11-30 05505108 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 05505108 e:Non-currentFinancialInstruments e:AfterOneYear 2024-11-30 05505108 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 05505108 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-11-30 05505108 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-11-30 05505108 e:ReportableOperatingSegment1 2023-12-01 2024-11-30 05505108 e:ReportableOperatingSegment1 2022-12-01 2023-11-30 05505108 e:ReportableOperatingSegment2 2023-12-01 2024-11-30 05505108 e:ReportableOperatingSegment2 2022-12-01 2023-11-30 05505108 e:ReportableOperatingSegment3 2023-12-01 2024-11-30 05505108 e:ReportableOperatingSegment3 2022-12-01 2023-11-30 05505108 e:ReportableOperatingSegment5 2023-12-01 2024-11-30 05505108 e:ReportableOperatingSegment5 2022-12-01 2023-11-30 05505108 e:ReportableOperatingSegment7 2023-12-01 2024-11-30 05505108 e:ReportableOperatingSegment7 2022-12-01 2023-11-30 05505108 e:UKTax 2023-12-01 2024-11-30 05505108 e:UKTax 2022-12-01 2023-11-30 05505108 e:ShareCapital 2023-12-01 2024-11-30 05505108 e:ShareCapital 2024-11-30 05505108 e:ShareCapital 2022-12-01 2023-11-30 05505108 e:ShareCapital 2023-11-30 05505108 e:ShareCapital 2022-12-01 05505108 e:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 05505108 e:RetainedEarningsAccumulatedLosses 2024-11-30 05505108 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 05505108 e:RetainedEarningsAccumulatedLosses 2023-11-30 05505108 e:RetainedEarningsAccumulatedLosses 2022-12-01 05505108 e:AcceleratedTaxDepreciationDeferredTax 2024-11-30 05505108 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 05505108 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-11-30 05505108 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-11-30 05505108 d:OrdinaryShareClass1 2023-12-01 2024-11-30 05505108 d:OrdinaryShareClass1 2024-11-30 05505108 d:OrdinaryShareClass1 2023-11-30 05505108 d:OrdinaryShareClass2 2023-12-01 2024-11-30 05505108 d:OrdinaryShareClass2 2024-11-30 05505108 d:OrdinaryShareClass2 2023-11-30 05505108 d:OrdinaryShareClass3 2023-12-01 2024-11-30 05505108 d:OrdinaryShareClass3 2024-11-30 05505108 d:OrdinaryShareClass3 2023-11-30 05505108 d:OrdinaryShareClass4 2023-12-01 2024-11-30 05505108 d:OrdinaryShareClass4 2024-11-30 05505108 d:OrdinaryShareClass4 2023-11-30 05505108 d:FRS102 2023-12-01 2024-11-30 05505108 d:Audited 2023-12-01 2024-11-30 05505108 d:FullAccounts 2023-12-01 2024-11-30 05505108 d:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 05505108 e:HirePurchaseContracts e:WithinOneYear 2024-11-30 05505108 e:HirePurchaseContracts e:WithinOneYear 2023-11-30 05505108 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-11-30 05505108 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-11-30 05505108 6 2023-12-01 2024-11-30 05505108 f:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05505108










JUNO MEDIA LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
JUNO MEDIA LIMITED
 
 
COMPANY INFORMATION


Director
R M H Atherton 




Company secretary
R M H Atherton



Registered number
05505108



Registered office
Born & Co
1st Floor, Devonshire House

1 Mayfair Place

London

W1J 8AJ




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
JUNO MEDIA LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 31


 
JUNO MEDIA LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The director presents the strategic report for the year ended 30 November 2024.

Business review
 
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 decrease in revenue of £0.2m to £25.0m (1% decrease) with the gross profit reducing by £0.3m to £2.9m and gross profit margin reducing to 11.40% in 2024 compared to 12.54% in 2023. Profit before tax decreased to £179k in 2024 from £726k in 2023. The online music and equipment business remains a very competitive and price sensitive market with margins under pressure. The core UK market saw continued growth with an 8% increase in revenue to £15.8m from £14.6m. USA saw a significant 33% drop in revenue to £2m from £2.9m which may possibly be due to the impact of the presidential elections and personal financial uncertainty. Reduced revenue in USA, Europe and South America was partially offset by increases in rest of world markets. A new wholesale distribution channel has been set up to build revenue with retailers and resellers. 

