The director presents the strategic report for the year ended 30 April 2026.
The Group is continuing to grow as defined in its long term plan for global expansion, with the mission to become the fastest growing hot tub and wellness manufacturer in the world. Building on an established presence in the UK and Europe and a growing presence in North America, the Group saw significant benefits from the significant investments made last financial year (the purchase of a 70,000 sq. ft. warehouse and distribution facility in Cameron, South Carolina, the acquisition of European manufacturer, and the launch of award-winning new products and brands). These actions have all materially expanded scale, resilience and global market reach while protecting dealer relationships and long-term brand value.
North America Growth Platform
The acquisition of a 70,000 sq. ft. warehouse and distribution facility in Cameron, South Carolina last year represented a major strategic commitment to North America. While Superior Wellness was already operating in the region, this investment reflected confidence in its long-term growth potential and the decision to embed infrastructure locally to support accelerated expansion.
Whilst in the year turnover to United States dropped slightly from 2025 this was due to disruption caused by inflating inventory levels into the new facility and global macro-economic factors outside of the Group’s control.
Both factors have now been managed more appropriately and the Group is seeing impressive yearly growth. Additionally, growth in the Canada market is incredibly impressive in this financial year and beyond.
European Manufacturing Expansion
The acquisition of certain trade and assets of Portcril, that was the oldest hot tub manufacturer in Europe, marked a critical step in expanding the Group’s manufacturing footprint beyond China. Combined with a 11,000 sq. mtrs. site in Portugal, the Group can now manufacture and distribute its own products across Europe and beyond.
Whilst the integration of Portcril has been challenging, new exciting product ranges and also commercial opportunities with new OEM European hot tub customers are proving the value of having a European hot tub manufacturer within the Group’s family.
Product, Brand and Market Expansion
The Group is constantly developing its product ranges to meet customers ever-increasing demands. Last year the Group launched the all-new AquaSolus hot tub and swim spa brand and this is allowing multiple dealers to operate within the same geographic areas while maintaining brand protection and pricing integrity. As expected this has enabled aggressive network growth without channel conflict.
Together, all these initiatives have supported a significant expansion of the Group’s addressable market with both dealers and end users.
Performance During the Year
The year ended 30 April 2026 saw a 19% significant increase in trading levels from the previous financial year, which was up 39% on the year before that.
Turnover for the year ended 30 April 2026 amounted to £45,547,000 (2025: £38,246,000).
The Group recorded a profit after tax of £2,378,000 (2025: £417,000).
The material increases in revenue are the result of growing the number of global partners in our portfolio by delivering great product with great customer care. The Group did enjoy some margin increase due to reduction in global shipping rates across the period and a more strategic response to tariff imposition.
Significant investment in global trade shows showcasing new products has been key to growth as well as investing in people & infrastructure, both in Portugal and our US facility, as we build the foundations to aid expansion and growth in the coming years. Additionally, to support the ambitious growth targets, a significant investment in Inventory in advance of the busy summer months has been required.
Consequently, the Group's cash balances decreased by £844,000 to £2,675,000 (2025: £3,519,000).
The Group prides itself on the close-knit relationships it has built with its partners, offering the very best support to them with sales, marketing, operations and events. The Group currently has over 600 active partners around the world that is growing year on year.
The Group has capacity to stock over 6,000 spas globally, including:
the largest stock of hot tubs in the UK at our HQ in Chesterfield,
owned warehousing facility on the east coast of the United States
a third-party logistics facility on the west coast of the United States
a third-party logistics facility on the west coast of Canada and
a third-party logistics facility in the Netherlands.
The Director is pleased with the development of the Group during the period.
The Group's main risks remain those associated with operating within import and export markets, being both foreign currency exposure and changes to global ocean shipping rates, and also the impact of new and changing legislation and the increased bad debt risks associated with operating overseas.
The Director and management monitor these risks on an ongoing basis to mitigate any potential issues arising, particularly as sales growth overseas continues.
We have built a strong and robust business that is well placed to withstand economic threats and have already taken advantage of opportunities in the market that may arise and will continue to monitor these opportunities going forward.
The Group's forecasts are predicated on increasing demand for its products in the markets in which it currently operates but understands that there is a risk that demand is not seen at the levels forecast. However, the majority of the Group's costs are variable and this mitigates the impact if demand were to be lower.
The Group holds financial instruments comprising cash, other liquid resources and other items such as trade debtors and trade creditors that arise directly from its operations.
The Director reviews and agrees policies for managing each of these risks and they are summarised below.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and that cash assets are invested safely and profitably.
Foreign currency risks
The Group is exposed to currency risk because of its operations in overseas markets.
The Group minimises currency risk exposure by operating foreign currency bank accounts to offset foreign currency receipts and payments and to make timely and if required forward looking currency exchanges.
On behalf of the board
The director presents his annual report and financial statements for the year ended 30 April 2026.
The results for the year are set out on page 8.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 group and parent company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the medium-sized companies regime.
We have audited the financial statements of Carlin Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and parent 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with the director and other management, and from our commercial knowledge and experience of the trade;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company;
we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risks of fraud through management bias and override controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.
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.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £619,000 (2025 - £3,441,000 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Carlin Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Superior House, Broombank Park, Chesterfield, United Kingdom, S41 9RT.
The group consists of Carlin Group Ltd and all of its subsidiaries.
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 amounts in these financial statements are rounded to the nearest £000s.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
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 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Carlin Group Ltd together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 April 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the director has a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.
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.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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 recognised in the profit and loss account.
Freehold property is initially recognised at cost. Following initial recognition, freehold property is measured using the revaluation model. Under the revaluation model, freehold property is carried at fair value, based on periodic valuations by professionally qualified valuers, less any subsequent accumulated depreciation and impairment losses.
Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value. Increases in carrying amount as a result of revaluation are recognised in other comprehensive income and accumulated in equity under the revaluation reserve, except to the extent that they reverse a revaluation decrease previously recognised in profit or loss. Decreases in carrying amount are recognised in profit or loss, except where they offset a previous revaluation surplus.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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, 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.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its 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 payments 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. Amounts 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.
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 subsequently 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 through 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
In the application of the group’s accounting policies, the director is 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible assets
The charge in respect of property valuations is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.
During the year to 30 April 2026 depreciation totalled £515,000 (2025: £618,000). Within the group as at 30 April 2026 the net book value of tangible fixed assets is £10,639,000 (2025: £10,937,000).
Property valuation
The group has applied a fair value valuation method for its properties. To obtain a fair valuation the group engaged independent, professionally qualified valuers to determine the fair value of these assets. While the use of external valuers provides additional assurance over the methodologies applied, the determination of fair value still requires significant judgement.
Within the group as at 30 April 2026 the fair value of investment properties is £2,900,000 (2025: £2,900,000) and freehold land and buildings of £9,917,000 (2025: £10,085,000).
The director makes provisions for doubtful debts based on an assessment of the recoverability of trade debtors Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on a customer by customer basis.
As at 30 April 2026 the trade debtors totalled £1,538,000 (2025: £1,370,000) of which £222,000 (2025: £184,000) relates to the value of the bad debt provision.
The director makes provisions for stock based on an assessment of the net realisable value of stock held. This methodology is applied on a individual stock line basis. In the current year all provisions have been released.
As at 30 April 2026 stock totalled £14,403,000 (2025: £7,652,000) of which £nil (2025: £nil) relates to the value of the stock provision.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The property has been valued by Knight Frank LLP, an external, independent valuer with relevant experience of valuations of this nature. The market value is deemed to be the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Had the property been presented on an historic cost basis, the value of this property would be £2,650,000 (2025: £2,650,000).
A valuation of the investment property was carried out in August 2024 by Knight Frank LLP, an external, independent firm of Chartered Surveyors with relevant experience of valuations of this nature. A detailed appraisal was conducted to determine the market value of the investment property. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Director still considers fair value to be appropriate at 30 April 2026 .
Details of the company's subsidiaries at 30 April 2026 are as follows:
* Subsidiaries that are exempt from audit by virtue of section 479A of the Companies Act 2006 with parental guarantee given by the company. The company registration numbers have been provided in relation to these exempt subsidiaries in note 30.
The aggregate amount of secured liabilities, secured on the assets of the group at the year end was £4,965,000 (2025: £5,088,000).
There are legal charges, incorporating fixed and floating charges over the assets owned by the group. There is also a cross-guarantee between group companies.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the year end, the company had pledged company guarantees in favour of Superior Wellness Limited, its subsidiary undertaking, limited to £nil (2025: £4,000,000).
At the reporting date, the group had contracted with tenants for the following minimum lease payments:
Amounts contracted for but not provided in the financial statements:
R Carlin has a shareholding in Pulchra Homes Limited. As at 30 April 2026 there was £1,624,789 (2025: £1,360,761) due to the company included within other debtors. Interest on this loan is charged at market rate and is repayable on demand.
R Carlin and G Ward are directors of Rose Holly Properties Ltd. As at 30 April 2026 there was £194,361 (2025: £234,361) due to the company included within other debtors. Interest on this loan is charged at market rate and is repayable on demand.
G Ward is the ultimate shareholder of Wards Capital Limited. As at 30 April 2026 there was £472,140 (2025: £472,140) due to the company included within other debtors. Interest on this loan is charged at market rate and is repayable on demand.
During the year Superior Wellness Limited occupied premises owned by Carlin Group Limited. Total rent paid for the year amounted to £516,000 (2025: £342,750).
As at 30 April 2026 Superior Wellness Limited owed £689,486 (2025: £155,242) to Carlin Group Limited.
As at 30 April 2026, Superior Wellness Limited owed £nil (2025: £nil) to Carlin Property Limited.
The company is providing certain subsidiaries (as disclosed in note 15 and which are included within these group consolidated financial statements) with guarantee of their respective debts in the form prescribed by Section 479A of the Companies Act 2006 ('the Act') such that they can claim exemption from requiring an audit in accordance with Section 479A of the Act. The guarantees cover all of the outstanding actual and contingent liabilities of these companies at 30 April 2026:
TheWELLNESSCOMPANY Limited - Company number 15162553
Chill Tubs Limited - Company number 14959138