ACCOUNTS - Final Accounts preparation

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

Registered number: 14486916

JUNO GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

JUNO GROUP LIMITED

COMPANY INFORMATION

Director	R M H Atherton


Registered number	14486916


Registered office	10 Greenland Street
	London
	NW1 0ND


Independent auditors	Sumer Auditco Limited
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

JUNO GROUP LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 34

JUNO GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

Introduction

The director presents the group strategic report for the year ended 30 November 2025.

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 10% increase in revenue of £25m to £27.5m with the gross profit increasing by £0.5m to £3.3m and gross profit margin increasing to 12.15% in 2025 compared to 11.4% in 2024. Profit before tax increased to £258k in 2025 from loss of £9k in 2024.

The online music and equipment business remains an extremely competitive and price sensitive market with margins under pressure. The core UK market saw continued growth with a 19% increase in revenue to £18.5m from £15.63m. USA saw a continued drop in revenue of 17% to £2m from £2.4m due to the impact and uncertainty of the import charge costs and weakening of the US dollar to GB pound. Reduced revenue in USA and Europe was partially offset by increases in rest of world markets.

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

30.11.2025 30.11.2024 Variance

Turnover £27,512,058 £25,023,901 9.94%

Gross profit margin 12.15% 11.40% 6.54%

Profit/(Loss) before taxation £258,653 (£9,989) -2689.38%

Net assets £1,705,892 £2,004,918 -14.91%

Page 1

JUNO GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2025

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 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 £40k CBIL loan so the financial risk is low and the Group will monitor the position on an ongoing basis.

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.

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 Company maintains USD and Euro bank accounts to offset the receipts and payments as far as possible and to minimise the exchange impact.

This report was approved by the board on 27 August 2026 and signed on its behalf.

R M H Atherton

Director

Page 2

JUNO GROUP LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The director presents his report and the financial statements for the year ended 30 November 2025.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report 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 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 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 for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to 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.

Principal activity

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

The principal activity of the Company was that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £140,508 (2024 - loss £55,096).

A dividend of £439,534 (2024 – £50,810) was declared during the year ended 30 November 2025.

Director

The director who served during the year was:

R M H Atherton

Matters covered in the Group strategic report

Matters regarding the review of the business, future developments, post balance sheet event and risk management have been included in the Group Strategic Report.

Page 3

JUNO GROUP LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2025

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he 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 and the Group's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 August 2026 and signed on its behalf.

R M H Atherton

Director

Page 4

JUNO GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO GROUP LIMITED

Opinion

We have audited the financial statements of Juno Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2025, which comprise the Consolidated statement of comprehensive income, the , the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's affairs as at 30 November 2025 and of the Group's 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 Group 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 Group's or 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.

Page 5

JUNO GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO GROUP 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 Report. 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. 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 Group 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 Group 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 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 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 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 directors

As explained more fully in the Director's responsibilities statement set out on page 3, 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 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.

Page 6

JUNO GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNO GROUP 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 Group financial statements.

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.

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's and parent Company's abilities to operate or to avoid a material penalty. These included but were not limited to, legislation relating to health and safety.

As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 7

JUNO GROUP LIMITED

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

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 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

27 August 2026

Page 8

JUNO GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

	2025	2024
Note	£	£


Turnover	4	27,512,058	25,023,901
Cost of sales		(24,170,086)	(22,170,786)
Gross profit		3,341,972	2,853,115
Administrative expenses		(3,208,879)	(2,980,391)
Other operating income	5	130,045	121,494
Operating profit/(loss)	6	263,138	(5,782)
Interest payable and similar expenses	10	(4,485)	(4,207)
Profit/(loss) before taxation		258,653	(9,989)
Tax on profit/(loss)	11	(118,145)	(45,107)
Profit/(loss) for the financial year		140,508	(55,096)


Total comprehensive income for the year		140,508	(55,096)

Profit/(loss) for the year attributable to:
Owners of the Parent Company	140,508	(55,096)
	140,508	(55,096)

Total comprehensive income for the year attributable to:
Owners of the Parent Company	140,508	(55,096)
	140,508	(55,096)

The notes on pages 17 to 34 form part of these financial statements.

