Total liabilities exceed total assets, however, the company is able to meet its liabilities as they fall due.
8. Status
Practical Wisdom Limited is a company limited by guarantee not having any share capital. At 30 April 2023 there was one member. Each member is obligated to contribute to the company a sum of £1 in the event of the company being wound up whilst they are a member, or within one year after they have ceased to be a member, for payments of debts and liabilities of the company contracted before they cease to be a member, and of the costs, charges and expenses of a winding up and for the adjustments of the rights of the contributors amongst themselves.