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REGISTERED NUMBER: 10594620 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 May 2024

for

Wilshire Entertainment Limited

Wilshire Entertainment Limited (Registered number: 10594620)






Contents of the Financial Statements
for the Year Ended 30 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wilshire Entertainment Limited

Company Information
for the Year Ended 30 May 2024







DIRECTORS: Mr J Bird
Mr T Davenport
Mr K Shepherd





REGISTERED OFFICE: Solent House
107A Alma Road
Portswood
Southampton
Hampshire
SO14 6UY





REGISTERED NUMBER: 10594620 (England and Wales)





ACCOUNTANTS: Thomas Croft Limited
Accountants And Taxation Consultants
Solent House
107a Alma Road
Portswood
Southampton
Hampshire
SO14 6UY

Wilshire Entertainment Limited (Registered number: 10594620)

Balance Sheet
30 May 2024

30.5.24 30.5.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 250,000 -
Tangible assets 5 9,694 8,222
Investments 6 4,025 4,025
263,719 12,247

CURRENT ASSETS
Stocks 1,442,785 1,868,051
Debtors 7 2,833,180 2,725,341
Cash at bank 4,710 1,122,883
4,280,675 5,716,275
CREDITORS
Amounts falling due within one year 8 1,788,465 3,401,787
NET CURRENT ASSETS 2,492,210 2,314,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,755,929

2,326,735

CREDITORS
Amounts falling due after more than one
year

9

1,710,954

1,885,366
NET ASSETS 1,044,975 441,369

Wilshire Entertainment Limited (Registered number: 10594620)

Balance Sheet - continued
30 May 2024

30.5.24 30.5.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,186 1,186
Share premium 3,153,418 3,153,418
Retained earnings (2,109,629 ) (2,713,235 )
SHAREHOLDERS' FUNDS 1,044,975 441,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





Mr J Bird - Director


Wilshire Entertainment Limited (Registered number: 10594620)

Notes to the Financial Statements
for the Year Ended 30 May 2024

1. STATUTORY INFORMATION

Wilshire Entertainment Limited 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.

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

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

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Wilshire Entertainment Limited (Registered number: 10594620)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 250,000
At 30 May 2024 250,000
NET BOOK VALUE
At 30 May 2024 250,000

5. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 31 May 2023 6,120 4,825 10,945
Additions - 4,080 4,080
At 30 May 2024 6,120 8,905 15,025
DEPRECIATION
At 31 May 2023 - 2,723 2,723
Charge for year - 2,608 2,608
At 30 May 2024 - 5,331 5,331
NET BOOK VALUE
At 30 May 2024 6,120 3,574 9,694
At 30 May 2023 6,120 2,102 8,222

Wilshire Entertainment Limited (Registered number: 10594620)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 31 May 2023
and 30 May 2024 4,025
NET BOOK VALUE
At 30 May 2024 4,025
At 30 May 2023 4,025

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Trade debtors 121,478 398,086
Amounts owed by associates 410,228 537
Other debtors 1,912,224 1,982,905
Directors' current accounts 291,252 200,271
Sch 455 tax 97,998 143,542
2,833,180 2,725,341

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Bank loans and overdrafts - 8
Other loans 560,000 550,000
Trade creditors 108,321 439,371
Amounts owed to associates - 983,219
Corporation tax 97,250 61,071
Social security and other taxes 24,798 87,366
VAT 188,365 262,298
Other creditors 805,931 1,014,654
Accrued expenses 3,800 3,800
1,788,465 3,401,787

Wilshire Entertainment Limited (Registered number: 10594620)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.5.24 30.5.23
£    £   
Bank loans - 1-2 years - 384,232
Bank loans - 2-5 years 22,093 32,093
Other loans - 1-2 years 122,806 -
Other loans - 2-5 years 1,566,055 1,469,041
1,710,954 1,885,366

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 May 2024 and the period ended 30 May 2023:

30.5.24 30.5.23
£    £   
Mr J Bird
Balance outstanding at start of year 200,271 23,954
Amounts advanced 90,981 176,317
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 291,252 200,271

11. RELATED PARTY DISCLOSURES

Included in other debtors are balances that the following companies owe Wilshire Entertaiment Limited: Lorton Entertainment Limited £164,046 (2023: £463,923), Lorton Distribution £367,674 (2023: £365,955), Lorton Films Limited £133,090 (2023: £117,050), Papcastle Limited £765,118 (2023: £572,476), Keswick Pictures Limited £30,002 (2023: £565), and Scudetto Pictures Limited £61,202 (2023: £41,698).

Included in other creditors are the balances owed to the following companies: Lorton Sports Production Limited £168,757 (2023: £Nil) and Four Barz VS Limited £87,766 (2023: £Nil).

In May 2024 Wilshire Entertainment Limited paid Lorton Entertainment Limited £250,000 for the use of the name "Lorton Entertainment Limited" in its promotion and marketing material.

Mr J Bird is a director of all of the above named companies.

12. LOAN NOTE

Other loans contain, loans which are convertible into share capital.

Wilshire Entertainment Limited (Registered number: 10594620)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

13. POST BALANCE SHEET EVENT

On 9 April 2025, the company received notification of legal proceedings brought against it in relation to a contractual dispute with Liverpool Football Club and Athletic Grounds Limited. The company is defending the claim in full, which seeks damages of up to £7.75 million. As the circumstances leading to the claim arose after the reporting date and the outcome is uncertain, no provision has been made in the accounts.

On the 28 August 2024 1,523,323 new shares were issued at £1.18p per share bringing the total issued shares to 13,386,073.