ACCOUNTS - Final Accounts

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

MALDON CRYSTAL SALT COMPANY LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-31No description of principal activity502020-04-0159falsefalsefalse 00214494 2020-04-01 2021-03-31 00214494 2019-04-01 2020-03-31 00214494 2021-03-31 00214494 2020-03-31 00214494 2019-04-01 00214494 5 2020-04-01 2021-03-31 00214494 5 2019-04-01 2020-03-31 00214494 d:CompanySecretary1 2020-04-01 2021-03-31 00214494 d:Director1 2020-04-01 2021-03-31 00214494 d:Director2 2020-04-01 2021-03-31 00214494 d:Director3 2020-04-01 2021-03-31 00214494 d:Director4 2020-04-01 2021-03-31 00214494 d:Director4 2021-03-31 00214494 d:Director5 2020-04-01 2021-03-31 00214494 d:Director6 2020-04-01 2021-03-31 00214494 d:Director7 2020-04-01 2021-03-31 00214494 d:Director7 2021-03-31 00214494 d:RegisteredOffice 2020-04-01 2021-03-31 00214494 e:Buildings 2020-04-01 2021-03-31 00214494 e:Buildings 2021-03-31 00214494 e:Buildings 2020-03-31 00214494 e:Buildings e:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 00214494 e:FurnitureFittings 2020-04-01 2021-03-31 00214494 e:FurnitureFittings 2021-03-31 00214494 e:FurnitureFittings 2020-03-31 00214494 e:FurnitureFittings e:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 00214494 e:OtherPropertyPlantEquipment 2020-04-01 2021-03-31 00214494 e:OtherPropertyPlantEquipment 2021-03-31 00214494 e:OtherPropertyPlantEquipment 2020-03-31 00214494 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 00214494 e:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 00214494 e:CurrentFinancialInstruments 2021-03-31 00214494 e:CurrentFinancialInstruments 2020-03-31 00214494 e:CurrentFinancialInstruments e:WithinOneYear 2021-03-31 00214494 e:CurrentFinancialInstruments e:WithinOneYear 2020-03-31 00214494 e:ReportableOperatingSegment1 2020-04-01 2021-03-31 00214494 e:ReportableOperatingSegment1 2019-04-01 2020-03-31 00214494 f:UnitedKingdom 2020-04-01 2021-03-31 00214494 f:UnitedKingdom 2019-04-01 2020-03-31 00214494 f:RestWorldOutsideUK 2020-04-01 2021-03-31 00214494 f:RestWorldOutsideUK 2019-04-01 2020-03-31 00214494 e:UKTax 2020-04-01 2021-03-31 00214494 e:UKTax 2019-04-01 2020-03-31 00214494 e:ShareCapital 2021-03-31 00214494 e:ShareCapital 2020-03-31 00214494 e:ShareCapital 2019-04-01 00214494 e:SharePremium 2020-04-01 2021-03-31 00214494 e:SharePremium 2021-03-31 00214494 e:SharePremium 2020-03-31 00214494 e:SharePremium 2019-04-01 00214494 e:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2021-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2020-03-31 00214494 e:RetainedEarningsAccumulatedLosses 2019-04-01 00214494 e:AcceleratedTaxDepreciationDeferredTax 2021-03-31 00214494 e:AcceleratedTaxDepreciationDeferredTax 2020-03-31 00214494 d:OrdinaryShareClass1 2020-04-01 2021-03-31 00214494 d:OrdinaryShareClass1 2021-03-31 00214494 d:OrdinaryShareClass1 2020-03-31 00214494 d:OrdinaryShareClass2 2020-04-01 2021-03-31 00214494 d:OrdinaryShareClass2 2021-03-31 00214494 d:OrdinaryShareClass2 2020-03-31 00214494 d:OrdinaryShareClass3 2020-04-01 2021-03-31 00214494 d:OrdinaryShareClass3 2021-03-31 00214494 d:OrdinaryShareClass3 2020-03-31 00214494 d:FRS102 2020-04-01 2021-03-31 00214494 d:Audited 2020-04-01 2021-03-31 00214494 d:FullAccounts 2020-04-01 2021-03-31 00214494 d:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 00214494 e:WithinOneYear 2021-03-31 00214494 e:WithinOneYear 2020-03-31 00214494 e:BetweenOneFiveYears 2021-03-31 00214494 e:BetweenOneFiveYears 2020-03-31 00214494 2 2020-04-01 2021-03-31 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 2021

