Company registration number 04212740 (England and Wales)
C.S.T. PHARMA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
C.S.T. PHARMA LIMITED
COMPANY INFORMATION
DIRECTORS
J D Yates
I Pritchard
C Poynter
C R Falzon
COMPANY NUMBER
04212740
REGISTERED OFFICE
Unit 5 - 7 Tintagel Way
Aldridge
Walsall
WS9 8ER
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
C.S.T. PHARMA LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
C.S.T. PHARMA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

REVIEW OF THE BUSINESS

Overall the directors are satisfied with the results given the global geopolitical situation, challenging economic environment and previous purchasing issues but expect to increase profit levels in the current financial year.

FUTURE DEVELOPMENTS

Trading is broadly in line with budget and ahead of prior year.

However, we remain aware that all plans and projections are subject to unforeseen national and international events outside of our control but we are confident that we have the management team in place with the expertise to adapt to the prevailing conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks affecting the company at present are:

Exchange rate variances

One of the main risks facing the company is exchange rate fluctuation. The company is mitigating the risk through exposures being constantly reviewed by management.

Competitive risks

The company is reliant on certain customers for contracts which are subject to periodic review. Renewal of these contracts is uncertain and based on financial and performance criteria.

Legislative risks

In order to operate in its chosen market, the company must comply with various UK legislations and laws. Compliance imposes costs and failure to comply with the standards could materially affect the company's ability to operate.

Interest rates

During the year, and since the year end, interest rates have increased from historic lows, and could increase further. The company is aware of the risk and has factored in potential rises into all forecasts for the coming year.

On behalf of the board

I Pritchard
DIRECTOR
1 December 2025
C.S.T. PHARMA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of pharmaceutical goods to customers operating in the pharmaceutical and healthcare sectors.

RESULTS AND DIVIDENDS

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £218,836. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J D Yates
I Pritchard
C Poynter
C R Falzon
AUDITOR

In accordance with the company's articles, a resolution proposing that JW Hinks LLP be reappointed as auditor of the company will be put at a General Meeting.

ENERGY AND CARBON REPORT

We fulfil the statutory requirements for Streamlined Energy and Carbon Reporting which includes disclosure of the company's carbon emissions. Under the Companies Act 2006 / SECR Regulations, 'Large' companies' are required to report their annual emissions in their Directors' report.

C.S.T. Pharma Limited Streamlined Energy and Carbon Reporting statement covers the reporting period 1 May 2024 - 30 April 2025 and has been prepared in line with the requirements of the Streamlined Energy and Carbon Reporting regulations and the relevant areas of the Greenhouse Gas ('GHG') Protocol Corporate Accounting and Reporting Standard.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
249,419
239,847
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
6.00
6.00
6.00
6.00
Scope 2 - indirect emissions
- Electricity purchased
249.00
240.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
255.00
246.00
Intensity ratio
Tonnes CO2e per employee
1.77
2.1
C.S.T. PHARMA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Invoices and estimates have been used to calculate the infomation above.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per staff member, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The company is continually monitoring the impact of its trading activity upon the environment and wherever possible will lower its overall emissions by the introduction of electric vehicles, LED lighting and more efficient equipment. In October 2023 solar panels were installed at the main warehouse site which will significantly reduce future carbon emissions.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
I Pritchard
DIRECTOR
1 December 2025
C.S.T. PHARMA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and

- 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 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.

C.S.T. PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF C.S.T. PHARMA LIMITED
- 5 -
OPINION

We have audited the financial statements of C.S.T. Pharma Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 April 2025 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 UK, including the FRC’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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

- the information given in the strategic report and the directors' r eport 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.

C.S.T. PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF C.S.T. PHARMA LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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.

RESPONSIBILITES OF DIRECTORS

As explained more fully in the directors' r esponsibilities s tatement, 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

- Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.

- Evaluating and understanding the internal control system.

- Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.

- Testing documentation supporting account balances or classes of transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

C.S.T. PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF C.S.T. PHARMA LIMITED (CONTINUED)
- 7 -
USE OF OUR REPORT

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

JAMES CRUSE FCA, FCCA, BSC (ECON) HONS
SENIOR STATUTORY AUDITOR
FOR AND ON BEHALF OF
JW HINKS LLP
JW Hinks LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
1 December 2025
C.S.T. PHARMA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
TURNOVER
3
91,332,322
84,786,433
Cost of sales
(80,968,453)
(74,155,301)
GROSS PROFIT
10,363,869
10,631,132
Administrative expenses
(7,016,105)
(7,281,841)
OPERATING PROFIT
5
3,347,764
3,349,291
Interest payable and similar expenses
8
(1,060,662)
(948,617)
PROFIT BEFORE TAXATION
2,287,102
2,400,674
Tax on profit
9
(537,741)
(535,648)
PROFIT FOR THE FINANCIAL YEAR
1,749,361
1,865,026

The profit and loss account has been prepared on the basis that all operations are continuing operations.