Page 9

JUNO GROUP LIMITED

REGISTERED NUMBER: 14486916

CONSOLIDATED BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		1,326,132		1,515,356
Tangible assets	15		46,974		47,023
			1,373,106		1,562,379
Current assets
Stocks	17	3,263,689		2,987,582
Debtors: amounts falling due after more than one year	18	20,099		-
Debtors: amounts falling due within one year	18	393,956		297,092
Cash at bank and in hand		162,081		133,086
		3,839,825		3,417,760
Creditors: amounts falling due within one year	19	(3,474,694)		(2,903,789)
Net current assets			365,131		513,971
Total assets less current liabilities			1,738,237		2,076,350
Creditors: amounts falling due after more than one year	20		-		(40,040)
Provisions for liabilities
Deferred taxation	24	(7,345)		(6,392)
Other provisions	25	(25,000)		(25,000)
			(32,345)		(31,392)
Net assets excluding pension asset			1,705,892		2,004,918
Net assets			1,705,892		2,004,918

Capital and reserves
Called up share capital	26	10,000	10,000
Share premium account	27	1,749,791	1,749,791
Profit and loss account	27	(53,899)	245,127
Equity attributable to owners of the Parent Company		1,705,892	2,004,918

Page 10

JUNO GROUP LIMITED

REGISTERED NUMBER: 14486916

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2026.

R M H Atherton

Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

JUNO GROUP LIMITED

REGISTERED NUMBER: 14486916

COMPANY BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	16		3,159,480		3,159,480
			3,159,480		3,159,480

Creditors: amounts falling due within one year	19	(1,399,689)		(1,399,689)
Net current liabilities			(1,399,689)		(1,399,689)
Total assets less current liabilities			1,759,791		1,759,791


Net assets excluding pension asset			1,759,791		1,759,791
Net assets			1,759,791		1,759,791

Capital and reserves
Called up share capital	26	10,000	10,000
Share premium account	27	1,749,791	1,749,791
		1,759,791	1,759,791

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2026.

R M H Atherton

Director

The notes on pages 17 to 34 form part of these financial statements.

Page 12

JUNO GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 December 2023	10,000	1,749,791	351,033	2,110,824	2,110,824

Loss for the year	-	-	(55,096)	(55,096)	(55,096)
Dividends: Equity capital	-	-	(50,810)	(50,810)	(50,810)

At 1 December 2024	10,000	1,749,791	245,127	2,004,918	2,004,918

Profit for the year	-	-	140,508	140,508	140,508
Dividends	-	-	(439,534)	(439,534)	(439,534)
At 30 November 2025	10,000	1,749,791	(53,899)	1,705,892	1,705,892

The notes on pages 17 to 34 form part of these financial statements.

Page 13

JUNO GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 December 2023	10,000	1,749,791	-	1,759,791
Comprehensive income for the year
Profit for the year	-	-	50,810	50,810
Dividends: Equity capital	-	-	(50,810)	(50,810)

At 1 December 2024	10,000	1,749,791	-	1,759,791

Profit for the year	-	-	439,534	439,534
Dividends	-	-	(439,534)	(439,534)
At 30 November 2025	10,000	1,749,791	-	1,759,791

The notes on pages 17 to 34 form part of these financial statements.

Page 14

JUNO GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 NOVEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	140,508	(55,096)
Adjustments for:
Amortisation of intangible assets	189,224	189,223
Depreciation of tangible assets	33,730	36,567
Interest paid	4,485	4,207
Taxation charge	118,145	45,107
(Increase)/decrease in stocks	(276,107)	137,768
(Increase)/decrease in debtors	(116,963)	260,485
Increase/(decrease) in creditors	454,348	(414,607)
Corporation tax (paid)	(635)	(49,215)
Net cash generated from operating activities	546,735	154,439

Cash flows from investing activities
Purchase of tangible fixed assets	(33,681)	(15,967)
Net cash from investing activities	(33,681)	(15,967)
Cash flows from financing activities
Repayment of loans	(40,040)	(39,960)
Dividends paid	(439,534)	-
Interest paid	(4,485)	(4,207)
Net cash used in financing activities	(484,059)	(44,167)
Net increase in cash and cash equivalents	28,995	94,305
Cash and cash equivalents at beginning of year	133,086	38,781
Cash and cash equivalents at the end of year	162,081	133,086

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	162,081	133,086
	162,081	133,086

The notes on pages 17 to 34 form part of these financial statements.