MALDON CRYSTAL SALT COMPANY LIMITED

COMPANY INFORMATION

Directors	S J Osborne
	D C Coubrough
	C C Osborne
	S C A Phillips (resigned 25 June 2020)
	L M Coubrough
	M N Soudah
	P A J Latham (appointed 25 June 2020)


Company secretary	D C Coubrough


Registered number	00214494


Registered office	Wycke Hill Business Park
	Maldon
	Essex
	CM9 6UZ


Independent auditor	MHA MacIntyre Hudson
	Chartered Accountants & Statutory Auditor
	Boundary House
	4 County Place
	Chelmsford
	Essex
	CM2 0RE

MALDON CRYSTAL SALT COMPANY LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Analysis of Net Debt	13
Notes to the Financial Statements	14 - 27

MALDON CRYSTAL SALT COMPANY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Introduction

The Directors have pleasure in presenting their report and the financial statements of the Company for the year ended 31 March 2021.

Business review

The results for the year ended 31 March 2021 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 full impact of COVID-19 is still yet unknown, but the Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in assessing how this may affect the Company.
The COVID-19 pandemic and the ensuing economic shutdown has had an impact on the Company’s operations, but the Directors have taken necessary actions to safeguard our employees whilst maintaining as much of our operational function as possible. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
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.

Page 1

MALDON CRYSTAL SALT COMPANY LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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:
- Annualised turnover growth (2021 – 4%; 2020 – 10%)
- Gross profit margin (2021 – 75%; 2020 – 77%)
The above demonstrates the encouraging performance in the year with single digit percentage growth in annualised turnover, whilst maintaining gross profit margin.

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.

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

D C Coubrough

Secretary

Date: 13 July 2021

Page 2

MALDON CRYSTAL SALT COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Directors present their report and the financial statements for the year ended 31 March 2021.

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.

Results and dividends

The profit for the year, after taxation, amounted to £6,974 thousand (2020 - £8,135 thousand).

Dividends in the period amounted to £7,351 thousand (2020 - £4,276 thousand).

Directors

The Directors who served during the year were:

S J Osborne

D C Coubrough

C C Osborne

S C A Phillips (resigned 25 June 2020)

L M Coubrough

M N Soudah

P A J Latham (appointed 25 June 2020)

Page 3

MALDON CRYSTAL SALT COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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.

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

D C Coubrough

Secretary

Date: 13 July 2021

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 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 2021 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.

Page 5

MALDON CRYSTAL SALT COMPANY LIMITED

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

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material 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.

Page 6

MALDON CRYSTAL SALT COMPANY LIMITED

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

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.

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;
• 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.

Page 7

MALDON CRYSTAL SALT COMPANY LIMITED

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

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

Chartered Accountants

Statutory Auditor

Boundary House

4 County Place

Chelmsford

Essex

CM2 0RE

28 July 2021

Page 8

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2021

	2021	2020
Note	£000	£000


Turnover	4	22,826	21,904
Cost of sales		(5,817)	(5,153)
Gross profit		17,009	16,751
Distribution costs		(1,965)	(1,220)
Administrative expenses		(6,356)	(5,404)
Operating profit	5	8,688	10,127
Interest receivable and similar income	9	4	8
Profit before tax		8,692	10,135
Tax on profit	10	(1,718)	(2,000)
Profit for the financial year		6,974	8,135

There was no Other Comprehensive Income for 2021 (2020: £NIL).

The notes on pages 14 to 27 form part of these financial statements.

Page 9

MALDON CRYSTAL SALT COMPANY LIMITED

REGISTERED NUMBER: 00214494

BALANCE SHEET

AS AT 31 MARCH 2021

	2021	2021	2020	2020
Note	£000	£000	£000	£000

Fixed assets
Tangible assets	12		8,191		7,284
			8,191		7,284
Current assets
Stocks	13	1,161		826
Debtors: amounts falling due within one year	14	3,452		3,563
Cash at bank and in hand	15	4,609		5,786
		9,222		10,175
Creditors: amounts falling due within one year	16	(2,311)		(1,980)
Net current assets			6,911		8,195
Total assets less current liabilities			15,102		15,479
Provisions for liabilities
Deferred tax	17	(450)		(450)
			(450)		(450)
Net assets			14,652		15,029

Capital and reserves
Called up share capital	18	15	15
Share premium account	19	1,205	1,205
Profit and loss account	19	13,432	13,809
		14,652	15,029

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: 13 July 2021

The notes on pages 14 to 27 form part of these financial statements.

