| P.F. Cusack Holdings Limited |
| Group Strategic Report |
|
|
| The director presents his strategic report and the financial statements of the Group for the year ended 30 September 2025. |
|
| Fair review of the business |
| The principal activity of the Group during the year coninued to be that of Industrial Tools and Safety Equipment suppliers to broad range on customers primarily in the construction industry. In addition the group has a wholly owned subsidiary, Jafco Tools Limited, a company which manufactures specialist hand tools for use in safety critical situations mainly for Rail Tracks, Highways & Infrastructure and Fire & Rescue. |
| The director is pleased with the levels of turnover and profitability generated by the Company's principal activities in what continues to be a challenging environment with continuing pressures on margin. The company's turnover increased by 4% due to increase in mobilised contracts. In contrast the previous year saw a decrease of 15% in turnover due to major contracts coming to an end. The director is confident that the turnover will be sustained. |
|
| Financial Performance and KPIs |
|
| The Group |
2025 |
2024 |
|
|
Turnover |
£53,197,582 |
£51,407,670 |
|
Gross profit margin |
39% |
37% |
|
Operating profit / (loss) |
£4,892,278 |
£4,603,564 |
|
Earnings before interest, tax, depreciation, amorisation and impairment (EBITDA) |
|
£5,950,973 |
£5,525,421 |
|
| P.F. Cusack (Tools Supplies) Ltd (CRN: 02404505) is a wholly owned subsidiary |
| Principal activities - Tools and Sign supplies |
2025 |
2024 |
|
|
Turnover |
£52,222,065 |
£50,308,359 |
|
Increase / (decrease) in turnover |
4% |
-15% |
|
Gross profit margin |
37.81% |
36.10% |
|
| Jafco Tools Limited (CRN: 01572004) is a wholly owned subsidiary |
| Other activities: Manufacturing of specialist hand tools |
2025 |
2024 |
|
|
Turnover |
£1,469,540 |
£1,486,116 |
|
Increase / (decrease) in turnover |
-1% |
-12% |
|
Operating profit / (loss) |
(£227,721) |
(£68,408) |
|
| The group monitors various key financial performance indicators as part of its accounting and management reporting process. |
|
| Non-Financial Key Performance Indicators |
The group seeks to ensure that responsible business and customer focused practice is adhered into the management of all its operations and into the culture of all parts of its business. The director believes that consistent adoption of best health and safety practice along with customer relationships, service quality and team work is essential for operational excellence, which in the long run ensures the delivery of its main objectives of sustained real growth in the value of the business and profitability.
The director considers that there are collectively various non-financial performance indicators but none individually are key. |
|
| Principal risks and uncertainties |
| The group's strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of business objectives. The director considers the following risks and uncertainties to be key in managing and maintaining the future success of the group. |
|
|
Matter of concern |
Potential impact on the Group |
Mitigating actions |
|
Margin erosion |
The current global economic situation resulting in rising prices of materials, fuel could lead to erosion of profit margins in the short to medium term. |
The Group will not seek to win business at any price and will need to increase sale prices to customers but within reason. The Group seeks to mitigate the exchange rate risk by buying foreign currency in advance for cash flow reasons. |
|
Supply chain |
On a global scale, geopolitical instability, particularly the ongoing conflict in the Middle East, is contributing to supply chain disruption and volatility in global markets. This has led to rising input costs, including fuel, transportation and raw materials, as well as delays in shipping and imports, which may further impact margins and timelines. |
To mitigate the impact of global supply chain disruption and increased shipping risks, the Group maintains strong supplier relationships, diversifies sourcing where possible, and holds appropriate levels of safety stock to ensure continuity of supply. The Group also continues to monitor geopolitical developments and their potential impact on energy prices and logistics. |
|
Competition in our markets |
The Group operates in a competitive market environment and the development and supply of various product ranges is key to their success. |
The Group maintains strong relationships with customers and provides a timely delivery service given their importance to hold increased stock levels. |
|
Health & Safety |
Ongoing compliance with regulatory requirements remains critical to the group's future prospects. Compliance with regulatory requirements, particularly to that of health and safety remains critical and high priority for the Group. |
The Group is committed to ensuring a safe working environment. These risks are managed by the Group through strong promotion of health and safety culture and well-defined health and safety policies, facilitated by an appointment of health and safety professional. |
|
General Economic Outlook and Inflation |
The principal risks for the Group remains regulation in the construction industry and the UK economy's low growth, with Bank interest rate at 3.75%. Additionally, the increase in Employers' National Insurance further adds to cost burdens. |
The Group's priority is to maintain higher level of cash balances for working capital without leveraging on bank loans / overdrafts. The Group is also looking into new methods in recycling their products to provide better services to its customers in the construction industry. |
|
| Future developments |
The director remains hopeful that the Group's performance can be maintained, despite the challenging economic environment, high inflation and high interest rates. The group has continued to grow despite the challenges and the director believes that profitability will continue.
