1. General information
The principal activity of Chesterfield Resources plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is the
exploration and development of precious and base metals. The Company is a public limited Company whose shares were
admitted to the Standard listing segment of the Main market of the London Stock Exchange on 29 August 2017. The
Company is incorporated and domiciled in England.
The address of its registered office is 6 Heddon Street, London, W1B 4BT.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these Financial Information are set out below (\u2018Accounting
Policies\u2019 or \u2018Policies\u2019). These Policies have been consistently applied to all the periods presented, unless otherwise stated.
2.1. Basis of preparation of Financial Statements
The Group and Company Financial Statements have been prepared in accordance with UK-adopted international accounting
standards, IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the United Kingdom applicable to
companies under IFRS, and the Companies Act 2006. The Group and Company Financial Statements have also been
prepared under the historical cost convention, except as modified for assets and liabilities recognised at fair value on an asset
acquisition.
The Financial Statements are presented in Pound Sterling rounded to the nearest pound.
The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Accounting Policies. The areas involving
a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Group and
Company Financial Statements are disclosed in Note 4.
a) Changes in accounting policies and disclosures
i) New and amended standards adopted by the Group and Company
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial
Reporting Standards and IFRIC interpretations. The amendments and revisions applicable for the period ended 31 December
2023 did not result in any material changes to the financial statements of the Group or Company.
Of the other IFRS and IFRIC amendments, none are expected to have a material effect on future Group or Company Financial
Statements.
ii) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early
adopted
Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows:
| Standard | Impact on initial application | Effective date |
| IFRS 16 (Amendments) | Property, plant, and equipment | 1 January 2024 |
| IAS 1 (Amendments) | Classification of Liabilities as Current or Non- | |
| Current. | ||
| 1 January 2024 | ||
| IFRS S1* | Disclosure of Sustainability-related Financial | |
| Information | ||
| 1 January 2024 | ||
| IFRS S2* | Climate-related Disclosures | 1 January 2024 |
None are expected to have a material effect on the Group or Company Financial Statements.
2.2. Basis of consolidation
The Group Financial Statements consolidate the Financial Statements of the Company and its subsidiaries made up to 31
December 2023. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee.
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee, including: