The directors present the strategic report for the year ended 30 April 2026.
The Group is a specialist supplier and distributor of pharmaceutical goods to customers operating within the pharmaceutical and healthcare sectors. The Group provides a range of pharmaceutical products to approved customers and focuses on maintaining high standards of product quality, regulatory compliance, reliability of supply, and customer service.
This report provides an overview of the Group’s business model, strategy, financial performance, principal risks, stakeholder relationships, sustainability considerations, and future outlook.
The Group operates through established relationships with approved manufacturers and suppliers to ensure continuity of supply and compliance with applicable pharmaceutical standards. The Group’s customers include organisations operating within regulated healthcare environments where product quality, availability, and traceability are essential.
During the year, the Group continued to deliver growth while operating within a challenging pharmaceutical supply environment.
Key achievements during the year included:
• Strengthening relationships with pharmaceutical and healthcare customers;
• Improving inventory management to support product availability;
• Enhancing operational systems to improve efficiency and customer service;
• Maintaining strong regulatory compliance and quality standards;
• Continuing investment in employee training and development;
• Reviewing environmental impacts associated with operations and supply chain activities.
The Group achieved the following financial results:
Measure | 2026 | 2025 | |
Turnover | £195.9m | £123.5m | |
Operating profit | £7.4m | £3.5m | |
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The increase in turnover was driven by increased customer demand and effective management of supplier relationships. Operating profit improved due to operational efficiencies, effective cost management, and continued focus on inventory control.
The Group maintains a strong financial position and continues to invest in technology, people, and infrastructure to support future growth.
The directors regularly review the principal risks facing the Group. The key risks and mitigating actions are set out below.
Regulatory and Compliance Risk
The pharmaceutical sector operates within a highly regulated environment. Failure to comply with applicable legislation, regulatory requirements, or customer quality standards could affect the Group’s ability to operate and damage its reputation.
The Group manages this risk through:
Robust quality management procedures;
Staff training and competency assessments;
Supplier approval and monitoring processes;
Regular compliance reviews;
Appropriate documentation and traceability controls.
Supply Chain Risk
The Group relies on reliable supply from pharmaceutical manufacturers and suppliers. Global supply chain disruption, shortages, transportation delays, or increased costs may impact product availability.
The Group manages this risk through:
Maintaining strong relationships with key suppliers;
Monitoring supplier performance;
Maintaining appropriate inventory levels;
Identifying alternative supply options where appropriate.
Product Quality and Patient Safety Risk
Product quality is fundamental to the Group’s operations. Failure to maintain appropriate storage, handling, and distribution standards could impact customers and patients.
The Group maintains controls relating to:
Product sourcing;
Storage conditions;
Batch traceability;
Complaint handling;
Product recalls and corrective actions.
Market and Economic Risk
Changes in healthcare spending, customer requirements, inflationary pressures, and competitive activity may affect revenue and profitability.
The Group manages these risks through customer diversification, cost management, regular market review, and maintaining strong service levels.
People and Skills Risk
The Group depends on employees with specialist knowledge of pharmaceutical supply operations.
The Group continues to support recruitment, training, professional development, and succession planning to ensure that appropriate skills are available to support future growth.
Engagement with suppliers
The Group recognises that effective supplier relationships are essential to maintaining continuity of supply and delivering high-quality pharmaceutical products.
The Group works closely with approved suppliers to ensure products meet required quality, regulatory, and safety standards. Supplier performance is monitored through ongoing review processes covering:
Product quality;
Reliability of supply;
Regulatory compliance;
Service performance;
Ethical and environmental considerations where appropriate.
The Group seeks to develop long-term relationships with suppliers while maintaining appropriate controls to manage supply chain dependency.
Engagement with Employees
The Group recognises that employees are central to achieving its strategic objectives.
During the year, the Group continued to support employees through:
Technical and regulatory training;
Professional development opportunities;
Regular communication and employee engagement activities;
Health, safety, and wellbeing initiatives.
The Group aims to maintain an inclusive working environment where employees are encouraged to contribute ideas and support continuous improvement.
Climate-Related Matters and Sustainability
The Group recognises that climate change and environmental considerations may affect the pharmaceutical supply chain and wider business environment.
The directors consider climate-related matters as part of the Group’s strategic planning and risk management processes.
Potential climate-related risks include:
Disruption to supply chains caused by extreme weather events;
Increased energy and transportation costs;
Changing customer expectations regarding environmental performance;
Regulatory developments relating to sustainability.
During the year, the Group continued to review opportunities to reduce environmental impacts, including:
Improving energy efficiency within operational facilities;
Reducing packaging and operational waste;
Reviewing transportation efficiency;
Working with suppliers that demonstrate responsible environmental practices.
The Group will continue to assess environmental risks and opportunities as part of its long-term strategy.
The directors have acted in accordance with their duties under Section 172(1) of the Companies Act 2006 and have considered the interests of stakeholders when making business decisions.
The directors have considered:
Employees
The Group recognises the importance of maintaining a skilled, engaged, and motivated workforce and continues to invest in training, development, and wellbeing.
Customers
The Group focuses on delivering reliable, high-quality pharmaceutical products and maintaining strong relationships with customers operating in regulated healthcare environments.
Suppliers
The Group recognises the importance of maintaining responsible and sustainable supplier relationships to support continuity of supply and product quality.
Environment
The Group considers environmental impacts when making operational and strategic decisions and continues to explore opportunities to reduce its environmental footprint.
Long-Term Success
The directors consider the long-term consequences of decisions and aim to maintain a sustainable business model that supports customers, employees, suppliers, and other stakeholders.
Future Outlook
The Group remains positive about its future prospects. Demand within the pharmaceutical and healthcare sectors continues to provide opportunities for growth, although the directors remain mindful of challenges including supply chain pressures, regulatory developments, inflationary pressures, and changing market conditions.
The Group’s priorities for the coming year are:
Expanding customer relationships;
Developing strategic supplier partnerships;
Maintaining high standards of quality and regulatory compliance;
Improving operational efficiency through technology investment;
Continuing employee development;
Managing environmental and sustainability considerations.
The directors believe that the Group is well positioned to achieve sustainable long-term growth.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 April 2026.
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £894,518. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that JW Hinks LLP be reappointed as auditor of the group will be put at a General Meeting.
We fulfil the statutory requirements for Streamlined Energy and Carbon Reporting which includes disclosure of the group'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 Group Holdings Limited Group Streamlined Energy and Carbon Reporting statement covers the reporting period 1 May 2025 - 30 April 2026 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.
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has 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.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per staff member, the recommended ratio for the sector.
The group 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 has significantly reduced carbon emissions.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have 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 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 group and parent company, and of the profit or loss of the group 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 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 directors are 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. They are 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.
We have audited the financial statements of C.S.T. Pharma Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026 which comprise the group profit and loss account, 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).
As explained more fully in the directors' responsibilities statement, 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 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 directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
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 £1,241,847 (2025 - £474,353 profit).
C.S.T. Pharma Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 5-7, Tintagel Way, Aldridge, Walsall, WS9 8ER.
The group consists of C.S.T. Pharma Group Holdings Limited 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 £.
The financial statements have been prepared under the historical cost convention. 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 C.S.T. Pharma Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in associates.
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.
Investments in associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in associates include acquired goodwill.
If the group’s share of losses in an associate equals or exceeds its investment in the associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with associates are eliminated to the extent of the group’s interest in the entity.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. As such, goodwill is included in interest in associates along with the corresponding goodwill amortisation. Goodwill amortisation in the consolidated profit and loss account is netted off the Share of operating profit in associates.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
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.
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 and associates 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
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.
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.
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 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.
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.
Foreign subsidiary transactions in currencies other than pounds sterling are translated at the yearly average rate of exchange for transactions recorded in the profit and loss. Transactions recorded in the statement of financial position are translated at the rates prevailing on the reporting end date. Reserves balances at the reporting start date are translated at the rates prevailing on the reporting start date. Gains and losses arising on translation of foreign subsidiary transactions in the period are included in other comprehensive income.
The group's debts are subject to invoice finance with the group retaining the benefits and the risks of the debts. Separate presentation has been included with the debts disclosed in current assets and the liability to the finance company shown within bank overdrafts.
In the application of the group’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.
The directors believe that there are no significant judgements or key sources of estimation.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2025 - 4).
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:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 30 April 2026 are as follows:
Registered office addresses:
1 Unit 5-7 Tintagel Way, Westgate Park Industrial Estate, Aldridge, Walsall, WS9 8ER
2 Carrer de Ginestar, 7 Polig. Ind, 17007 Domeny, Girona, Spain
Details of associates at 30 April 2026 are as follows:
Investments in associates are accounted for in accordance with the equity method.
Registered office addresses:
1 Unit 5-7 Tintagel Way, Westgate Park Industrial Estate, Aldridge, Walsall, WS9 8ER
2 2650 Holcomb Bridge Road, Suite 640, Alpharetta, 30022, GA, United States.
The following secured debts are included within creditors (short term and long term):
- Stock finance: £8,281,921 (2025: £8,857,407)
- Invoice finance: £10,998,594 (2025: £10,940,736)
- Hire purchase contracts: £439,596 (2025: £581,959)
The stock finance and invoice finance indebtedness are secured by fixed and floating charges over the assets of the company. The hire purchase debts and bank loan are secured over the asset to which they relate.
Finance lease payments represent rentals payable by the company or group 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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.
All classes of share carry identical rights save for the ability to declare different dividends on each class of share.
HSBC UK hold a Composite Company Unlimited Multilateral Guarantee dated 30 July 2021 given by C.S.T. Pharma Limited, Acer Pharma Limited, Acre Aesthetics Limited, C.S.T. Pharma Group Holdings Limited, DMG Wholesale Limited, MPT Pharma Limited and Synertech 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.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Following the year end, the Group undertook a corporate reorganisation. On 27 July 2026, CST Pharma Holdings Limited became the parent undertaking of C.S.T. Pharma Group Holdings Limited. Subsequently, ownership of Acre Aesthetics Limited was transferred from C.S.T. Pharma Group Holdings Limited to CST Pharma Holdings Limited on 28 July 2026 and then to Acre Aesthetics Holdings Limited on 29 July 2026. The restructuring was undertaken after the reporting date and does not relate to conditions existing at 30 April 2026.
Consequently, the event has been treated as a non-adjusting post balance sheet event and no adjustments have been made to the amounts recognised in these financial statements. The directors consider that the transaction does not have an impact on the group's assets, liabilities or results as reported at 30 April 2026 but has been disclosed due to its significance in understanding the group's ownership structure subsequent to the year end.
During the year the group entered into the following transactions with related parties:
Remuneration paid to close family members of directors totalled £80,000 (2025: £84,850).
At 30 April 2026 the group owed £108,929 (2025: £115,926) to directors of the group. Interest payable to group directors was £29,290 (2025: £59,878).
Transactions between related parties are made at normal market rates. Outstanding balances are repayable on demand and unsecured.
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
Dividends totalling £894,517 (2025 - £261,836) were paid in the year in respect of shares held by the company's directors.
A prior year adjustment has been recognised in respect of the year ended 30 April 2025, relating to the write-off of stock discrepancies amounting to £385,677. The adjustment has resulted in the recognition of a tax debtor of £96,419 and a corresponding reduction in profit and loss account reserves of £289,258 as at 30 April 2025.