Page 15

JUNO GROUP LIMITED

FOR THE YEAR ENDED 30 NOVEMBER 2025


At 1 December 2024	Cash flows	At 30 November 2025
£	£	£

Cash at bank and in hand	133,086	28,995	162,081
Debt due after 1 year	(40,040)	40,040	-
Debt due within 1 year	(41,644)	1,604	(40,040)
	51,402	70,639	122,041

The notes on pages 17 to 34 form part of these financial statements.

Page 16

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

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

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.

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 judgment in applying the Group's accounting policies (see note 3).

Parent company disclosure exemptions

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

No cash flow statement or net debt reconciliation has been presented for the parent company.

The following principal accounting policies have been applied:

2.2

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.

2.3

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the Group has adequate resources to continue in the operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Page 17

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.4

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 transactions. Exchange differences are taken into account in arriving at the operating result.

2.5

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.

2.6

Operating leases: the Group 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.

2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.8

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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.9

Intangible assets

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 Limited acquiring Juno Media Limited in 2022, is being amortised evenly over its estimated useful life of ten years.

2.10

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 19

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

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.

2.11

Valuation of investments

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

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

2.13

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.

2.14

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.

2.15

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 20

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.16

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.

2.17

Financial instruments

The Group 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 Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 21

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.17

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

2.18

Dividend payable

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.

2.19

Dividend receivable

Dividend income from investments is recognised when the Company’s right to receive payment has been established, provided that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably.

3.	Judgments 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 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 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 22

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Music	15,959,192	14,589,340
Equipment	8,948,567	7,611,715
Distribution	756,114	729,959
Delivery income	2,578,251	2,729,759
Sales discounts	(730,066)	(636,872)
	27,512,058	25,023,901

Delivery income comprises amounts recovered from customers in respect of postage and delivery charges, surcharges and other ancillary income arising in the ordinary course of trade, net of movements in related provisions.

An analysis of turnover by geographical market is given below:
	2025	2024
	£	£

United Kingdom	18,523,851	15,772,469
Europe	2,693,481	2,650,233
United States of America	1,999,407	1,967,960
South America	386,436	440,855
Asia	2,957,213	3,252,493
Rest of the World	951,670	939,891
	27,512,058	25,023,901

Page 23

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Sundry receipts	6,992	32,668
Other operating income	123,053	88,826
	130,045	121,494

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 £nil (2024: £28,009 which) is compensation for loss of revenue paid by the insurance company arising from a systems cyber attack in late August 2023.

Exchange differences	55,431	20,138
Other operating lease rentals	508,130	509,468
Depreciation - owned assets	33,730	36,567
Goodwill amortisation	189,224	189,223

Fees payable to the Group's auditors in respect of:
Audit of the financial statements of the Group and Company	7,500	7,500
Audit of the financial statements of the Company’s subsidiaries	35,000	30,000

Page 24

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

		Group	Group
		2025	2024
		£	£


Wages and salaries	2,663,637	2,348,069
Social security costs	280,256	197,287
Cost of defined contribution scheme	42,713	39,858
	2,986,606	2,585,214

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

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Despatch goods in	56	54	-	-
Data	13	16	-	-
Buying	8	9	-	-
IT	2	2	-	-
Digital	1	1	-	-
Accounts and administration	7	6	-	-
Customer services	10	11	-	-
Management	6	6	1	1
Marketing	4	3	-	-
Distribution	3	3	-	-
Wholesale	2	2	-	-

	112	113	1	1

Page 25

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

8.Employees (continued)

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

9.	Director's remuneration

	Group


		2025	2024
		£	£


Director's emoluments	31,938	16,809
Director's pension contributions	-	-
	31,938	16,809

No retirement benefits were accruing to the director (2024- nil) in respect of defined contribution pension schemes.

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Other loan interest payable	4,485	4,207
		4,485	4,207

Page 26

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Corporation tax
Current tax on profits for the year	117,192	49,080

	Deferred tax
	Origination and reversal of timing differences	953	(3,973)


	Tax on profit/(loss)	118,145	45,107

Profit/(loss) on ordinary activities before tax

258,653

(9,989)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	64,663	(2,497)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	47,306	47,306
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	6,176	298
Total tax charge for the year	118,145	45,107

As at 30th November 2025, all deferred tax assets and liabilities are recognised at an effective tax rate of 25%.

12.	Dividends
		2025	2024
		£	£

A Ordinary shares

439,534

50,810

Page 27

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

13.	Parent company profit for the year

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. The profit after tax of the parent Company for the year was £439,534 (2024 - £50,810).

14.	Intangible assets
	Group

		Goodwill
		£

	At 1 December 2024	1,965,043
	At 30 November 2025	1,965,043

	At 1 December 2024	449,687
	Charge for the year	189,224
	At 30 November 2025	638,911
	Net book value
	At 30 November 2025	1,326,132
	At 30 November 2024	1,515,356

Page 28

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

15.	Tangible fixed assets
	Group

	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2024	53,008	21,128	5,489	46,413	126,038
Additions	-	-	-	33,681	33,681
At 30 November 2025	53,008	21,128	5,489	80,094	159,719
Depreciation
At 1 December 2024	30,286	11,608	5,489	31,632	79,015
Charge for the year on owned assets	15,143	3,326	-	15,261	33,730
At 30 November 2025	45,429	14,934	5,489	46,893	112,745
Net book value
At 30 November 2025	7,579	6,194	-	33,201	46,974
At 30 November 2024	22,722	9,520	-	14,781	47,023

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 December 2024	3,159,480
	At 30 November 2025	3,159,480

Page 29

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Juno Media Limited	Born & Co., 1st Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ	A, B, C & D Ordinary	100%
Juno Records Limited	Born & Co., 1st Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ	Ordinary	100%
Indigo Record Pressings Limited	10 Greenland Street, London, NW1 0ND	Ordinary	50%

Juno Media Limited is a subsidiary directly owned by the Company whose principal activity is online music and music equipment retail. Juno Records Limited is a dormant, indirect subsidiary and Indigo Record Pressings Limited is an associated undertaking indirectly owned by the Company whose principal activity is vinyl record pressing.

17.	Stocks
		Group	Group
		2025	2024
		£	£

Finished goods and goods for resale	3,263,689	2,987,582
	3,263,689	2,987,582

Included within stock is a provision for obsolete and slow moving stock of £124,045 (2024: £162,319).

18.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Other debtors	20,099	-	-	-
	20,099	-	-	-

		Group	Group
		2025	2024
		£	£

Page 30

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

18.Debtors (continued)

Due within one year
Trade debtors	162,302	41,512
Other debtors	32,906	59,489
Prepayments and accrued income	198,748	196,091
	393,956	297,092

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	40,040	40,000	-	-
Trade creditors	2,633,133	2,424,159	-	-
Amounts owed to group undertakings	-	-	1,399,689	1,393,139
Corporation tax	166,590	49,080	-	-
Other taxation and social security	197,589	88,713	-	-
Other creditors	307,931	129,084	-	6,550
Accruals and deferred income	129,411	172,753	-	-
	3,474,694	2,903,789	1,399,689	1,399,689

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	-	40,040
	-	40,040

Page 31

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	40,040	40,000

Amounts falling due 2-5 years
Bank loans	-	40,040

	40,040	80,040

In November 2020, Juno Media Limited 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.

22.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £42,713 (2024 - £39,828). Contributions totalling £1,896 (2024 - £1,449) were payable to the fund at the balance sheet date and are included in creditors.

23.	Leasing agreements
	At 30 November 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Within one year	535,354	485,450
Between 1-5 years	2,225,585	227,725
Later than 5 years	1,180,739	-
	3,941,678	713,175

Page 32

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

24.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(6,392)
	Charged to profit or loss	(953)
	At end of year	(7,345)

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances

(7,345)

(6,392)

25.	Provisions
	Group

		Other provisions
		£

	At 1 December 2024	25,000
	At 30 November 2025	25,000

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

Page 33

JUNO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

26.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

7,499 (2024 - 7,499) A Ordinary shares of £1.00 each	7,499	7,499
2,501 (2024 - 2,501) B Ordinary shares of £1.00 each	2,501	2,501

	10,000	10,000

The A Ordinary and B Ordinary shares are irredeemable and carry full rights in respect of voting, dividends, and capital distribution.

27.

Reserves

Share premium account

Share premium represents the excess paid for shares in the Company above the nominal value of the shares.

Profit and loss account

The profit and loss reserve represents the distributable profit for the Company.

28.

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 £nil (2024: £46,640) is owed to a company in which the director of the company is also a director. During the year, the group made purchases totalling £166,467 (2024: £53,131) from this related party.

During the year, dividends of £439,534 (2024: £50,810l) were paid to a director who is also a shareholder of the company.

Page 34