ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

MALDON CRYSTAL SALT COMPANY LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01false66falsefalseNo description of principal activity59 00214494 2021-04-01 2022-03-31 00214494 2020-04-01 2021-03-31 00214494 2022-03-31 00214494 2021-03-31 00214494 2020-04-01 00214494 1 2021-04-01 2022-03-31 00214494 1 2020-04-01 2021-03-31 00214494 5 2021-04-01 2022-03-31 00214494 5 2020-04-01 2021-03-31 00214494 d:CompanySecretary1 2021-04-01 2022-03-31 00214494 d:Director1 2021-04-01 2022-03-31 00214494 d:Director2 2021-04-01 2022-03-31 00214494 d:Director3 2021-04-01 2022-03-31 00214494 d:Director5 2021-04-01 2022-03-31 00214494 d:Director6 2021-04-01 2022-03-31 00214494 d:Director7 2021-04-01 2022-03-31 00214494 d:RegisteredOffice 2021-04-01 2022-03-31 00214494 e:Buildings 2021-04-01 2022-03-31 00214494 e:Buildings 2022-03-31 00214494 e:Buildings 2021-03-31 00214494 e:Buildings e:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00214494 e:FurnitureFittings 2021-04-01 2022-03-31 00214494 e:FurnitureFittings 2022-03-31 00214494 e:FurnitureFittings 2021-03-31 00214494 e:FurnitureFittings e:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00214494 e:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 00214494 e:OtherPropertyPlantEquipment 2022-03-31 00214494 e:OtherPropertyPlantEquipment 2021-03-31 00214494 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00214494 e:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00214494 e:CurrentFinancialInstruments 2022-03-31 00214494 e:CurrentFinancialInstruments 2021-03-31 00214494 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 00214494 e:CurrentFinancialInstruments e:WithinOneYear 2021-03-31 00214494 e:ReportableOperatingSegment1 2021-04-01 2022-03-31 00214494 e:ReportableOperatingSegment1 2020-04-01 2021-03-31 00214494 f:UnitedKingdom 2021-04-01 2022-03-31 00214494 f:UnitedKingdom 2020-04-01 2021-03-31 00214494 f:RestEuropeOutsideUK 2021-04-01 2022-03-31 00214494 f:RestEuropeOutsideUK 2020-04-01 2021-03-31 00214494 f:RestWorldOutsideUK 2021-04-01 2022-03-31 00214494 f:RestWorldOutsideUK 2020-04-01 2021-03-31 00214494 e:UKTax 2021-04-01 2022-03-31 00214494 e:UKTax 2020-04-01 2021-03-31 00214494 e:ShareCapital 2022-03-31 00214494 e:ShareCapital 2021-03-31 00214494 e:ShareCapital 2020-04-01 00214494 e:SharePremium 2021-04-01 2022-03-31 00214494 e:SharePremium 2022-03-31 00214494 e:SharePremium 2021-03-31 00214494 e:SharePremium 2020-04-01 00214494 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2022-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2021-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2020-04-01 00214494 e:TaxLossesCarry-forwardsDeferredTax 2022-03-31 00214494 e:TaxLossesCarry-forwardsDeferredTax 2021-03-31 00214494 d:OrdinaryShareClass1 2021-04-01 2022-03-31 00214494 d:OrdinaryShareClass1 2022-03-31 00214494 d:OrdinaryShareClass1 2021-03-31 00214494 d:OrdinaryShareClass2 2021-04-01 2022-03-31 00214494 d:OrdinaryShareClass2 2022-03-31 00214494 d:OrdinaryShareClass2 2021-03-31 00214494 d:OrdinaryShareClass3 2021-04-01 2022-03-31 00214494 d:OrdinaryShareClass3 2022-03-31 00214494 d:OrdinaryShareClass3 2021-03-31 00214494 d:FRS102 2021-04-01 2022-03-31 00214494 d:Audited 2021-04-01 2022-03-31 00214494 d:FullAccounts 2021-04-01 2022-03-31 00214494 d:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 00214494 e:WithinOneYear 2022-03-31 00214494 e:WithinOneYear 2021-03-31 00214494 e:BetweenOneFiveYears 2022-03-31 00214494 e:BetweenOneFiveYears 2021-03-31 00214494 2 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00214494

