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Registration number: 2264825

Wisdom Agricultural Limited

Annual Report and Unaudited Financial Statements

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

51 Queen Square
Bristol
BS1 4LJ

Bankers

Lloyds Bank
Hereford
8 High Town
Hereford
HR1 2AE

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

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:

Mr H R Hesketh

Mr Richard Garnett

Mr J R Wright

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 Board on 23 August 2023 and signed on its behalf by:
 

.........................................
Mr Richard Garnett
Director

 

Wisdom Agricultural Limited

(Registration number: 2264825)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

2,584

4,584

Cash at bank and in hand

 

2,426

415

 

5,010

4,999

Creditors: Amounts falling due within one year

5

(501,144)

(513,494)

Net liabilities

 

(496,134)

(508,495)

Capital and reserves

 

Called up share capital

6

200,100

200,100

Retained earnings

(696,234)

(708,595)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 23 August 2023 and signed on its behalf by:
 

 

Wisdom Agricultural Limited

(Registration number: 2264825)
Balance Sheet as at 30 June 2023
(continued)

.........................................
Mr Richard Garnett
Director

 

Wisdom Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
51 Queen Square
Bristol
BS1 4LJ

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 Board on 23 August 2023.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Wisdom Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)

4

Debtors

Current

2023
£

2022
£

Trade debtors

584

2,584

Prepayments

2,000

2,000

 

2,584

4,584

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

461,522

466,522

Taxation and social security

 

3,003

513

Accruals and deferred income

 

1,149

1,045

Other creditors

 

35,470

45,414

 

501,144

513,494

 

Wisdom Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
(continued)

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Preference shares of £1 each

200,000

200,000

200,000

200,000

 

200,100

200,100

200,100

200,100

7

Related party transactions

Summary of transactions with other related parties

In the directors' opinion the company is influenced by Willett & Son Holding Limited which owns 36% of the ordinary share capital.

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.