Registered number:
03680608
CHALESAND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2022
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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CHALESAND LIMITED
REGISTERED NUMBER:
03680608
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STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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For the year ended 30 April 2022 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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CHALESAND LIMITED
REGISTERED NUMBER:
03680608
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 APRIL 2022
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
9 November 2022
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The notes on pages 3 to 5 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
Chalesand Limited is a limited liability company registered in England and Wales. Its registered office and business address is 91 Brick Lane, London, E1 6QL.
The principal activity of the company is that of investment in art.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's other creditors in which the director has a material interest. The director is satisfied that suitable facilities will continue to be made available to the company so that it will be able to meet it's working capital requirements for the foreseable future.
Other fixed asset investments, whose market value can be reliably determined, are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in Other Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as other creditors, cash at bank and in hand and loans from related parties.
Other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs.
Cash is represented by cash in hand and call deposits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
1. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2. Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the year was
1
(2021 -
1
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Other fixed asset investments
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The 2022 valuations were made by the director, on an open market value for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Creditors: Amounts falling due within one year
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation gains on investment
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Tax capital losses carried forward
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Allotted, called up and fully paid
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10
Ordinary
shares of £
1
each
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