Registration number:
Wisdom Agricultural Limited
for the
Year Ended 30 June 2023
Wisdom Agricultural Limited
Company Information
Directors |
Mr H R Hesketh Mr Richard Garnett Mr J R Wright |
Registered office |
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Bankers |
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Accountants |
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Wisdom Agricultural Limited
Directors' Report for the Year Ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is providing consultancy work in the agricultural sector.
Going concern
There is a deficit in the accounts due to the research and development work undertaken by the company and the Directors consider the preparation of accounts on a going concern basis to be appropriate, based on their opinion that the financial support from Willet & Son Holdings Limited, R H Garnett and H R Hesketh will continue at its existing level for at least the next 12 months.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Wisdom Agricultural Limited
(Registration number: 2264825)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
200,100 |
200,100 |
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Retained earnings |
(696,234) |
(708,595) |
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Shareholders' deficit |
(496,134) |
(508,495) |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Wisdom Agricultural Limited
(Registration number: 2264825)
Balance Sheet as at 30 June 2023
(continued)
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Wisdom Agricultural Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Croma House
215a Holme Lacy Road
Rotherwas
Hereford
HR2 6BQ
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Wisdom Agricultural Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)
2 |
Accounting policies (continued) |
Going concern
There is a deficit in the accounts due to the research and developent work undertaken by the company and the Directors consider the preparation of the accounts on a going concern basis to be appropriate, based on theeir opinion that the financial support from Willett & Son Holdings Limited, R H Garnett and H R Hesketh will continue at its existing level for at least the next 12 months.
trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wisdom Agricultural Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Wisdom Agricultural Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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200,000 |
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200,000 |
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Related party transactions |
Summary of transactions with other related parties
Mr J R Wright is a director of Willett & Son Holdings Limited. At the year end the company owed £235,507 (2022: £235,507) to Willett & Son Holdings Limited.
Mr J R Wright is a director of Willett & Son (Bristol) Limited. At the year end the company owed £216,015 (2022: £216,015) to Willett & Son (Bristol) Limited. The loan is repayable on demand.
'Mr R H Garnett is a director of Eziserv Limited. During the year the company sold services to Eziserv Limited in the sum of £18,120 (2022: £1,025). At the year end Eziserv Limited owed £584 (2022: £2,584 in respect of those services .
'Mr R H Garnett, Mr H R Hesketh and Mr J R Wright are also directors of Wisdom Agricultural (Investments) Limited. In a previous year the company received a loan from Wisdom Agricultural (Investments) Limited. At the year end the balance owed in respect of this loan is now £17,000 (2020: £17,000) .
The above transactions were in the normal course of business and were conducted on an at arms length basis.
Wisdom Agricultural Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)
7 |
Related party transactions (continued) |
9 Controlling party
The company is controlled by Mr J R Wright of Willett & Son Holdings Ltd, by virtue of their 36% holding of the company's ordinary shares and 100% holding of the company's preference shares.