The Change star Lynch played the mother of Wood's character Aimee Gibbs in Series 2 of Netflix's Sex Education, and the pair are set to appear alongside each other again in Daddy Issues, penned by former stand-up Ward.
Details of the plot and further casting currently remain under wraps but the commission follows a non-broadcast pilot, directed by Catherine Morshead (No Offence, Shameless), in Manchester this summer, which featured Lynch and The Family Pile's Alexandra Mardell.
Wood, who won a BAFTA for her performance in Sex Education and starred in a stage revival of Funny Girl earlier this year, has recently been filming Netflix's new drama Toxic Town, alongside Jodie Whittaker and Robert Carlyle, made by Charlie Brooker's production company Broke And Bones.
Daddy Issues creator Danielle Ward, whose writing credits include Brassic and The Long Run, was the host and creator of long-running cult panel show podcast Do The Right Thing, which featured Margaret Cabourn-Smith and Michael Legge as team captains. She also played bass in Cardiff indie band The Loves and wrote the musical Psister Psycho with Martin White.
Beesley, who most recently directed Robert Popper's Channel 4 sitcom I Hate You, co-created The Inbetweeners with Iain Morris, with the pair setting up Fudge Park in 2015. Beesley executive produced Kirkmoore, a sitcom pilot about a college for disabled students, for the company, which aired on BBC Three last month.