MALDON CRYSTAL SALT COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

MALDON CRYSTAL SALT COMPANY LIMITED

COMPANY INFORMATION

Directors	S J Osborne
	D C Coubrough
	C C Osborne
	L M Coubrough
	M N Soudah
	P A J Latham


Company secretary	D C Coubrough


Registered number	00214494


Registered office	Wycke Hill Business Park
	Maldon
	Essex
	CM9 6UZ


Independent auditor	MHA MacIntyre Hudson
	910 The Crescent
	Colchester Business Park
	Colchester
	Essex
	CO4 9YQ

MALDON CRYSTAL SALT COMPANY LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 26

MALDON CRYSTAL SALT COMPANY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Introduction

The Directors have pleasure in presenting their report and the financial statements of the Company for the year ended 31 March 2022.

Principal activity and Business review

The results for the year ended 31 March 2022 were encouraging considering the economic climate and in particular the increases in production costs. The increases in costs include continued investment in strengthening the internal team to build upon the success of recent years.
The Company maintains strong internal and external contacts with customers, suppliers and the employees. The Directors remain focussed on producing and marketing leading specialist brands in packaged salt, distributing in both the UK and overseas markets.
The Directors remain optimistic of the continued success of the business which will be driven by maintaining a high-quality product and expansion of both the domestic and export markets. This will be achieved by remaining true to the business' core values.
The Directors are of the opinion that the Company is in a strong position to meet any challenges in the future.

Principal risks and uncertainties

The Directors remain alert to the risks prevalent in a commercial environment and continue to take steps to minimise and mitigate these risks.
COVID-19
Without doubt the economic environment globally changed significantly at the start of the 2021 financial year.

The Directors have considered relevant information with regards to COVID-19, including the annual budget, forecast future cash flows and the impact of subsequent events in assessing how this may affect the Company.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there are no adjusting post balance sheet events and that there is no material uncertainty in relation to going concern. As such the Directors continue to adopt the going concern basis in preparing the annual report and accounts.
Cost of living
The increases in cost of living are a risk that must be managed as it is does pose a threat to the costs of the Company. The Company strives to ensure staff are paid a fair wage and that costs must be managed to ensure this can be continued. However, the Directors do not believe the risk is significant enough to impact the going concern of the Company.

Page 1

MALDON CRYSTAL SALT COMPANY LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Financial key performance indicators

The Directors continue to use both financial and non financial key performance indicators to manage the business. The business maintains a strong management information function which focuses on regular and accurate reporting. The financial key performance indicators reported on are:

The above demonstrates the encouraging performance in the year with double digit percentage growth in annualised turnover, whilst maintaining gross profit margin in a demanding economic environment.

Other key performance indicators

Alongside the financial key performance indicators the Directors continue to develop additional non financial key performance indicators that underpin the objectives of the Company.

This report was approved by the Board on and signed on its behalf by:

................................................

D C Coubrough

Secretary

Date: 15 November 2022

Page 2

MALDON CRYSTAL SALT COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The Directors present their report and the financial statements for the year ended 31 March 2022.

Directors

The Directors who served during the year ended 31 March 2022 and up to the date of approval of this report were:

S J Osborne

D C Coubrough

C C Osborne

L M Coubrough

M N Soudah

P A J Latham

Results and dividends

The profit for the year, after taxation, amounted to £8,938 thousand (2021 - £6,974 thousand).

Dividends in the year amounted to £6,265 thousand (2021 - £7,351 thousand).

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

MALDON CRYSTAL SALT COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Matters covered in the Strategic Report

In accordance with Section 414c (ii) of the Companies Act 2006 the Directors have chosen to include the following items in the Strategic Report.
• Business review
• Principal risks and uncertainties
• Future developments

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf by:

................................................

