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Registered number: 12749629










PSLAB HOLDING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PSLAB HOLDING LIMITED
 
 
COMPANY INFORMATION


Director
J Chaya 




Registered number
12749629



Registered office
14th Floor
33 Cavendish Square

London

W1G 0PW




Independent auditors
Sumer Auditco Limited
Chartered Accountant & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
PSLAB HOLDING LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Director's report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11 - 12
Company balance sheet
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 39


 
PSLAB HOLDING LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director submit her annual Strategic Report of the Group for the period ended 31 December 2023.

Business review
 
PSLab Holding Limited is the parent company of PSLab Group.
PSLab specializes in the design and manufacture of high-end architectural and decorative lighting, developed specifically to each project.
PSLab is today is present in: London, Paris, Stuttgart, Berlin, Antwerp, Amsterdam, Bologna and Beirut.  With 150 professionals, some of which, are architects, engineers, communicators.  
PSLab Group owns its own manufacturing arm, which is central to its operations. The factory is renowned for its expertise in the production of lighting, whilst adhering to the highest standards of quality and craftsmanship, ensuring that each product meets the company’s rigorous specifications. 
PSLab dedicates significant resources to ensure it stays updated with the latest technological advancements in lighting solutions. This commitment to R&D allows PSLab to innovate continuously and offer cutting-edge products to its clients. By keeping meticulous records of projects and prototypes, PSLab maintains a rich knowledge base that informs future designs and solutions.  
PSLab primarily relies on its showroom spaces to attract clients. These spaces serve as interactive environments where potential clients can experience the PSLab lighting solutions first-hand. The company’s approach is to create an immersive experience that highlights the quality and uniqueness of its products.
Additionally, PSLab leverages the networking capabilities of its communicators to bring in new projects. This strategic pillar emphasizes the importance of personal relationships and connections in expanding the company’s client base and securing new projects.
Under dedicated management, PSLab has gained international recognition and established itself as a competitive force in the European market. The company’s track record highlights its ability to execute projects with the highest standards of excellence consistently exceeding client expectations.

Page 1

 
PSLAB HOLDING LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The business continues to design and build lighting equipment across Europe and the Middle East.
The main risks arising from the group's financial instruments are interest, liquidity, credit and exchange rate risk. The director review and agree policies for managing each of these risks and they are summarised below.
Interest risk
The group's interest rate exposure arises mainly from its interest-bearing borrowings. The group monitors the financial risk of interest rate movements on a regular basis and the impact rises would have on profitability.
Credit risk
All debtors are subject to credit verification procedures by the group. Debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Foreign exchange risk
The Group operates in various international markets, exposing it to currency exchange risks. Fluctuations in exchange rates can impact the Group's financial performance, including revenues, costs, and profitability. This is largely managed through natural hedge generated from purchases denominated in the same currency and regular monitoring of exchange rate movements.
Liquidity risk
The group actively manages its working capital requirement to ensure it has sufficient liquid resources to meet the operating needs of the business.

Page 2

 
PSLAB HOLDING LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 


2023
2022
        
        

Profitability



Gross Profit Margin

82%

80%

EBITDA Margin

5%

15%

EBIT Margin

-5%

8%

Net Profit Margin

-7%

2%








Review of the year
We anticipated that 2023 would be a difficult year in part due to Post Covid and the partial halt in the construction field, revenue decreased by 6% compared to 2022, while gross profit margin remained relatively stable . 
Total operating expenses increased in 2023 due to the continuous investment strategy followed by the company management in order to achieve long term sales target that can be summarized mainly by the recruitment of additional communicators, technical designers, engineers and factory staff as well as purchases of new industrial machinery while keeping the investment in R&D in order to be at the full front of technology.
Even with this increase in Opex, EBITDA remained positive at 5% from the company turnover.
PSLab still shows a generally strong liquidity position: Cash ratio at 0.67, quick ratio at 0.85 while the current ratio is over 1 indicating the company ability to cover short term liabilities with current assets.


This report was approved by the board on 5 June 2025 and signed on its behalf.



J Chaya
Director

Page 3

 
PSLAB HOLDING LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents her report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to 832,190 (2022 - profit 39,059).



Director

The director who served during the year was:

J Chaya 

Matters covered in the Group strategic report

The directors have chosen to disclose information on the following, required by the Companies Act 2006, to be included in the Director's Report, within the Strategic Report;
information on financial risk management and policies;
information on suppliers customers and other; and
information regarding future developments of the business and post balance sheet events.
 