The government has indicated that it will continue to support businesses in the construction industry by increased spending on infrastructure. |
| The Group has successfully established a recycling center with full traceability of recycled materials, ensuring transparency and compliance with sustainability standards. Additionally, the Group has expanded its fleet by acquiring electric vehicles, installed solar panels in major depots and continues to invest in further electrification, reinforcing its commitment to reducing its carbon footprint and promoting environmentally friendly operations. |
|
| Section 172 Companies Act |
| This statement sets out how the directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when they consider the most likely way to promote the success of the Group for the benefit of its members as a whole. |
| The director is committed to ensuring that the Group maintains a strong relationships with its employees, its customers, its supply chain and other stakeholders, and this will remain a long term focus of The Group as it continues to grow and expand. |
The director considers it is important to create a working environment where employees want to work and remain as part of the overall strategy of the Group. The director has agreed company objectives relating to the rentention of employees. These objectives are reviewed by the Director who monitors the retention of existing people and the development of new people joining the business.
|
| The Group strives together with its customers and is determined to continue to deliver a best in class service to each and every one of its clients. The Group's exceptional, reliable and consistent service continues to assist construction businesses without any delays to the commencement or finishing their projects. |
| The Group is focused on executing its strategy to ensure its Shareholders benefit from strong underlying returns whilst also maintaining an ethical and moral ethos across all decisions made. |
| The Group's suppliers are essential for its business to flourish and it is committed to purchasing goods and services from sustainable businesses. The Group takes a risk based approach regarding its supply chains and procurement activities are aligned to its values and to the laws of the country in which it operates. |
| The Group maintains the ethos of social responsibility and ethical trading. The Group has supported various charities such as ICAP, Lighthouse Charity, Cancer Research, London Irish Centre, Children's Charity and various Food Bank etc. through various events and charity dinners. |
|
|
| This report was approved by the board on 19 June 2026 and signed on its behalf. |
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|
|
| P.F. Cusack |
| Director |
|
| P.F. Cusack Holdings Limited |
| Registered number: |
13731422 |
| Director's Report |
|
| The director presents his report and financial statements of the group for the year ended 30 September 2025. |
|
| Directors |
| The following person served as director during the year: |
|
|
P F Cusack |
|
| Results and dividends |
| The profit for the year, after exceptional items and taxation, amounted to £3,696,440. The director recommends a final dividend of £250,000 (£2,500 per share). |
|
| Fixed Assets |
| The changes in fixed assets are set out in notes 9 of the financial statements. The director is of the opinion that freehold properties shown in the accounts at £16,744,953 had a market value at 30th September 2025 of £30,111,069. |
|
| Donations |
| During the year the group made charitable donations of £15,132. No political donations were made during the year. |
|
| Exceptional items |
| The investment in London Irish was written off last financial year as the London Irish Rugby Club filed for administration on 07 June 2023. There were no movements in the loans for London Irish during the year. The outstanding loans were £294,300. |
|
| Strategic Report |
| The Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Director's report. It has done so in respect of future developments and exposure risks. |
|
| Disability discrimination |
| Under the Equality Act a disabled person is anyone with "a physical or mental impairment that has a substantial and long-term effect upon his/her ability to carry out day-to-day activities". We have a duty to make reasonable adjustments where possible to prevent a disabled person from experiencing a substantial disadvantage in comparison with persons who are not disabled. Applications for employment by disabled persons are always welcome and fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Group continues. As far as possible, we ensure that the timing, career development and promotion of disabled persons is the same as that of other colleagues. |
|
| Engagement with employees |
The Group's policy is to consult and discuss with employees, through meetings, on matters likely to affect employees' interest, or matters of concern to them.