Future developments
 
Juno's position in the music and music equipment markets remains strong with growth in revenue 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: 
                                                                                     30.11.2024                    30.11.2023                    Variance 
Turnover                                                                     £25,023,901                  £25,218,075                            -1%
Gross profit margin                                                             11.40%                          12.54%                            -9%
Profit before taxation                                                       £179,234                        £726,531                          -75%
Net assets                                                                    £1,889,250                     £1,805,933                            +5%

Page 1

 
JUNO MEDIA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

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 Director 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 £80k 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. 
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. 

Page 2

 
JUNO MEDIA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


This report was approved by the board on 29 August 2025 and signed on its behalf.



R M H Atherton
Director

Page 3

 
JUNO MEDIA LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Principal activity

The principal activity of the Company in the year under review was that of online music and music equipment retail.

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

Results and dividends

The profit for the year, after taxation, amounted to £134,127 (2023 - £538,680).

A dividend of £50,810 (2023 – nil) was declared during the year ended 30 November 2024.

Director

The director who served during the year and to the date of this report was:

R M H Atherton 

Director's responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Page 4

 
JUNO MEDIA LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 August 2025 and signed on its behalf.
 





R M H Atherton
Director

Page 5

 
JUNO MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT 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 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 2024 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 6

 
JUNO MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO MEDIA LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
JUNO MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO MEDIA LIMITED (CONTINUED)


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


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).

 


Page 8

 
JUNO MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO MEDIA LIMITED (CONTINUED)


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 Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





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

29 August 2025
Page 9

 
JUNO MEDIA LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
25,023,901
25,218,075

Cost of sales
  
(22,170,786)
(22,054,686)

Gross profit
  
2,853,115
3,163,389

Administrative expenses
  
(2,791,168)
(2,657,512)

Other operating income
 5 
121,494
215,399

Operating profit
 6 
183,441
721,276

Interest receivable and similar income
  
-
12,056

Interest payable and similar expenses
 9 
(4,207)
(6,801)

Profit before tax
  
179,234
726,531

Tax on profit
 10 
(45,107)
(187,851)

Profit for the financial year
  
134,127
538,680

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

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
JUNO MEDIA LIMITED
REGISTERED NUMBER: 05505108

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
-

Tangible assets
 13 
47,022
67,622

Investments
 14 
-
-

  
47,022
67,622

Current assets
  

Stocks
 15 
2,987,582
3,125,350

Debtors: amounts falling due within one year
 16 
1,690,231
1,777,756

Cash at bank and in hand
  
133,086
38,781

  
4,810,899
4,941,887

Creditors: amounts falling due within one year
 17 
(2,897,239)
(3,088,211)

Net current assets
  
 
 
1,913,660
 
 
1,853,676

Total assets less current liabilities
  
1,960,682
1,921,298

Creditors: amounts falling due after more than one year
 18 
(40,040)
(80,000)

Provisions for liabilities
  

Deferred tax
 21 
(6,392)
(10,365)

Other provisions
 22 
(25,000)
(25,000)

  
 
 
(31,392)
 
 
(35,365)

Net assets
  
1,889,250
1,805,933


Capital and reserves
  

Called up share capital 
 23 
12,000
12,000

Profit and loss account
 24 
1,877,250
1,793,933

  
1,889,250
1,805,933


Page 11

 
JUNO MEDIA LIMITED
REGISTERED NUMBER: 05505108
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.




R M H Atherton
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
JUNO MEDIA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2022
12,000
1,255,253
1,267,253


Comprehensive income for the year

Profit for the year
-
538,680
538,680
Total comprehensive income for the year
-
538,680
538,680



At 1 December 2023
12,000
1,793,933
1,805,933


Comprehensive income for the year

Profit for the year
-
134,127
134,127
Total comprehensive income for the year
-
134,127
134,127


Contributions by and distributions to owners

Dividends: Equity capital
-
(50,810)
(50,810)


At 30 November 2024
12,000
1,877,250
1,889,250


The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales (05505108). The address of its registered office is Born & Co, 1st Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions. In preparing these financial statements, the Company has taken advantage of the following disclosure exemptions: 

the requirements of Section 7 Statement of Cash Flows.