Page 10

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 April 2019	15	1,205	9,950	11,170
Comprehensive income for the year
Profit for the year	-	-	8,135	8,135
Dividends: Equity capital	-	-	(4,276)	(4,276)

At 1 April 2020	15	1,205	13,809	15,029
Comprehensive income for the year
Profit for the year	-	-	6,974	6,974
Dividends: Equity capital	-	-	(7,351)	(7,351)
At 31 March 2021	15	1,205	13,432	14,652

The notes on pages 14 to 27 form part of these financial statements.

Page 11

MALDON CRYSTAL SALT COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

				2021	2020
			Note	£000	£000

Cash flows from operating activities
Profit for the financial year		6,974	8,135
Adjustments for:
Depreciation of tangible assets	12	630	594
Loss on disposal of tangible assets		1	-
Interest received	9	(4)	(8)
Taxation charge	10	1,718	2,000
(Increase)/decrease in stocks	13	(335)	121
Decrease/(increase) in debtors	14	111	(633)
Increase/(decrease) in creditors	16	107	(52)
Corporation tax (paid)	10,16	(1,494)	(2,241)
Net cash generated from operating activities		7,708	7,916

Cash flows from investing activities
Purchase of tangible fixed assets	12	(1,553)	(177)
Sale of tangible fixed assets		15	-
Interest received	9	4	8
Net cash from investing activities		(1,534)	(169)
Cash flows from financing activities
Dividends paid	11	(7,351)	(4,276)
Net cash used in financing activities		(7,351)	(4,276)
Net (decrease)/increase in cash and cash equivalents		(1,177)	3,471
Cash and cash equivalents at beginning of year		5,786	2,315
Cash and cash equivalents at the end of year		4,609	5,786

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,609	5,786
	4,609	5,786

The notes on pages 14 to 27 form part of these financial statements.

Page 12

MALDON CRYSTAL SALT COMPANY LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2021


At 1 April 2020	Cash flows	At 31 March 2021
£000	£000	£000

Cash at bank and in hand	5,786	(1,177)	4,609
	5,786	(1,177)	4,609

The notes on pages 14 to 27 form part of these financial statements.

Page 13

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Maldon Crystal Salt Company Limited is a private limited company registered in England and Wales (Company registered number: 00214494).
The registered office 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 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 presented in pound sterling which is the functional currency of the Company and are rounded to the nearest pound thousand, except where otherwise stated.

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 COVID-19 pandemic and the ensuing economic shutdown has had an impact on the Company’s operations, but the Directors have taken necessary actions to safeguard our employees whilst maintaining as much of our operational function as possible. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
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.

Page 14

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds 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 the Statement of Comprehensive Income 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 the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'Other operating income'.

2.4

Revenue

Revenue 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. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Page 15

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income 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 the Statement of Comprehensive Income 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

Current and deferred taxation

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 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 16

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

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 the Statement of Comprehensive Income.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. 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 the Statement of Comprehensive Income.

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 17

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

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 the Statement of Comprehensive Income 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 and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the Statement of Comprehensive Income.

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.

Page 18

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

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.

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 Revenue recognition

Revenue 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

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.

Page 19

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Turnover	22,826	21,904
	22,826	21,904

Analysis of turnover by country of destination:

					2021	2020
					£000	£000

United Kingdom	9,126	9,618
Rest of the world	13,700	12,286
	22,826	21,904

Exchange differences

(19)

6.	Auditor's remuneration
		2021	2020
		£000	£000

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

Fees payable to the Company's auditor and its associates in respect of:
Taxation compliance services	4	2
Payroll administration	6	5
All other services	1	-
	11	7

Page 20

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Wages and salaries	5,916	4,902
Social security costs	725	601
Pension costs	40	39
	6,681	5,542

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

	2021	2020
	No.	No.

