| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 May 2024 |
| for |
| Wilshire Entertainment Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| 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 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Computer equipment | - |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Computer |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 31 May 2023 |
| Additions |
| At 30 May 2024 |
| DEPRECIATION |
| At 31 May 2023 |
| Charge for year |
| At 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 30 May 2023 |
| 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 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 30 May 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.5.24 | 30.5.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Directors' current accounts | 291,252 | 200,271 |
| Sch 455 tax |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.5.24 | 30.5.23 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Amounts owed to associates | - | 983,219 |
| Corporation tax |
| Social security and other taxes |
| VAT | 188,365 | 262,298 |
| Other creditors |
| Accrued expenses |
| 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 |
| Bank loans - 2-5 years |
| Other loans - 1-2 years | 122,806 | - |
| Other loans - 2-5 years |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |