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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
Tax is recognised in profit or loss 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.
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