Employees	59	50

8.	Directors' remuneration
		2021	2020
		£000	£000

Directors' emoluments	3,758	3,173
	3,758	3,173

	The highest paid Director received remuneration of £3,736 thousand (2020 - £3,137 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 (2020 - £NIL).

9.	Interest receivable
		2021	2020
		£000	£000

	Bank interest receivable	4	8
		4	8

Page 21

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Corporation tax
Current tax on profits for the year	1,718	2,015
Adjustments in respect of previous periods	-	(40)
	1,718	1,975

Total current tax	1,718	1,975

Deferred tax
Origination and reversal of timing differences	-	25
Total deferred tax	-	25


	Taxation on profit on ordinary activities	1,718	2,000

Profit on ordinary activities before tax

8,692

10,135

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	1,652	1,994
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3	1
Adjustments to tax charge in respect of prior periods	-	(40)
Short term timing difference leading to an increase (decrease) in taxation	63	45
Total tax charge for the year	1,718	2,000

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11.	Dividends
		2021	2020
		£000	£000

Ordinary A dividends paid	3,214	1,896
Ordinary B dividends paid	3,214	1,896
Ordinary C dividends paid	923	484
	7,351	4,276

12.	Tangible fixed assets

	Freehold property	Fixtures and fittings	Assets under construction	Total
	£000	£000	£000	£000
Cost or valuation
At 1 April 2020	7,774	2,691	-	10,465
Additions	-	206	1,347	1,553
Disposals	-	(220)	-	(220)
Transfers between classes	(824)	824	-	-
At 31 March 2021	6,950	3,501	1,347	11,798
Depreciation
At 1 April 2020	1,495	1,686	-	3,181
Charge for the year on owned assets	207	401	-	608
Disposals	-	(182)	-	(182)
Transfers between classes	117	(117)	-	-
At 31 March 2021	1,819	1,788	-	3,607
Net book value
At 31 March 2021	5,131	1,713	1,347	8,191
At 31 March 2020	6,279	1,005	-	7,284

Page 23

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13.	Stocks
		2021	2020
		£000	£000

Finished goods and goods for resale	1,161	826
	1,161	826

14.	Debtors: Amounts falling due within one year

					2021	2020
					£000	£000


Trade debtors	2,773	2,992
Prepayments and accrued income	206	344
Other debtors	473	227
	3,452	3,563

15.	Cash and cash equivalents
		2021	2020
		£000	£000

Cash at bank and in hand	4,609	5,786
	4,609	5,786

16.	Creditors: Amounts falling due within one year
		2021	2020
		£000	£000

Trade creditors	1,577	1,083
Corporation tax	339	115
Other taxation and social security	131	354
Accruals and deferred income	264	428
	2,311	1,980

Page 24

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

17.	Deferred taxation

	2021	2020
	£000	£000

At beginning of year	(450)	(425)
Movement in year	-	(25)
At end of year	(450)	(450)

The provision for deferred taxation is made up as follows:
	2021	2020
	£000	£000

	Accelerated capital allowances	(450)	(450)
		(450)	(450)

18.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

6,468 (2020 - 6,468) Ordinary A shares of £1.00 each	6,468	6,468
6,468 (2020 - 6,468) Ordinary B shares of £1.00 each	6,468	6,468
1,035 (2020 - 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 (2020 - 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 25

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

19.

Reserves

Share premium account

The Share Premium account represents the premium arising on the issue of shares.

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.

20.	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 £40 thousand (2020 - £39 thousand). Contributions totalling £NIL (2020 - £NIL) were payable to the fund at the Balance Sheet date.

Not later than 1 year	7	8
Later than 1 year and not later than 5 years	-	5
	7	13

22.

Related party transactions

S J Osborne, is a Director of Barking Dogs Limited, who own the OAKHouse Bar. During the year purchases of £120 (2020 - £4,864) were made from the Company. All transactions with the Company are deemed to be at market rate.
D Coubrough, is a Director of the The Royal Academy of Culinary Arts Limited. During the year purchases of £NIL (2020 - £5,000) were made from the Company.
M Soudah is a Director of Grape Passions Limited. During the year sales of £30 (2020 - £37) were made to the Company. There was £NIL outstanding at the Balance Sheet date (2020 - £NIL).
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 the exemption from providing further disclosure.

Page 26

MALDON CRYSTAL SALT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

23.	Controlling party

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

Page 27