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REGISTERED NUMBER: 09906301 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

STUDIO GEUNA LTD

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

STUDIO GEUNA LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | Ms E Geuna

| SECRETARY: | Ms O Dellapina Fenman

| REGISTERED OFFICE: | Flat 7

| 9 Redcliffe Square

| London

| SW10 9LA

| REGISTERED NUMBER: | 09906301 (England and Wales)

| ACCOUNTANTS: | B&P Tax Legal Finance LLP

| 38 Craven Street

| London

| WC2N 5NG

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,013,166 |  | 37,074 |  |

Investments | 5 | 103,715 |  | 85,000 |  |

1,116,881 |  | 122,074 |  |

CURRENT ASSETS

Stocks | 617,308 |  | 622,564 |  |

Debtors | 6 | 57,341 |  | 203,827 |  |

Cash at bank | 149,395 |  | 428,830 |  |

824,044 |  | 1,255,221 |  |

CREDITORS

Amounts falling due within one year | 7 | (527,726 | ) | (63,281 | ) |

NET CURRENT ASSETS | 296,318 |  | 1,191,940 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,413,199 |  | 1,314,014 |  |

PROVISIONS FOR LIABILITIES | (8,212 | ) | (7,044 | ) |

NET ASSETS | 1,404,987 |  | 1,306,970 |  |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Retained earnings | 1,404,986 |  | 1,306,969 |  |

1,404,987 |  | 1,306,970 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

BALANCE SHEET - continued

31 MARCH 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2025 and were signed by:

Ms E Geuna - Director

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Studio Geuna Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| 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 £.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue from consultancy services is recognised when the service is completed and invoiced. Revenue from curatorial contracts is recognised on a stage-of-completion basis, with invoices raised upon completion of each stage of work.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Plant and equipment 25% straight line

| Computer Equipment 25% straight line

| Motor vehicles 25% straight line

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.

| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized.

| Classification of 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 deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized.

| Debt instruments are subsequently carried at amortized cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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 year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | - |  | 67,382 |  | 67,382 |  |

| Additions | 980,640 |  | 10,828 |  | 991,468 |  |

| At 31 March 2025 | 980,640 |  | 78,210 |  | 1,058,850 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 30,308 |  | 30,308 |  |

| Charge for year | 322 |  | 15,054 |  | 15,376 |  |

| At 31 March 2025 | 322 |  | 45,362 |  | 45,684 |  |

| NET BOOK VALUE

| At 31 March 2025 | 980,318 |  | 32,848 |  | 1,013,166 |  |

| At 31 March 2024 | - |  | 37,074 |  | 37,074 |  |

STUDIO GEUNA LTD (REGISTERED NUMBER: 09906301)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

2025 | 2024 |

£ | £ |

| Brown Shipley Investment | 15,068 |  | - |  |

| C & C Bank - Fixed Rate Bond | 88,647 |  | 85,000 |  |

103,715 |  | 85,000 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 48,629 |  | 189,876 |  |

| Other debtors | 8,712 |  | 13,951 |  |

57,341 |  | 203,827 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 7,481 |  | 8,568 |  |

| Trade creditors | 9,929 |  | 19,348 |  |

| Taxation and social security | 157,357 |  | 29,713 |  |

| Other creditors | 352,959 |  | 5,652 |  |

527,726 |  | 63,281 |  |

8. | RELATED PARTY DISCLOSURES

| During the year, total dividends of £200,000 (2024 - £210,000) were paid to the director .

| At the year end, a balance of £1,666 (2024: £286) was payable to the director.

| In addition, at the year end, the company owed £250,000 to the director in respect of a loan provided to the company. The loan is unsecured, interest-free, and repayable on demand.

9. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Ms E Geuna.