Information on matters of concern to employees is communicated internally to achieve a common awareness of the financial and economic factors affecting the performance of the Group. |
|
| Going concern |
The financial statements have been prepared on a going concern basis.
The Group has made operating profits and has been cash generative during the period ended 30 September 2025, and has continued to generate robust operating profits in the period to the approval of these financial statements. The director has assessed the principal risks facing the Group and determined that there are no material uncertainties to disclose. |
| Streamlined energy and carbon reporting |
| The UK Government's Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 01 April 2019, and the Company continues to adapt and publish disclosures on energy and carbon. The Company's energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 30 September 2025 is detailed below. The data covers all of our depots across the UK. |
|
| Greenhouse gas emissions, energy consumption and energy efficiency action |
Cusack’s greenhouse gas emissions and energy consumption for the financial year 2024-2025 are 1,690.8 tonnes of CO2e and 7,532.5 MWh, respectively. This represents a 2.0% increase in our reported emissions from a 1.3% increase in our overall energy consumption. Sales grew in the corresponding period by 3.8%. Positively, our intensity metrics demonstrated an improvement in our overall efficiency. Our emissions per £m of sales decreased by 1.7%, and our overall energy consumption per £m of sales decreased by 2.4%. Our emissions per employee increased by 3.0%, less than the business growth of 3.8%, reflecting the efficiency measures we have taken over the previous years.
Our emissions are analysed as direct (Scope 1) of 1,558.5 tonnes of CO2e (6,884.7 MWh), comprising 1,210.7 tonnes of CO2e from Diesel use in company vehicles and 333.4 tonnes of CO2e from Mains Gas burnt across our sites. The remaining 14.4 tonnes of Scope 1 emissions come from Oil and Unleaded fuel in company vehicles and Bottled Propane Gas used in our operations combined. Our indirect emissions (Scope 2) from mains electricity usage (627.9 MWh) were 111.1 tonnes of CO2e. Our grey fleet emissions (Scope 3) were 21.2 tonnes of CO2e (19.9 MWh). 72.5% of our total emissions (67.2% of total energy usage) was associated with fossil fuels burnt to power road vehicles supporting our business operations. |
| The table below shows a summary of our emissions and year on year TC02e changes |
|
| Scope / Source |
Emmissions |
Change |
| TCO2e |
TCO2e Change |
% Change |
| 2023-24 |
2024-25 |
Last Reported Period to this |
| 1 |
|
|
1,487.6 |
1,558.5 |
70.9 |
4.8% |
| Diesel |
1,047.3 |
1,210.7 |
163.4 |
15.6% |
| Mains Gas |
375.4 |
333.4 |
(42.0) |
-11.2% |
| Other |
64.9 |
14.4 |
(50.5) |
-77.9% |
| 2 |
|
|
150.4 |
111.1 |
(39.2) |
-26.1% |
| Mains Electricity |
148.3 |
109.8 |
(38.5) |
-26.0% |
| Public EV Charging |
2.1 |
1.4 |
(0.7) |
-33.5% |
| 3 |
|
|
19.1 |
21.2 |
2.1 |
11.0% |
| Grey Fleet Mileage |
19.1 |
21.2 |
2.1 |
11.0% |
| Grand Total |
1,657.0 |
1,690.8 |
33.8 |
2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cusack continues to seek energy-efficient and sustainable solutions to reduce the carbon footprint, associated energy usage and improve our environmental impact, as can be evidenced by the improving intensity metrics. Considerable improvements in GHG reporting have been made, and this year a full Carbon Footprint Report in accordance with ISO 14064 standards has also been completed. We expect to be able to continue to reduce our Scope 2 emissions next year through further solar PV installations across our facilities, which will increase energy self-sufficiency and support our growing EV Fleet, along with an associated reduction in our carbon emissions. |