C.S.T. PHARMA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 9 -
2025
2024
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
11
486,725
511,063
Tangible assets
12
1,806,101
1,755,736
2,292,826
2,266,799
CURRENT ASSETS
Stocks
13
15,349,057
13,043,186
Debtors
14
26,511,416
17,622,152
Cash at bank and in hand
20,654
287,877
41,881,127
30,953,215
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15
(28,692,249)
(19,126,429)
NET CURRENT ASSETS
13,188,878
11,826,786
TOTAL ASSETS LESS CURRENT LIABILITIES
15,481,704
14,093,585
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
16
(191,414)
(333,820)
NET ASSETS
15,290,290
13,759,765
CAPITAL AND RESERVES
Called up share capital
19
100
100
Profit and loss reserves
15,290,190
13,759,665
TOTAL EQUITY
15,290,290
13,759,765
The financial statements were approved by the board of directors and authorised for issue on 1 December 2025 and are signed on its behalf by:
I Pritchard
DIRECTOR
Company registration number 04212740 (England and Wales)
C.S.T. PHARMA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 1 MAY 2023
100
12,123,870
12,123,970
YEAR ENDED 30 APRIL 2024:
Profit and total comprehensive income
-
1,865,026
1,865,026
Dividends
10
-
(229,231)
(229,231)
BALANCE AT 30 APRIL 2024
100
13,759,665
13,759,765
YEAR ENDED 30 APRIL 2025:
Profit and total comprehensive income
-
1,749,361
1,749,361
Dividends
10
-
(218,836)
(218,836)
BALANCE AT 30 APRIL 2025
100
15,290,190
15,290,290
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

C.S.T. Pharma Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 - 7 Tintagel Way, Aldridge, Walsall, WS9 8ER.

1.1
BASIS OF PREPARATION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of C.S.T. Pharma Group Holdings Limited. These consolidated financial statements are available from its registered office.

1.2
GOING CONCERN

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 12 -
1.4
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% on cost
1.5
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% on cost
Plant and equipment
25% & 14% on cost
Computers
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 13 -
1.7
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
LEASES
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 16 -
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
TURNOVER
2025
2024
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Sale of pharmaceutical goods in the UK
91,332,322
84,786,433
4
AUDITOR'S REMUNERATION
2025
2024
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the company
16,800
16,000
FOR OTHER SERVICES
Taxation compliance services
800
750
All other non-audit services
1,850
1,750
2,650
2,500
5
OPERATING PROFIT
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
302,978
299,218
Depreciation of tangible fixed assets held under finance leases
96,392
69,585
Profit on disposal of tangible fixed assets
(23,085)
(9,195)
Amortisation of intangible assets
205,537
204,141
Operating lease charges
189,040
211,126
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Warehouse
57
59
Adminstration
45
45
Management
13
13
Total
115
117

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,961,578
3,764,209
Social security costs
548,105
491,125
Pension costs
98,962
98,603
4,608,645
4,353,937
7
DIRECTORS' REMUNERATION
2025
2024
£
£
Remuneration for qualifying services
209,164
218,874
Company pension contributions to defined contribution schemes
5,120
15,120
214,284
233,994

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
101,444
133,149
Company pension contributions to defined contribution schemes
3,727
3,727
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2025
2024
£
£
Interest on invoice finance arrangements
1,038,760
918,280
Other interest on financial liabilities
13,113
-
0
Interest on finance leases and hire purchase contracts
8,789
30,337
1,060,662
948,617
9
TAXATION
2025
2024
£
£
CURRENT TAX
UK corporation tax on profits for the current period
544,831
546,306
Adjustments in respect of prior periods
(7,090)
(10,658)
Total current tax
537,741
535,648