D C Coubrough

Secretary

Date: 15 November 2022

Page 4

MALDON CRYSTAL SALT COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON CRYSTAL SALT COMPANY LIMITED

Opinion

We have audited the financial statements of Maldon Crystal Salt Company Limited (the 'Company') for the year ended 31 March 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2022 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material

Page 5

MALDON CRYSTAL SALT COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON CRYSTAL SALT COMPANY LIMITED (CONTINUED)

misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 6

MALDON CRYSTAL SALT COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON CRYSTAL SALT COMPANY LIMITED (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management around actual and potential litigation and claims;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance; and
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mike Kay BSc FCA CF (Senior Statutory Auditor)

for and on behalf of

MHA MacIntyre Hudson

Statutory Auditor
Colchester, United Kingdom

24 November 2022

Page 7

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2022

	2022	2021
Note	£000	£000


Turnover	4	26,672	22,826
Cost of sales		(7,961)	(5,817)
Gross profit		18,711	17,009
Distribution costs		(2,278)	(1,965)
Administrative expenses		(5,953)	(6,356)
Operating profit	5	10,480	8,688
Interest receivable and similar income		1	4
Profit before tax		10,481	8,692
Tax on profit	9	(1,543)	(1,718)
Profit for the financial year		8,938	6,974

All activities derive from continuing activities.
There were no other items of comprehensive income for the year ended 31 March 2022 (2021 - £NIL) other than those included in the Statement of Comprehensive Income above.

The notes on pages 12 to 26 form part of these financial statements.

Page 8

MALDON CRYSTAL SALT COMPANY LIMITED

REGISTERED NUMBER: 00214494

BALANCE SHEET

AS AT 31 MARCH 2022

	2022	2022	2021	2021
Note	£000	£000	£000	£000

Fixed assets
Tangible assets	11		11,293		8,191
			11,293		8,191
Current assets
Stocks	12	1,259		1,161
Debtors: Amounts falling due within one year	13	4,374		3,452
Cash at bank and in hand		3,723		4,609
		9,356		9,222
Creditors: Amounts falling due within one year	14	(2,244)		(2,311)
Net current assets			7,112		6,911
Total assets less current liabilities			18,405		15,102
Provisions for liabilities
Deferred tax			(1,080)		(450)
Net assets			17,325		14,652

Capital and reserves
Called up share capital	16	15	15
Share premium account	17	1,205	1,205
Profit and loss account	17	16,105	13,432
		17,325	14,652

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

................................................ S J Osborne	................................................ D C Coubrough
Director	Director

Date: 15 November 2022

The notes on pages 12 to 26 form part of these financial statements.

Page 9

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2022

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 April 2020	15	1,205	13,809	15,029
Comprehensive income for the year
Profit for the year	-	-	6,974	6,974
Transactions with owners
Dividends: Equity capital	-	-	(7,351)	(7,351)

At 1 April 2021	15	1,205	13,432	14,652
Comprehensive income for the year
Profit for the year	-	-	8,938	8,938
Transactions with owners
Dividends: Equity capital	-	-	(6,265)	(6,265)
At 31 March 2022	15	1,205	16,105	17,325

The notes on pages 12 to 26 form part of these financial statements.

Page 10

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

				2022	2021
			Note	£000	£000

Cash flows from operating activities
Profit for the financial year		8,938	6,974
Adjustments for:
Depreciation of tangible assets	11	815	630
Loss on disposal of tangible assets	5	(9)	1
Interest received		(1)	(4)
Taxation charge	9	1,543	1,718
(Increase) in stocks	12	(98)	(335)
(Increase)/decrease in debtors	13	(922)	111
(Decrease)/increase in creditors		(191)	107
Corporation tax		(789)	(1,494)
Net cash generated from operating activities		9,286	7,708

Cash flows from investing activities
Purchase of tangible fixed assets	11	(3,948)	(1,553)
Proceeds on sale of tangible fixed assets		40	15
Interest received		1	4
Net cash used in investing activities		(3,907)	(1,534)
Cash flows from financing activities
Dividends paid	10	(6,265)	(7,351)
Net cash used in financing activities		(6,265)	(7,351)
Net (decrease) in cash and cash equivalents		(886)	(1,177)
Cash and cash equivalents at beginning of year		4,609	5,786
Cash and cash equivalents at the end of year		3,723	4,609

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,723	4,609
	3,723	4,609

The notes on pages 12 to 26 form part of these financial statements.