 
2.3

Exemption from preparing 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 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. 

 
2.4

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the Company has 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. 

Page 14

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. 


 
2.6

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.

 
2.7

Operating leases: the Company as lessee

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. 

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


 
2.10

Intangible assets

Goodwill

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. 


 
2.11

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.

Page 16

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Depreciation is provided on the following basis:

Property improvements
-
over the term of the lease
Plant and machinery
-
20% on cost
Fixtures and fittings
-
25% on cost
Computer equipment
-
25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obselete and slow moving items. 

Included within stock is a provision for obsolete and slow moving stock of £162,319 (2023: £123,333).

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

 
2.16

Creditors

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

Page 17

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 18

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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 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. 

Page 19

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Music
14,589,340
13,510,047

Equipment
7,611,715
8,192,445

Distribution
729,959
1,084,175

Other
2,729,759
3,078,863

Sales Discounts
(636,872)
(647,455)

25,023,901
25,218,075


An analysis of turnover by geographical market is given below:


2024
2023
£
£


United Kingdom
15,772,469
14,605,863

Europe
2,650,233
3,000,008

United States of America
1,967,960
2,942,879

South America
440,855
558,063

Asia
3,252,493
3,288,334

Rest of the World
939,891
822,928

25,023,901
25,218,075



5.


Other operating income

2024
2023
£
£

Sundry receipts
32,668
131,850

Other operating income
88,826
83,549

121,494
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 £28,009 (2023: £128,862 which) is compensation for loss of revenue paid by the insurance company arising from a systems cyber attack in late August 2023.

Page 20

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditors' remuneration
35,000
20,000

Exchange differences
20,138
32,944

Other operating lease rentals
509,468
460,590

Goodwill amortisation
-
72,816

Depreciation - owned assets
36,567
42,250


7.


Employees and directors

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,348,069
2,175,280

Social security costs
197,287
171,962

Cost of defined contribution scheme
39,858
37,415

2,585,214
2,384,657


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


        2024
        2023
            No.
            No.







Dispatch and goods in
54
62



Data
16
17



Buying
9
9



IT
2
2



Digital
1
1



Accounts and administration
6
6



Customer services
11
10



Management
6
6



Marketing
3
3



Distribution
3
3



Wholesale
2
-

113
119

Page 21

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Director's remuneration

2024
2023
£
£

Director's remuneration
16,809
2,550

Directors' pension contributions
-
-


During the year retirement benefits were accruing to no directors (2023 - nil) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest
-
113

Bank loan interest
4,207
5,608

Corporation tax interest
-
1,080

4,207
6,801


10.


Taxation


2024
2023
£
£

Current tax


UK corporation tax
49,080
189,244



Deferred tax
(3,973)
(1,393)


Tax on profit
45,107
187,851
Page 22

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
10.Taxation (continued)


Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.011%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
179,234
726,531


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.011%)
44,809
167,182

Effects of:


Expenses not deductible for tax purposes
298
906

Depreciation in excess of capital allowances
-
21,156

Deferred tax
-
(1,393)

Total tax charge
45,107
187,851

The rate of Corporation Tax for the UK was 19% until 31 March 2023, increasing to 25% from 1 April 2023 for companies with profits over £250,000. As the Company's prior financial year straddled this date, a blended corporation tax rate of 23.011% was applied in the prior year which reflects 8 months of this new tax rate and 4 months of the previous tax rate. As at 31 December 2024, all deferred tax assets and liabilities are recognised at an effective tax rate of 25%. 


11.


Dividends

2024
2023
£
£


Ordinary "A" shares
50,810
-

50,810
-

Page 23

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 December 2023
1,274,200



At 30 November 2024

1,274,200



Amortisation


At 1 December 2023
1,274,200



At 30 November 2024

1,274,200



Net book value



At 30 November 2024
-



At 30 November 2023
-



Page 24

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Tangible fixed assets





Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
83,293
354,570
15,233
141,034
594,130


