Registered number: 12076529
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Wraith Holdings International Limited
Financial statements
Information for filing with the registrar
31 July 2023
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Wraith Holdings International Limited
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Balance sheet
At 31 July 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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Wraith Holdings International Limited
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Balance sheet (continued)
At 31 July 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 April 2024.
Company registered number: 12076529
The notes on pages 3 to 6 form part of these financial statements.
2
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Wraith Holdings International Limited
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Notes to the financial statements
Year ended 31 July 2023
Wraith Holdings International Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12076529 and the registered office address is Units 1-10, 116-118 Bury New Road, Manchester, M8 8EB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Income due from membership interest in Bench IP Holding LLC
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Bench IP Holdings LLC is a Delaware Limited Liability Company. The profits of a Delaware Limited Liability Company become due to members as they arise. the company is the sole member of Bench IP Holdings LLC and is entitled to its profits as they arise.
3
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Wraith Holdings International Limited
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Notes to the financial statements
Year ended 31 July 2023
2.Accounting policies (continued)
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 operates and generates income.
Investments in subsidiaries are measured at cost less impairment.
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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
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.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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4
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Wraith Holdings International Limited
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Notes to the financial statements
Year ended 31 July 2023
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Investments in subsidiary companies
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At 1 August 2022 (as restated)
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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5
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Wraith Holdings International Limited
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Notes to the financial statements
Year ended 31 July 2023
Following a review it is considered that the accounting treatment of the company's interest in Bench IP Holdings LLC was incorrect.
These accounts show the cost of the company's interest in Bench IP Holdings LLC being treated as an investment and the royalty income and expenses relating to the intellectual property of Bench IP Holdings LLC being reflected in that entities accounts rather than these accounts.
The impact of the prior year adjustment has resulted in an increase in reserves by £984,690 and an increase in investment per the balance sheet of £984,690.
6
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