|
| The table below shows a summary of our energy use and year on year MWh changes |
|
| Scope / Source |
Emmissions |
Change |
| MWh |
MWh |
% Change |
| 2023-24 |
2024-25 |
Last Reported Period to this |
| 1 |
|
|
6,688.5 |
6,884.7 |
196.2 |
2.9% |
| Diesel |
4,381.6 |
4,959.8 |
578.2 |
13.2% |
| Mains Gas |
2,052.5 |
1,822.1 |
(230.4) |
-11.2% |
| Other |
254.4 |
102.8 |
(151.6) |
-59.6% |
| 2 |
|
|
726.2 |
627.9 |
(98.2) |
-13.5% |
| Mains Electricity |
716.1 |
620.1 |
(96.0) |
-13.4% |
| Public EV Charging |
10.0 |
7.8 |
(2.2) |
-22.2% |
| 3 |
|
|
19.3 |
19.9 |
0.6 |
2.9% |
| Grey Fleet Mileage |
19.3 |
19.9 |
0.6 |
2.9% |
| Grand Total |
7,433.9 |
7,532.5 |
98.5 |
1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intensity Ratios |
| Cusack annual emissions are 32.4 tonnes of CO2e per £m of sales revenue (1.7% reduction vs. previous year) |
| Cusack annual emissions are 8.1 tonnes of CO2e per employee (3.0% increase vs. previous year) |
|
| Cusack annual energy consumption is 144.2 MWh per £m of sales revenue (2.4% reduction vs. previous year) |
| Cusack annual energy consumption is 36.2 MWh per employee (2.3% increase vs. previous year) |
|
| Methodology |
| We have used an operational control boundary in determining our emissions. Our calculation is based on actual meter readings (gas and electricity) and corresponding invoices, invoices and statements (bulk fuel, fuel cards & bottled gas) and expense claim records (grey fleet) for the financial year 2024 - 2025. Conversion factors applied were UK Government GHG Conversion Factors for Company Reporting 2025 – Version 1.1 |
|
| Efficiency Measures Taken |
1) Continue to replace aging office equipment with energy-efficient products
2) Continual review of company energy and car policies
3) Replacing old inefficient lamps with low-energy LED's
4) Installing electric vehicle charging points at its depots
5) Installation of solar panels in major depots |
|
|
| Disclosure of information to auditors |
|
| 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 group 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. |
|
| Opinion on the other matter prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| ● |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| ● |
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| ● |
the parent company financial statements are not in agreement with the accounting records and returns; or |
| ● |
certain disclosures of director's remuneration specified by law are not made; or |
| ● |
we have not received all the information and explanations we require for our audit. |
|
| Responsibilities of directors |
| As explained more fully in the Statement of Director's Responsibilities set out in page eight, 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 the 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 the parent 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. |
| ● |
enquiring of management, internal audit and the audit committee, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to:
|
| ● |
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| ● |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| ● |
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
| ● |
discussing among the engagement team indicators of fraud. |
|
| As part of this discussion, we identified potential fraud risks in relation to: |
| ● |
the completeness and accuracy of stock, fixed assets, and bank and cash; |
| ● |
obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, tax legislation, and regulations from the construction industry. |
|
| Audit response to risks identified |
| In addition to the above, our procedures to respond to risks identified included the following: |
| ● |
reviewing the Financial Statement disclosures and testing supporting documentation to assess compliance with relevant laws and regulations discussed above; |
| ● |
enquiring of management concerning actual and potential litigation and claims; |
| ● |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| ● |
completing focused testing on the stock, fixed assets, and bank and cash as of 30 September 2025; |
| ● |
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |
| ● |
addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgments made in making accounting estimates are indicative of potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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|
|
| T O'Keeffe (Senior Statutory Auditor) |
| for and on behalf of Lawrence Johns |
| Registered Auditors |
| 164 Field End Road |
| Eastcote |
| Middlesex |
| HA5 1RH |
|
| 19 June 2026 |
|
| P.F. Cusack Holdings Limited |
| Consolidated Statement of Cash Flows |
| for the year ended 30 September 2025 |
|
| Notes |
|
2025 |
|
2024 |
| £ |
£ |
| Operating activities |
| Profit for the financial year |
3,696,440 |
|
3,464,757 |
|
| Adjustments for: |
| Loss on sale of fixed assets |
9,815 |
|
8,514 |
| Interest receivable |
(219,538) |
|
(170,322) |
| Tax on profit on ordinary activities |
7 |
|
1,405,561 |
|
1,300,615 |
| Depreciation |
3 |
|
1,058,195 |
|
921,857 |
| (Increase)/decrease in stocks |
(4,175,286) |
|
646,596 |
| (Increase)/decrease in debtors |
(1,688,396) |
|
1,547,319 |
| Increase/(decrease) in creditors |
2,413,719 |
|
(1,628,611) |
|
|
|
2,500,510 |
|
6,090,725 |
|
| Interest received |
219,538 |
|
170,322 |
| Interest paid |
5 |
|
- |
|
- |
| Corporation tax paid |
(1,205,592) |
|
(1,661,322) |
|
| Cash generated by operating activities |
1,514,456 |
|
4,599,725 |
|
|
|
|
|
|
| Investing activities |
| Payments to acquire tangible fixed assets |
(1,121,129) |
|
(16,523,935) |
| Payments to acquire investment properties |
(659,022) |
|
(22,047) |
| Proceeds from sale of tangible fixed assets |
4,919 |
|
13,562,440 |
| Proceeds from sale of investment properties |
- |
|
233,578 |
|
| Cash used in investing activities |
(1,775,232) |
|
(2,749,964) |
|
|
|
|
|
|
| Financing activities |
| Equity dividends paid |
(250,000) |
|
(250,000) |
|
| Cash used in financing activities |
(250,000) |
|
(250,000) |
|
|
|
|
|
|
| Net cash (used)/generated |
| Cash generated by operating activities |
1,514,456 |
|
4,599,725 |
| Cash used in investing activities |
(1,775,232) |
|
(2,749,964) |
| Cash used in financing activities |
(250,000) |
|
(250,000) |
|
| Net cash (used)/generated |
(510,776) |
|
1,599,761 |
|
| Cash and cash equivalents at 1 October |
7,360,101 |
|
5,760,340 |
| Cash and cash equivalents at 30 September |
6,849,325 |
|
7,360,101 |
|
|
|
|
|
|
| Cash and cash equivalents comprise: |
| Cash at bank |
6,849,325 |
|
7,360,101 |
|
|
|
6,849,325 |
|
7,360,101 |
|
|
|
|
|
|
|
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Analysis of turnover |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
|
Sale of goods |
|
|
|
|
53,197,582 |
|
51,407,670 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
|
|
|
|
53,187,213 |
|
51,395,129 |
|
Europe |
|
|
|
|
10,369 |
|
12,541 |
|
|
|
|
|
|
53,197,582 |
|
51,407,670 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Operating profit |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
|
|
|
|
1,058,695 |
|
921,857 |
|
Operating lease rentals - plant and machinery |
|
|
|
|
58,091 |
|
74,295 |
|
Auditors' remuneration for audit services |
|
|
|
|
25,920 |
|
24,016 |
|
Key management personnel compensation (including directors' emoluments) |
|
93,708 |
|
93,583 |
|
Carrying amount of stock sold |
|
|
|
|
32,601,458 |
|
32,371,143 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Staff costs |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Wages and salaries |
|
|
|
|
8,437,065 |
|
7,803,900 |
|
Social security costs |
|
|
|
|
899,260 |
|
683,362 |
|
Other pension costs |
|
|
|
|
174,437 |
|
153,855 |
|
|
|
|
|
|
9,510,762 |
|
8,641,117 |
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
|
|
|
|
Number |
|
Number |
|
|
Administration |
|
|
|
|
140 |
|
154 |
|
Manufacturing |
|
|
|
|
77 |
|
80 |
|
Marketing |
|
|
|
|
14 |
|
12 |
|
|
|
|
|
|
231 |
|
246 |
|
|
|
|
|
|
|
|
|
| 5 |
Interest payable |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Bank loans and overdrafts |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 6 |
Exceptional items |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Loans written off |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 7 |
Taxation |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
|
|
|
|
1,316,920 |
|
1,143,369 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
|
|
|
|
88,641 |
|
157,246 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
|
|
|
|
1,405,561 |
|
1,300,615 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
Profit on ordinary activities before tax |
|
|
|
|
5,102,001 |
|
4,765,372 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
|
|
|
|
25% |
|
25% |
|
|
|
|
|
|
|
£ |
|
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
1,275,500 |
|
1,191,343 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
420,305 |
|
613,969 |
|
Capital allowances for period in excess of depreciation |
|
|
|
|
(378,885) |
|
(661,943) |
|
|
Current tax charge for period |
|
|
|
|
1,316,920 |
|
1,143,369 |
|
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges |
|
The corporation tax has increased to 25% from 01 April 2023. |
|
|
| 8 |
Intangible fixed assets |
|
|
|
|
|
|
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 October 2024 |
|
|
|
|
|
|
326,389 |
|
At 30 September 2025 |
|
|
|
|
|
|
326,389 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 October 2024 |
|
|
|
|
|
|
326,389 |
|
At 30 September 2025 |
|
|
|
|
|
|
326,389 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 September 2025 |
|
|
|
|
|
|
- |
|
At 30 September 2024 |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 9 |
Tangible fixed assets |
|
|
Group |
Land and buildings |
|
Plant and machinery |
|
Fixtures, fittings, tools and equipment |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 October 2024 |
15,205,368 |
|
5,381,931 |
|
1,343,817 |
|
21,931,116 |
|
Additions |
7,000 |
|
954,670 |
|
159,459 |
|
1,121,129 |
|
Revaluation |
- |
|
- |
|
- |
|
- |
|
Disposals |
- |
|
(336,822) |
|
(6,237) |
|
(343,059) |
|
At 30 September 2025 |
15,212,368 |
|
5,999,779 |
|
1,497,039 |
|
22,709,186 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2024 |
268,471 |
|
3,322,162 |
|
596,346 |
|
4,186,979 |
|
Charge for the year |
280,013 |
|
648,945 |
|
129,237 |
|
1,058,195 |
|
Revaluation |
- |
|
- |
|
- |
|
- |
|
On disposals |
- |
|
(322,458) |
|
(5,867) |
|
(328,325) |
|
At 30 September 2025 |
548,484 |
|
3,648,649 |
|
719,716 |
|
4,916,849 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 September 2025 |
14,663,884 |
|
2,351,130 |
|
777,323 |
|
17,792,337 |
|
At 30 September 2024 |
14,936,897 |
|
2,059,769 |
|
747,471 |
|
17,744,137 |
|
|
|
|
|
|
|
|
|
|
Company |
Land and buildings |
|
Plant and machinery |
|
Fixtures, fittings, tools and equipment |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
Cost or valuation |
|
At 1 October 2024 |
15,205,368 |
|
- |
|
- |
|
15,205,368 |
|
Additions |
7,000 |
|
- |
|
- |
|
7,000 |
|
Disposals |
- |
|
- |
|
- |
|
- |
|
At 30 September 2025 |
15,212,368 |
|
- |
|
- |
|
15,212,368 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2024 |
268,471 |
|
- |
|
- |
|
268,471 |
|
Charge for the year |
280,013 |
|
- |
|
- |
|
280,013 |
|
On disposals |
- |
|
- |
|
- |
|
- |
|
At 30 September 2025 |
548,484 |
|
- |
|
- |
|
548,484 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 September 2025 |
14,663,884 |
|
- |
|
- |
|
14,663,884 |
|
At 30 September 2024 |
14,936,897 |
|
- |
|
- |
|
14,936,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
Carrying amount of the land and buildings at cost (if revalued) |
|
|
|
28,030,000 |
|
25,695,000 |
|
|
|
|
|
|
|
|
|
|
The properties were valued by Independent Chartered Surveyors in accordance with RICS Valuation - Professional standards. |
|
|
|
Group |
|
Company |
| 10 |
Investment property |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
Valuation |
|
At 1 October 2024 |
1,422,047 |
|
1,645,000 |
|
1,422,047 |
|
1,400,000 |
|
Additions |
659,022 |
|
22,047 |
|
659,022 |
|
22,047 |
|
Revaluation |
- |
|
- |
|
- |
|
- |
|
Disposals |
- |
|
(245,000) |
|
- |
|
- |
|
At 30 September 2025 |
2,081,069 |
|
1,422,047 |
|
2,081,069 |
|
1,422,047 |
|
|
|
|
|
|
|
|
|
|
The valuation was provided by an Independent Chartered Surveyor in accordance with RICS Valuation - Professional Standards. |
|
|
| 11 |
Investments |
|
|
|
|
|
Investments in |
|
|
|
|
subsidiary |
|
Other |
|
Group |
|
|
undertakings |
|
investments |
|
Total |
|
|
|
|
£ |
|
£ |
|
£ |
|
Cost |
|
At 1 October 2024 |
|
|
10,000 |
|
55,007 |
|
65,007 |
|
Additions |
|
|
- |
|
- |
|
- |
|
Disposals |
|
Impairment |
|
|
- |
|
- |
|
- |
|
|
At 30 September 2025 |
|
|
10,000 |
|
55,007 |
|
65,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company holds investment in the share capital of the following companies: |
|
|
|
|
|
|
|
Capital and |
|
Profit (loss) |
|
Companies |
Shares held |
|
|
|
reserves |
|
for the year |
|
|
Class |
|
% |
|
£ |
|
£ |
|
P.F. Cusack (Tools Supplies) Ltd |
Ordinary |
|
100 |
|
20,930,795 |
|
4,228,209 |
|
Jafco Tools Ltd |
Ordinary |
|
100 |
|
703,593 |
|
(221,751) |
|
|
Subsidiary (Jafco Tools Limited) is exempt from providing audited accounts under section 479A of the Companies Act 2006. |
|
|
In addition, the P.F. Cusack (Tools Supplies) Ltd also holds 9.2% share capital investment in London Irish Consortium (2013) Ltd and in accordance with secition 400 of the Companies Act 2006, is not required to produce and has not published consolidated accounts. The accounts therefore disclose details of the company as an individual undertaking and not its group.
The investments in London Irish was written off during the year end 30 September 2022. There are no further changes in loans to London Irish Consortium (2013) Ltd. |
|
|
|
Group |
|
Company |
| 12 |
Stocks |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Finished goods and goods for resale |
11,738,938 |
|
7,563,652 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
| 13 |
Debtors |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Trade debtors |
10,572,607 |
|
8,878,689 |
|
- |
|
- |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
- |
|
- |
|
1,982 |
|
Deferred tax asset (see note 15) |
- |
|
- |
|
21,329 |
|
15,817 |
|
Other debtors |
297,823 |
|
303,345 |
|
- |
|
- |
|
|
10,870,430 |
|
9,182,034 |
|
21,329 |
|
17,799 |
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
| 14 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Trade creditors |
8,551,319 |
|
6,657,455 |
|
158,928 |
|
- |
|
Corporation tax |
508,270 |
|
396,942 |
|
- |
|
- |
|
Other taxes and social security costs |
875,256 |
|
773,017 |
|
(48,980) |
|
- |
|
Other creditors |
802,082 |
|
384,466 |
|
- |
|
- |
|
|
10,736,927 |
|
8,211,880 |
|
109,948 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
| 15 |
Deferred taxation |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Revaluation of investment property |
(21,329) |
|
(15,817) |
|
(21,329) |
|
(15,817) |
|
Accelerated capital allowances |
714,358 |
|
620,205 |
|
- |
|
- |
|
Tax losses carried forward |
- |
|
- |
|
- |
|
- |
|
|
693,029 |
|
604,388 |
|
(21,329) |
|
(15,817) |
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
At 1 October 2024 |
604,388 |
|
447,142 |
|
(15,817) |
|
(21,329) |
|
(Credited)/charged to the profit and loss account |
88,641 |
|
157,246 |
|
(5,512) |
|
5,512 |
|
|
At 30 September 2025 |
693,029 |
|
604,388 |
|
(21,329) |
|
(15,817) |
|
|
|
|
|
|
|
|
|
|
| 16 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
|
|
value |
|
Number |
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 17 |
Share premium |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
At 1 October 2024 |
|
|
|
|
9,900 |
|
9,900 |
|
|
At 30 September 2025 |
|
|
|
|
9,900 |
|
9,900 |
|
|
|
|
|
|
|
|
|
|
| 18 |
Profit and loss account |
|
|
Group |
|
|
|
|
£ |
|
|
At 1 October 2024 |
|
|
|
|
34,500,710 |
|
Prior year adjustments |
|
|
|
|
- |
|
At 1 October 2024 |
|
|
|
|
34,500,710 |
|
Profit for the financial year |
|
|
|
|
3,696,440 |
|
Dividends |
|
|
|
|
(250,000) |
|
|
At 30 September 2025 |
|
|
|
|
37,947,150 |
|
|
|
|
|
|
|
|
Company |
|
|
|
|
£ |
|
|
At 1 October 2024 |
|
|
|
|
16,415,823 |
|
Prior year adjustments |
|
|
|
|
- |
|
At 1 October 2024 |
|
|
|
|
16,415,823 |
|
Profit for the financial year |
|
|
|
|
522,560 |
|
Dividends |
|
|
|
|
(250,000) |
|
|
At 30 September 2025 |
|
|
|
|
16,688,383 |
|
|
|
|
|
|
|
|
| 19 |
Dividends |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Dividends on ordinary shares (note 18) |
|
|
|
|
250,000 |
|
250,000 |
|
|
|
|
|
|
|
|
|
|
| 20 |
Contingent liabilities |
|
|
P.F.Cusack (Tools Supplies) Ltd, wholly owned subsidiary, is providing Jafco Tools Ltd, a wholly owned subsidiary with guarantees of their respective debts in the form prescribed by Section 479C of the Companies Act 2006 ( 'the Act') such that Jafco Tools Ltd can claim exemption from requiring an audit in accordance with Section 479A of the Act. These guarantees cover all of the outstanding actual and contingent liabilities of Jafco Tools Ltd at 30 September 2025 . |
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| 21 |
Related party transactions |
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|
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group. |
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|
The following receivable balances relating to associate companies were included in the consolidated balance sheet. |
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|
Group |
|
Company |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
Other debtors |
294,300 |
|
294,300 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
The other debtors amount relates to the loans to London Irish Rugby Club via London Irish Consortium (2013) Ltd. |
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|
| 22 |
Controlling party |
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|
The controlling party of the group is Mr P Cusack by virtue of his shareholding of 55% shares of P.F. Cusack Holdings Limited. |
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|
| 23 |
Presentation currency |
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|
The financial statements are presented in Sterling. |
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|
| 24 |
Legal form of entity and country of incorporation |
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|
P.F. Cusack Holdings Limited is a private company limited by shares and incorporated in England. |
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| 25 |
Principal place of business |
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|
The address of the company's principal place of business is: |
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|
Unit 1 Dundee Way |
|
Enfield |
|
EN3 7SX |