Additions
-
2,245
-
13,722
15,967



At 30 November 2024

83,293
356,815
15,233
154,756
610,097



Depreciation


At 1 December 2023
45,428
341,493
12,732
126,855
526,508


Charge for the year on owned assets
15,143
5,803
2,501
13,120
36,567



At 30 November 2024

60,571
347,296
15,233
139,975
563,075



Net book value



At 30 November 2024
22,722
9,519
-
14,781
47,022



At 30 November 2023
37,865
13,077
2,501
14,179
67,622

Page 25

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 December 2023
100
1
101



At 30 November 2024

100
1
101



Impairment


At 1 December 2023
100
1
101



At 30 November 2024

100
1
101



Net book value



At 30 November 2024
-
-
-



At 30 November 2023
-
-
-

The Company holds 100% of the ordinary shares in Juno Records Limited, a dormant subsidiary. Its principal activity is currently non-trading. The registered office is Born & Co, 1st Floor Devonshire House, 1 Mayfair Place, London, W1J 8AJ.
The company also holds 50% of the ordinary shares in Indigo Record Pressings Ltd, an associated undertaking whose principal activity is vinyl record pressing. The registered office is 10 Greenland Street, London, NW1 0ND.


15.


Stocks

2024
2023
£
£

Raw materials
-
27,826

Goods for resale
2,987,582
3,097,524

2,987,582
3,125,350


Page 26

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
41,512
223,567

Amounts owed by group undertakings
1,393,139
980,125

Other debtors
59,489
168,904

Prepayments and accrued income
196,091
194,364

Tax
-
210,796

1,690,231
1,777,756



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans and overdrafts
40,000
40,000

Trade creditors
2,424,159
2,269,279

Tax
49,080
238,459

Social security and other taxes
88,713
42,797

Other creditors
122,534
419,012

Accruals and deferred income
172,753
78,664

2,897,239
3,088,211



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
40,040
80,000


Page 27

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
40,000
40,000


Amounts falling due 2-5 years

Bank loans
40,040
80,000


80,040
120,000


In November 2020, the company obtained a £200,000 Coronavirus Business Interruption Loan (CBIL) for working capital purposes. The loan is secured by an unlimited debenture dated 5 June 2014, creating a fixed and floating charge over all assets of the company.
Under the CBIL scheme, the UK Government provides an 80% guarantee to the lender in the event of default. This guarantee does not reduce the company’s liability.


20.


Leasing agreements


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
485,450
485,450

Between 1-5 years
227,725
713,175

713,175
1,198,625


21.


Deferred taxation




2024


£






At beginning of year
(10,365)


Charged to profit or loss
3,973



At end of year
(6,392)

Page 28

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,392)
(10,365)

(6,392)
(10,365)


22.


Provisions




Other provisions

£





At 1 December 2023
25,000



At 30 November 2024
25,000

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


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



380,000 (2023 - 380,000) Ordinary "A" shares of £0.01 each
3,800
3,800
570,000 (2023 - 570,000) Ordinary "B" shares of £0.01 each
5,700
5,700
60,000 (2023 - 60,000) Ordinary "C" shares of £0.01 each
600
600
190,000 (2023 - 190,000) Ordinary "D" shares of £0.01 each
1,900
1,900

12,000

12,000

Page 29

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.Share capital (continued)

"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 if 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 equal amount 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.
All classes of Ordinary shares are held by Juno Group Limited.



24.


Reserves

Profit and loss account

The profit and loss reserve represents the distributable profit for the Company. At 30 November 2024, distributable profits were £1,877,250 (2023: £1,793,933).

Page 30

 
JUNO MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Related party transactions

The company has taken advantage of the exemption in FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, not to disclose related party transactions with wholly owned members of the same group.
The bank loans are secured by a joint and several guarantee from the director and a former director
supported by a third legal charge over freehold residential property.
The sole director of the company is considered to be key management personnel.
An amount of £46,640 (2023: £72,877) is owed to a company in which the director of the company is also a director. During the year, the company made purchases totalling £53,131 (2023: £93,040) from this related party.


26.


Controlling party

Juno Media Limited is a wholly owned subsidiary of Juno Group Limited, which is controlled by R.M.H Atherton. The Company has taken exemption from preparing consolidated financial statements under as it is included in the consolidated financial statements of its parent. Juno Group Ltd's registered office address and principal place of business is Mackrell Solicitors, Savoy Hill House, London, WC2R 0BU.

 
Page 31