Page 11

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Maldon Crystal Salt Company Limited is a private company limited by shares incorporated in England and Wales. The Company registration number is 00214494. The registered office and principal place of business is Wycke Hill Business Park, Maldon, Essex, CM9 6UZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis, under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are rounded to the nearest thousand (£'000).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see Note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The Directors have assessed the going concern status of the Company. That assessment includes the impact of COVID-19.
The Directors consider that the Company has sufficient liquid resources, shareholder support and access to future resources to enable the Company to cover its costs and pay its liabilities for the next 12 months from the date of approval of these financial statements.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 12

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administration expenses'.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Company as lessee

Operating leases are those leases where the Company has use of an asset but where the significant risks and rewards of ownership remain with the lessor and the lease term is not expected to be a significant portion of the useful life of the asset.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 13

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

The tax expense for the year comprises current and deferred tax. 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 Balance Sheet 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 Balance Sheet date, except that:

∙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

∙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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 14

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets under construction are accounted for at cost, based on the value of certificates and other direct costs incurred to 31 March. They are not depreciated until the accounting period in which they are brought into use.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Freehold property	-	3%-5% straight line
				Fixtures and fittings	-	3%-25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 15

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

Page 16

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out below:

3.1 Turnover recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. This is when the Company has transferred the significant risks and rewards of ownership to the buyer upon the goods leaving the Company's premises. Although this is not considered to be a complex judgment for the Company, revenue recognition is still considered to be a critical accounting policy.

3.2 Stocks

Stocks are stated at the lower of cost and net realisable value. The Directors asses the net realisable value as being the selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. The valuation of stocks is critical to the production of the financial statements. Judgement is required in determining the costing for the stock items and therefore ensuring the stocks are valued correctly.

Specialised packaged salt	26,672	22,826
	26,672	22,826

Analysis of turnover by country of destination:

					2022	2021
					£000	£000

United Kingdom	10,414	9,126
Rest of Europe	8,938	6,941
Rest of the World	7,320	6,759
	26,672	22,826

Page 17

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Profit)/loss on disposal of tangible fixed assets	(9)	1
Exchange differences	(19)	13
Depreciation	815	635

6.	Auditor's remuneration
		2022	2021
		£000	£000

Fees payable to the Company's auditor for the audit of the Company's annual financial statements

Fees payable to the Company's auditor in respect of:
Taxation compliance services	2	4
Payroll administration	6	6
All other services	2	1
	10	11

Page 18

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Wages and salaries	5,937	5,895
Social security costs	723	725
Pension costs	69	61
	6,729	6,681

The average monthly number of employees, including the Directors, during the year was as follows:

	2022	2021
	No.	No.

Employees	66	59

8.	Directors' remuneration
		2022	2021
		£000	£000

Directors' emoluments	3,430	3,758
	3,430	3,758

	The highest paid Director received remuneration of £3,408 thousand (2021 - £3,736 thousand).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2021 - £NIL).

Page 19

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Corporation tax
Current tax on profits for the year	1,614	1,718
Adjustments in respect of previous periods	(701)	-
	913	1,718

Total current tax	913	1,718

Deferred tax
Origination and reversal of timing differences	337	-
Adjustment in respect of prior periods	117	-
Effect of tax rate change on opening balance	176	-
Total deferred tax	630	-


	Taxation on profit on ordinary activities	1,543	1,718

Page 20

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

9.Taxation (continued)

Profit on ordinary activities before tax

10,481

8,692

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	1,989	1,652
Effects of:
Expenses not deductible for tax purposes	-	3
Fixed asset differences	32	-
Other tax adjustments, reliefs and transfers	11	-
Additional deduction for R&D expenditure	(161)	-
Adjustments to tax charge in respect of prior periods - deferred tax	117	-
Remeasurement of deferred tax for changes in tax rates	256	-
Short-term timing difference leading to an increase in taxation	-	63
Adjustment to tax charge in respect of previous periods	(701)	-
Total tax charge for the year	1,543	1,718

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and
will take effect from 1 April 2023 for profits over £250,000.

