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Wraith Holdings International Limited
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Notes to the financial statements
Period ended 30 June 2024
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
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) 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.
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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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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