Wraith Holdings International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12076529 (England and Wales)

WRAITH HOLDINGS INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A S Ghura

A Singh

W P Wood

REGISTERED OFFICE:

Units 1-10

116-118 Bury New Road

Manchester

M8 8EB

REGISTERED NUMBER:

12076529 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Intangible assets

4

3,463,373

3,871,383

CURRENT ASSETS

Debtors

5

1,693,522

721,682

Cash at bank

735,324

74,624

2,428,846

796,306

CREDITORS

Amounts falling due within one year

6

(3,239,228

)

(4,347,666

)

NET CURRENT LIABILITIES

(810,382

)

(3,551,360

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,652,991

320,023

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,652,891

319,923

2,652,991

320,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 18 July 2022 and were signed on its behalf by:

A Singh - Director

1.	STATUTORY INFORMATION

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

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.

The directors have considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with certainty. However, the company has been able to continue trading by ensuring the appropriate government guidelines are in place. Should demand for the company's services fall, the company would introduce cost control measures. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

Significant judgements and estimates

There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements.

Revenue

Revenue 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 ten years.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2020

and 31 July 2021

4,040,052

AMORTISATION

At 1 August 2020

168,669

Charge for year

408,010

At 31 July 2021

576,679

NET BOOK VALUE

At 31 July 2021

3,463,373

At 31 July 2020

3,871,383

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

268,730

1,910

Other debtors

1,424,792

719,772

1,693,522

721,682

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

50,000

Trade creditors

23,707

7,426

Taxation and social security

589,271

75,044

Other creditors

2,626,250

4,215,196

3,239,228

4,347,666

7.	POST BALANCE SHEET EVENTS

Dividends totalling £188,204 have been declared post year end.