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,287,102
2,400,674
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
571,776
600,169
Tax effect of expenses that are not deductible in determining taxable profit
140
4,760
Group relief
(14,345)
(2,105)
Permanent capital allowances in excess of depreciation
(12,740)
(56,518)
Under/(over) provided in prior years
(7,090)
(10,658)
Taxation charge for the year
537,741
535,648
10
DIVIDENDS
2025
2024
£
£
Interim paid
218,836
229,231
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
11
INTANGIBLE FIXED ASSETS
Patents & licences
£
COST
At 1 May 2024
1,225,184
Additions
181,199
At 30 April 2025
1,406,383
AMORTISATION AND IMPAIRMENT
At 1 May 2024
714,121
Amortisation charged for the year
205,537
At 30 April 2025
919,658
CARRYING AMOUNT
At 30 April 2025
486,725
At 30 April 2024
511,063
12
TANGIBLE FIXED ASSETS
L/hold land
Plant and
Motor
and buildings
equipment
Computers
vehicles
Total
£
£
£
£
£
COST
At 1 May 2024
605,353
1,262,436
933,772
843,324
3,644,885
Additions
140,695
-
0
278,722
103,571
522,988
Disposals
-
0
-
0
-
0
(110,580)
(110,580)
At 30 April 2025
746,048
1,262,436
1,212,494
836,315
4,057,293
DEPRECIATION AND IMPAIRMENT
At 1 May 2024
322,474
940,043
408,381
218,251
1,889,149
Depreciation charged in the year
96,752
109,667
76,345
116,606
399,370
Eliminated in respect of disposals
-
0
-
0
-
0
(37,327)
(37,327)
At 30 April 2025
419,226
1,049,710
484,726
297,530
2,251,192
CARRYING AMOUNT
At 30 April 2025
326,822
212,726
727,768
538,785
1,806,101
At 30 April 2024
282,879
322,393
525,391
625,073
1,755,736

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
396,787
547,516
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
13
STOCKS
2025
2024
£
£
Finished goods and goods for resale
15,349,057
13,043,186
14
DEBTORS
2025
2024
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
15,798,137
10,875,213
Amounts owed by group undertakings
10,020,316
4,678,829
Amounts owed by undertakings in which the company has a participating interest
298,487
1,538,394
Other debtors
47,792
162,710
Prepayments and accrued income
346,684
367,006
26,511,416
17,622,152
15
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Notes
£
£
Obligations under finance leases
17
142,406
169,887
Trade creditors
2,734,377
2,728,903
Amounts owed to group undertakings
4,911,128
100
Amounts owed to undertakings in which the company has a participating interest
61,486
2,193,523
Corporation tax
395,257
295,306
Other taxation and social security
1,824,279
1,252,434
Other creditors
18,319,433
12,185,767
Accruals and deferred income
303,883
300,509
28,692,249
19,126,429

The following secured debts are included within creditors (short term and long term):

- Stock finance: £7,973,631 (202 4: £6,621,792)

- Invoice finance: £10,209,117 (202 4: £5,446,411)

- Hire purchase contracts: £333,820 (202 4: £503,707)

The stock finance and invoice finance indebtedness are secured by fixed and floating charges over the assets of the company. The hire purchase debts are secured over the asset to which they relate.

16
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
2024
Notes
£
£
Obligations under finance leases
17
191,414
333,820
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
17
FINANCE LEASE OBLIGATIONS
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
142,406
169,887
In two to five years
191,414
333,820
333,820
503,707

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
RETIREMENT BENEFIT SCHEMES
2025
2024
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
98,962
98,603

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
SHARE CAPITAL
2025
2024
2025
2024
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
100
100
100
100
20
FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

HSBC UK hold a Composite Company Unlimited Multilateral Guarantee dated 30 July 2021 given by C.S.T. Pharma Limited, Acer Pharma Limited, Acre Pharma Limited, Acre Aesthetics Limited, C.S.T. Pharma Group Holdings Limited, DMG Wholesale Limited, MPT Pharma Limited, Synertech Limited and UTH Aesthetics Limited. There is a Debenture including a Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 30 July 2021.

21
OPERATING LEASE COMMITMENTS
AS LESSEE

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
187,770
188,967
Years 2-5
751,080
751,080
After 5 years
203,418
391,188
1,142,268
1,331,235
C.S.T. PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
22
RELATED PARTY TRANSACTIONS
TRANSACTIONS WITH RELATED PARTIES

During the year the company entered into the following transactions with related parties:

NAME OF RELATED PARTY
NATURE OF RELATIONSHIP
Income
Payments
2025
2024
2025
2024
£
£
£
£
Other related parties
191,069
64,205
-
0
-
0
BALANCES WITH RELATED PARTIES
Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Other related parties
298,487
1,538,394
61,486
2,193,523
OTHER INFORMATION

The key management personnel of the company are deemed to be the directors.

Other related parties are entities which are associates of the group of which C.S.T. Pharma Limited is a 100% owned subsidiary of.

Transactions between related parties are made at normal market rates. Outstanding balances are interest free, repayable on demand and unsecured.

Group exemption

The company has taken advantage of the exemption available not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

At 30 April 202 5 the company owed £115,926 (202 4: £98,760) to directors of the company.

23
ULTIMATE CONTROLLING PARTY

The parent company is C.S.T. Pharma Group Holdings Limited which owns 100% of the ordinary share capital. C.S.T. Pharma Group Holdings Limited is incorporated in England.

The ultimate parent company is C.S.T. Pharma Group Holdings Limited. Copies of the group accounts of C.S.T. Pharma Group Holdings Limited are available from Unit 5-7 Tintagel Way, Aldridge, WS9 8ER.

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