10.	Dividends
		2022	2021
		£000	£000

Ordinary A dividends paid	2,710	3,240
Ordinary B dividends paid	2,710	3,240
Ordinary C dividends paid	845	871
	6,265	7,351

The comparative information has been adjusted to correct the split between the various classes noted above. This has not affected the total dividends paid.

Page 21

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

11.	Tangible fixed assets

	Freehold property	Fixtures and fittings	Assets under construction	Total
	£000	£000	£000	£000
Cost
At 1 April 2021	6,950	3,501	1,347	11,798
Additions	2,268	1,680	-	3,948
Disposals	-	(78)	-	(78)
Transfers between classes	1,023	324	(1,347)	-
At 31 March 2022	10,241	5,427	-	15,668
Depreciation
At 1 April 2021	1,819	1,788	-	3,607
Charge for the year	177	638	-	815
Disposals	-	(47)	-	(47)
At 31 March 2022	1,996	2,379	-	4,375
Net book value
At 31 March 2022	8,245	3,048	-	11,293
At 31 March 2021	5,131	1,713	1,347	8,191

Page 22

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

12.	Stocks
		2022	2021
		£000	£000

Finished goods and goods for resale	1,259	1,161
	1,259	1,161

13.	Debtors: Amounts falling due within one year

					2022	2021
					£000	£000


Trade debtors	3,629	2,773
Other debtors	477	473
Prepayments and accrued income	268	206
	4,374	3,452

14.	Creditors: Amounts falling due within one year
		2022	2021
		£000	£000

Trade creditors	1,404	1,577
Corporation tax	463	339
Other taxation and social security	308	131
Other creditors	10	-
Accruals and deferred income	59	264
	2,244	2,311

Page 23

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

15.	Deferred taxation

	2022	2021
	£000	£000

Deferred tax liability at 1 April	450	450
Charged to profit or loss	630	-
Deferred tax liability at 31 March	1,080	450

The provision for deferred taxation is made up as follows:
	2022	2021
	£000	£000

	Fixed asset timing differences	1,080	450
		1,080	450

16.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

6,468 (2021 - 6,468) Ordinary A shares of £1.00 each	6,468	6,468
6,468 (2021 - 6,468) Ordinary B shares of £1.00 each	6,468	6,468
1,035 (2021 - 1,035) Ordinary C shares of £1.00 each	1,035	1,035

	13,971	13,971

Allotted, called up and partly paid

1,029 (2021 - 1,029) Ordinary C shares of £1.00 each	1,029	1,029

The 'A' and 'B' shares confer identical rights on the Shareholders except with respect of the appointment and removal of Directors. The Board of Directors consists of three 'A' Directors and three 'B' Directors. Appointment and removal of a class Director is limited to the Shareholders of the class only. The 'C' shares have no right to vote and accrue dividend rights subject to the satisfaction of performance targets.

Page 24

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

17.

Reserves

Share premium account

The share premium account is non-distributable and represents the accumulated premium over nominal value on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.

18.	Analysis of net debt

		At 1 April 2021	Cash flows	At 31 March 2022
		£000	£000	£000

	Cash at bank and in hand	4,609	(886)	3,723
		4,609	(886)	3,723

The Company has no debt at 31 March 2022 (2021 - £NIL).

19.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69 thousand (2021 - £40 thousand). Contributions totalling £10 thousand (2021 - £NIL) were payable to the fund at the Balance Sheet date and are included in other creditors.

Not later than 1 year	35	7
Later than 1 year and not later than 5 years	103	-
	138	7

Page 25

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

21.

Related party transactions

Key Management Personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any Director (whether executive or otherwise) of that entity. There is no difference between Key Management Personnel and the Directors, as such the Company has taken advantage of the exemption in Section 33.7A under FRS 102 not to disclose remuneration of Key Management Personnel.

22.	Controlling party

There was no ultimate controlling party during the current or previous years.

Page 26