Company registration number 11862316 (England and Wales)
LE MANS ESPORTS SERIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
LE MANS ESPORTS SERIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LE MANS ESPORTS SERIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
€
€
€
€
Fixed assets
Tangible assets
3
18,645
47,467
Current assets
Debtors
4
37,792
19,476
Cash at bank and in hand
97,979
87,820
135,771
107,296
Creditors: amounts falling due within one year
5
(3,250,533)
(4,257,712)
Net current liabilities
(3,114,762)
(4,150,416)
Net liabilities
(3,096,117)
(4,102,949)
Capital and reserves
Called up share capital
2
2
Other reserves
923,957
923,957
Profit and loss reserves
(4,020,076)
(5,026,908)
Total equity
(3,096,117)
(4,102,949)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
S J Hood
Director
Company Registration No. 11862316
LE MANS ESPORTS SERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Le Mans eSports Series Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euros, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The Company is a true subsidiary of a larger corporate group participating in wider racing game development and esports operations. At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future based on existing facilities and support from investors.

The D irectors note that whilst the Company's net current liabilities stand at €3.11m, a total of €3.08m of this figure arises from inter-company loan balances within the corporate group. The Directors have confirmed their intention that these inter-company balances will not require repayment in any instance. Likewise, the corporate group has received significant investment (>€2m) from foreign investors in the calendar year.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
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:

Leasehold improvements
Straight line over the term of the lease
Fixtures and fittings
Straight line over 3 years
Computers
Straight line over 3 years

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.

LE MANS ESPORTS SERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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 amortised 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 amortised.

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, bank loans, loans from associated companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised 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. A m ounts 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 amortised cost using the effective interest method.

Funding received from the US parent company has been treated in accordance with IFRS 9 and shown within equity as an 'other reserve'

1.7
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.

LE MANS ESPORTS SERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
35
26
LE MANS ESPORTS SERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
€
€
€
Cost
At 1 July 2024 and 30 June 2025
74,104
86,203
160,307
Depreciation and impairment
At 1 July 2024
53,713
59,127
112,840
Depreciation charged in the year
16,113
12,709
28,822
At 30 June 2025
69,826
71,836
141,662
Carrying amount
At 30 June 2025
4,278
14,367
18,645
At 30 June 2024
20,391
27,076
47,467
4
Debtors
2025
2024
Amounts falling due within one year:
€
€
Trade debtors
35,000
4,477
Other debtors
2,792
14,999
37,792
19,476
5
Creditors: amounts falling due within one year
2025
2024
€
€
Trade creditors
1,365
14,215
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,077,007
1,077,007
Other creditors
2,172,161
3,166,490
3,250,533
4,257,712
6
Other reserves

Funding received from the parent company Motorsport Games Inc, has been classed as equity. The amount will bear no interest and is to be repaid when such additional funding is no longer required by the Company, which is at the discretion of the directors.

LE MANS ESPORTS SERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 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.

Senior Statutory Auditor:
Frances Clapham
Statutory Auditor:
CK Audit
Date of audit report:
23 October 2025
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Funding provided
2025
2024
€
€
Entities with control, joint control or significant influence over the company
(1,017,099)
2,323,593
2025
2024
Amounts due to related parties
€
€
Entities with control, joint control or significant influence over the company
3,077,369
4,094,468
9
Parent company

The ultimate controlling party is Motorsport Games Inc, a company incorporated in the United States of America. The registered office is 3350 SW, 148th Avenue, Suite 207, Miramar, Florida 33027.

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