Page 4

 
PSLAB HOLDING LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

In 2024, the shareholders of PSLab Holding decided to increase the capital of the company by transferring part of the shareholders loans to Equity as preferred shares.
PSLab aims to expand its network in sales units, into new markets within the coming years, to include the United States, while continuing to strengthen and grow its presence in existing markets. Additionally, maintaining a leading position in technological innovation is a core ambition, supported by ongoing investment in research and development.
 

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 5 June 2025 and signed on its behalf.
 





J Chaya
Director

Page 5

 
PSLAB HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED
 

Opinion


We have audited the financial statements of PSLAB Holding Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matters
The comparative period in these financial statements, namely the year ended 31 December 2022 is unaudited and therefore we are unable express an opinion on this element of the financial statements.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
PSLAB HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the 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 the 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 Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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 Director's responsibilities statement set out on page 4, 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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PSLAB HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
• the results of our enquiries of management and those charged with governance of their assessment of    the risks of fraud and irregularities;
• the nature of the group, including its management structure and control systems, including the     opportunity for management to override such controls;
• management’s incentives and opportunities for fraudulent manipulation of the financial statements    including the group’s remuneration and bonus policies and performance targets; and 
• the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
• laws and regulations considered to have a direct effect on the financial statements including UK financial   reporting standards, Company Law and tax and pension legislation;
• the timing of the recognition of commercial income;
• compliance with legislation relating to health and safety;
• management bias in selecting accounting policies and determining estimates;
• inappropriate journal entries;
• recoverability of debtors; and
• the requirement to include provisions against stock and the amount of any such provision.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: 
• enquiries of management and those charged with governance as to whether the entity complies with such
          laws and regulations;
• enquiries with the same concerning any actual or potential litigation or claims;
• discussion with the same regarding any known or suspected instances of non-compliance with laws and    regulation and fraud; 
• inspection of relevant legal correspondence;
• assessment of matters reported to management and the result of the subsequent investigation;
• obtaining an understanding of the relevant controls and testing their operation during the period;
• obtaining an understanding of the policies and controls over the recognition of income and testing their   
Page 8

 
PSLAB HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)


 implementation during the year;  
• challenging assumptions made by management in their specific accounting policies and estimates, in    particular in relation to carrying value of stock.
• identifying and testing journal entries, in particular any journal entries posted with unusual account    combinations or crediting revenue or cash;
• assessing the recovery of debtors in the period since the balance sheet date and challenging     assumptions made by management regarding the recovery of balances which remain outstanding;
• reviewing the financial statements for compliance with the relevant disclosure requirements; 
• performing analytical procedures to identify any unusual or unexpected relationships or unexpected    movements in account balances which may be indicative of fraud;
• reviewing correspondence with HMRC;
• evaluating the underlying business reasons for any unusual transactions; and
• considered the implementation of controls during the year.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
 


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 Auditors' report.


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 2006Our 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 Auditors' 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.





James Hallett (ACA) (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountant
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

5 June 2025
Page 9

 
PSLAB HOLDING LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Unaudited 2022
Note

  

Turnover
 4 
10,096,974
10,732,472

Cost of sales
  
(1,845,462)
(2,098,504)

Gross profit
  
8,251,512
8,633,968

Administrative expenses
  
(8,798,595)
(8,195,951)

Other operating income
 5 
258,752
385,575

Operating (loss)/profit
 6 
(288,331)
823,592

Interest receivable and similar income
 10 
-
10,500

Interest payable and similar expenses
 11 
(289,512)
(151,397)

(Loss)/profit before taxation
  
(577,843)
682,695

Tax on (loss)/profit
 12 
(210,941)
(461,051)

(Loss)/profit for the financial year
  
(788,784)
221,644

  

Foreign exchange
  
65,913
(359,995)

Other comprehensive income for the year
  
65,913
(359,995)

(Loss)/profit for the year attributable to:
  

Non-controlling interests
  
43,406
182,585

Owners of the parent Company
  
(832,190)
39,059

  
(788,784)
221,644

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
43,406
182,585

Owners of the parent Company
  
(766,277)
(320,936)

  
(722,871)
(138,351)

The notes on pages 18 to 39 form part of these financial statements.

Page 10

 
PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Unaudited 2022
Note

Fixed assets
  

Intangible assets
 14 
3,650,634
4,056,156

Tangible assets
 15 
6,860,059
5,659,898

Investments
 16 
3,047,500
3,047,500

  
13,558,193
12,763,554

Current assets
  

Stocks
 17 
1,268,752
1,951,234

Debtors: amounts falling due within one year
 18 
1,092,021
1,184,328

Cash at bank and in hand
  
3,718,179
3,679,406

  
6,078,952
6,814,968

Creditors: amounts falling due within one year
 19 
(5,645,326)
(5,761,611)

Net current assets
  
 
 
433,626
 
 
1,053,357

Total assets less current liabilities
  
13,991,819
13,816,911

Creditors: amounts falling due after more than one year
 20 
(11,566,086)
(10,719,495)

Provisions for liabilities
  

Other provisions
 22 
(1,512,488)
(1,461,300)

  
 
 
(1,512,488)
 
 
(1,461,300)

Net assets
  
913,245
1,636,116

Page 11

 
PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note

Capital and reserves
  

Called up share capital 
 23 
480,355
480,355

Foreign exchange reserve
 24 
(294,082)
(359,995)

Profit and loss account
 24 
(192,753)
639,437

Equity attributable to owners of the parent Company
  
(6,480)
759,797

Non-controlling interests
  
919,725
876,319

  
913,245
1,636,116


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.




J Chaya
Director

The notes on pages 18 to 39 form part of these financial statements.

Page 12

 
PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Unaudited 2022
Note

Fixed assets
  

Intangible assets
 14 
1,209,999
1,361,248

Investments
 16 
9,060,707
8,064,420

  
10,270,706
9,425,668

Current assets
  

Debtors: amounts falling due within one year
 18 
749,560
320,947

Cash at bank and in hand
  
489,407
302,699

  
1,238,967
623,646

Creditors: amounts falling due within one year
 19 
(617,300)
(170,093)

Net current assets
  
 
 
621,667
 
 
453,553

Total assets less current liabilities
  
10,892,373
9,879,221

  

Creditors: amounts falling due after more than one year
 20 
(10,503,272)
(9,444,928)

  

Net assets
  
389,101
434,293


Capital and reserves
  

Called up share capital 
 23 
480,355
480,355

Profit and loss account carried forward
  
(91,254)
(46,062)

  
389,101
434,293


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.


J Chaya
Director

The notes on pages 18 to 39 form part of these financial statements.

Page 13
 

 
PSLAB HOLDING LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity





At 1 January 2022
480,355
-
600,378
1,080,733
733,734
1,814,467



Comprehensive income for the year


Profit for the year
-
-
39,059
39,059
142,585
181,644


Foreign exchange movement
-
(359,995)
-
(359,995)
-
(359,995)





At 1 January 2023
480,355
(359,995)
639,437
759,797
876,319
1,636,116



Comprehensive income for the year


Loss for the year
-
-
(832,190)
(832,190)
43,406
(788,784)


Foreign exchange movement
-
65,913
-
65,913
-
65,913



At 31 December 2023
480,355
(294,082)
(192,753)
(6,480)
919,725
913,245



The notes on pages 18 to 39 form part of these financial statements.

Page 14

 

 
PSLAB HOLDING LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Profit and loss account
Total equity





At 1 January 2022
480,355
(8,580)
471,775





Loss for the year
-
(37,482)
(37,482)





At 1 January 2023
480,355
(46,062)
434,293





Loss for the year
-
(45,192)
(45,192)



At 31 December 2023
480,355
(91,254)
389,101



The notes on pages 18 to 39 form part of these financial statements.

Page 15
 
PSLAB HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Unaudited 2022

Cash flows from operating activities

(Loss)/profit for the financial year
(788,784)
221,644

Adjustments for:

Amortisation of intangible assets
437,478
151,250

Depreciation of tangible assets
542,127
591,601

Loss on disposal of tangible assets
4,200
-

Interest paid
289,512
151,397

Interest received
-
(10,500)

Taxation charge
210,941
461,051

Decrease/(increase) in stocks
682,482
(508,746)

Decrease in debtors
242,477
82,160

Increase in creditors
498,339
1,040,929

Increase in provisions
51,188
891,126

Corporation tax (paid)
(310,628)
(1,240,705)

Foreign exchange
159,845
(341,553)

Net cash generated from operating activities

2,019,177
1,489,654


Cash flows from investing activities

Purchase of intangible fixed assets
(36,990)
(12,993)

Purchase of tangible fixed assets
(1,835,396)
(2,002,198)

Interest received
-
10,500

Net cash from investing activities

(1,872,386)
(2,004,691)

Cash flows from financing activities

New bank loans
37,190
700,000

Repayment of bank loans
(125,012)
(99,506)

Interest paid
(20,196)
-

Net cash used in financing activities
(108,018)
600,494

Net increase in cash and cash equivalents
38,773
85,457

Cash and cash equivalents at beginning of year
3,679,406
3,593,949

Cash and cash equivalents at the end of year
3,718,179
3,679,406


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,718,179
3,679,406

3,718,179
3,679,406


The notes on pages 18 to 39 form part of these financial statements.

Page 16

 
PSLAB HOLDING LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023



Cash at bank and in hand

3,679,406

38,773

3,718,179

Debt due after 1 year

(1,274,567)

98,873

(1,175,694)

Debt due within 1 year

(1,689,668)

84,793

(1,604,875)


715,171
222,439
937,610

The notes on pages 18 to 39 form part of these financial statements.

Page 17

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The
address of the registered office is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.


Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
- Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliation for the Company and the parent Company would be identical;
- No Statement of Cash Flows has been presented for the parent Company;
- Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
- No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group and the Company has adequate resources to continue in operational existence for the foreseeable future. In addition, the Group and the Company have net assets as at the reporting date, further supporting the directors' assessment of going concern. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10
years
Goodwill
-
10
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 21

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over 10 - 30 years
Plant and machinery
-
Over 5 years
Fixtures and fittings
-
Over 5 years
Office equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated statement of cash flows, cash are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 23

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated by the directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group and Company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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.
Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 

Page 24

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


2023
Unaudited 2022

Sales
10,096,974
10,732,472


Analysis of turnover by country of destination:

2023
Unaudited 2022

United Kingdom
811,836
677,390

Rest of Europe
7,684,062
7,928,204

Rest of the world
1,601,076
2,126,878

10,096,974
10,732,472



5.


Other operating income

2023
Unaudited 2022

Other operating income
231,746
2,488

Foreign exchange gain
27,006
383,087

258,752
385,575



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
Unaudited 2022

Depreciation of tangible fixed assets
542,127
591,601

Amortisation of intangible assets, including goodwill
437,478
151,249

Exchange differences
(27,572)
(383,087)

Other operating lease rentals
388,055
348,648

Page 25

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
Unaudited 2022

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
37,950
-


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
Unaudited 2022


Wages and salaries
4,560,876
4,843,938

Social security costs
329,210
281,384

Cost of defined contribution scheme
85,227
37,962

4,975,313
5,163,284


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



Group
Group
Company
Company
        2023
   Unaudited 2022
        2023
   Unaudited 2022
            No.
            No.
            No.
            No.









Management
1
1
1
1



Designers
13
13
-
-



Business developers
13
13
-
-



Production, distribution and administration
126
124
-
-

153
151
1
1


9.


Director's remuneration



The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to NIL (2022 - €NIL).

During the period key management personnel received remuneration of €830,310 (2022 - €1,077,239).

Page 26

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
Unaudited 2022


Interest receivable from group companies
-
10,500


11.


Interest payable and similar expenses

2023
Unaudited 2022


Bank interest payable
20,197
-

Other loan interest payable
269,315
151,397

289,512
151,397

Page 27

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
Unaudited 2022

Corporation tax


Current tax on profits for the year
75,197
-


75,197
-

Foreign tax


Foreign tax on income for the year
135,744
461,051

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the applicable rate of corporation tax in the UK of 23.5% (2022 - 19%). On 1 April 2023, the main rate of corporation tax increased form 19% to 25%, a combination of the two rates of the period is 23.5%. The differences are explained below:

2023
Unaudited 2022


(Loss)/profit on ordinary activities before tax
(577,843)
221,644


(Loss)/profit on ordinary activities multiplied by applicable rate of corporation tax in the UK of 23.5% (2022 - 19%)
(135,793)
42,112

Effects of:


Non-tax deductible amortisation of goodwill and impairment
35,544
28,738

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,896
1,845

Capital allowances for year in excess of depreciation
10,627
8,984

Short-term timing difference leading to an increase in taxation
63,589
238

Non-taxable consolidation adjustments
160,486
(96,289)

Difference in overseas tax rates
135,742
461,051

Use of bought forward losses
(65,150)
-

Unrelieved tax losses carried forward
-
14,372

Total tax charge for the year
210,941
461,051


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was 45,192 (2022 - loss 37,482).


14.


Intangible assets

Group





Development 
expenditure
Computer software
Goodwill
Total




Cost


At 1 January 2023
1,361,248
147,015
2,600,271
4,108,534


Additions
-
36,990
-
36,990


Foreign exchange movement
-
(7,201)
-
(7,201)



At 31 December 2023

1,361,248
176,804
2,600,271
4,138,323



Amortisation


At 1 January 2023
-
52,378
-
52,378


Charge for the year on owned assets
151,249
26,202
260,027
437,478


Foreign exchange movement
-
(2,167)
-
(2,167)



At 31 December 2023

151,249
76,413
260,027
487,689



Net book value



At 31 December 2023
1,209,999
100,391
2,340,244
3,650,634



At 31 December 2022
1,361,248
94,637
2,600,271
4,056,156



Page 29

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           14.Intangible assets (continued)

Company




Development expenditure




Cost


At 1 January 2023
1,361,248



At 31 December 2023

1,361,248



Amortisation


Charge for the year
151,249



At 31 December 2023

151,249



Net book value



At 31 December 2023
1,209,999



At 31 December 2022
1,361,248

Page 30

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total




Cost


At 1 January 2023
4,583,282
4,824,348
757,779
427,689
10,593,098


Additions
1,413,893
346,123
12,940
62,440
1,835,396


Disposals
-
-
-
(15,000)
(15,000)


Exchange adjustments
-
(278,420)
-
(893)
(279,313)



At 31 December 2023

5,997,175
4,892,051
770,719
474,236
12,134,181



Depreciation


At 1 January 2023
456,510
3,619,514
573,270
283,906
4,933,200


Charge for the year on owned assets
149,240
234,001
93,846
65,040
542,127


Disposals
-
-
-
(10,800)
(10,800)


Exchange adjustments
-
(190,405)
-
-
(190,405)



At 31 December 2023

605,750
3,663,110
667,116
338,146
5,274,122



Net book value



At 31 December 2023
5,391,425
1,228,941
103,603
136,090
6,860,059



At 31 December 2022
4,126,772
1,204,834
184,509
143,783
5,659,898

Page 31

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Group





Loans to subsidiaries and connected companies




Cost


At 1 January 2023
3,047,500



At 31 December 2023
3,047,500




Company





Investments in subsidiary companies
Loans to subsidiaries
Total




Cost


At 1 January 2023
47,652
8,016,768
8,064,420


Additions
20,000
1,076,287
1,096,287


Repayments
-
(100,000)
(100,000)



At 31 December 2023
67,652
8,993,055
9,060,707




Page 32

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

PSLab Limited (i)
UK
Ordinary
100%
PSLab APS (i)
Denmark
Ordinary
100%
PSLab BV (iii)
Netherlands
Ordinary
60%
PSLab - BVBA (i)
Belgium
Ordinary
60%
PSLab Europe GMBH (i)
Germany
Ordinary
100%
PSLab GMBH (i)
Germany
Ordinary
60%
PSLab OP Limited
UK
Ordinary
100%
PSLab Properties GMBH (ii)
Germany
Ordinary
60%
PSLab - RE Limited
UK
Ordinary
100%
PSLab SAL (i)
Lebanon
Ordinary
100%
PSLab SAS (i)
France
Ordinary
100%
PSLab SRL (i)
Italy
Ordinary
80%
PSLab SCI 1 (ii)
France
Ordinary
100%
PSLab SCI 2 (ii)
France
Ordinary
100%
PSLab House Limited (iv)
UK
Ordinary
100%
Thirty Nine and D Limited
UK
Ordinary
100%

(i) Shares held via PSLab - OP Limited.
(ii) Shares held via PSLab- RE Limited.
(iii) Shares held via PSLab BVBA. PSLab BVBA holds 100% of the share capital.
(iv) Formerly known as Argent House Limited. Shares held via PSLab- RE Limited.
The registered office of PSLab BV is Amsterdamsestraatweg 5, 1411 AW Netherlands.
The registered office of PSLab BVBA is Vorstermanstraat 3, 2000 Antwerpen, Belgium.
The registered office of PSLab GMBH, PSLab Europe GMBH and PSLab Properties GMBH is Wolframstrasse 20a, 70191 Stuttgart, Germany.
The registered office of PSLab SAL is Nicolas Turk St, Mar Mikhael P.O.Box 175636, Beirut, Lebanon.
The registered office of PSLab SAS, PSLab SCI 1 and PSLAB SCI 2 is 26-28 Rue Marius Aufan, 92300 Levallois-Perret, France.
The registered office of PSLab SRL is Via Innocenzo Malvasia, 6, 40131 Bologna BO, Italy.
The registered office of all other subsidiaries is the same as the parent company.
All subsidiaries have been included in consolidation.
 




Page 33

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Stocks

Group
Group
2023
Unaudited 2022

Work in progress
26,169
15,757

Finished goods
1,242,583
1,935,477

1,268,752
1,951,234


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2023
Unaudited 2022
2023
Unaudited 2022


Trade debtors
637,334
876,400
269,203
289,815

Amounts owed by group undertakings
-
-
100,009
31,132

Other debtors
81,535
29,626
-
-

Prepayments and accrued income
57,857
62,818
380,348
-

Tax recoverable
315,295
215,484
-
-

1,092,021
1,184,328
749,560
320,947


Page 34

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
Unaudited 2022
2023
Unaudited 2022

Bank loans
133,381
122,330
-
-

Other loans
52,586
52,586
-
-

Trade creditors
578,064
689,948
62,292
-

Amounts owed to group undertakings
-
-
20,000
7,258

Amounts owed to other participating interests
38,028
-
-
-

Corporation tax
205,513
155,030
75,197
-

Other taxation and social security
280,642
170,075
505
-

Other creditors
2,870,716
3,323,975
-
-

Accruals and deferred income
1,486,396
1,247,667
459,306
162,835

5,645,326
5,761,611
617,300
170,093


At the balance sheet date bank loans of €1,141,661 (2022 - €1,229,483) were secured over the property and assets of the subsidiary companies to which they relate.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
Unaudited 2022
2023
Unaudited 2022

Bank loans
1,008,280
1,107,153
-
-

Other loans
167,414
167,414
-
-

Other creditors
10,390,392
9,444,928
10,503,272
9,444,928

11,566,086
10,719,495
10,503,272
9,444,928


At the balance sheet date bank loans of €1,141,661 (2022 - €1,229,483) were secured over the property and assets of the subsidiary companies to which they relate.
.



Page 35

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
Unaudited 2022

Amounts falling due within one year

Bank loans
133,381
122,330

Other loans
52,586
52,586


185,967
174,916

Amounts falling due 1-2 years

Other loans
54,163
54,163

54,163
54,163

Amounts falling due 2-5 years

Bank loans
546,997
512,087

Other loans
113,251
113,251


660,248
625,338

Amounts falling due after more than 5 years

Bank loans
461,283
595,066

461,283
595,066


At the balance sheet date bank loans of €1,141,661 (2022 - €1,229,483) were secured over the property and assets of the subsidiary companies to which they relate.
Included in creditors falling due after more than one year is a mortgage loan of €193,475 (2022 - €212,098) repayable after more than five years, with an interest rate per annum of 3.451%. The mortgage has a term of fifteen years from October 2022 and will be repaid by equal monthly installments inclusive of interest over the term.
Included in creditors falling due after more than one year are loans of €267,808 (2022 - €382,968) repayable after more than five years, with an interest rate per annum of 1.091%-4.34%. The loans has terms ranging from four years to fifteen years from January 2018 and will be repaid by equal monthly installments inclusive of interest over the term.

Page 36

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Provisions


Group






EOSI provision






At 1 January 2023
1,461,300


Charged to profit or loss
51,188



At 31 December 2023
1,512,488


23.


Share capital

2023
Unaudited 2022
Allotted, called up and fully paid



480,355 (2022 - 480,355) ordinary shares shares of 1.00 each
480,355
480,355



24.


Reserves

Foreign exchange reserve

The foreign exchange reserve comprises movements in the revaluation of investments in subsidiaries.

Profit and loss account

Represents all current and prior profit and loss and does not contain any non-distributable reserves.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to €85,227 (2022 - €37,962) . Contributions totalling €1,519,121 (2022: €1,461,300)  payable to the fund at the balance sheet date.

Page 37

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
Unaudited 2022

Not later than 1 year
175,778
167,861

Later than 1 year and not later than 5 years
692,822
642,737

Later than 5 years
203,500
321,342

1,072,100
1,131,940

27.


Related party transactions

Group
At the balance sheet date amounts of €3,009,472 (2022: €3,047,500) was due from a company under common control.
At the balance sheet date, included in creditors was an amount of €10,610,392 (2022: €9,664.928)  due to shareholders of the group.

Company

During the year royalties of €247,080 were received from subsidiary undertakings not wholly owned.
At the balance sheet date, included in creditors was an amount of €10,390,392 (2022: €9,444,928)  due to shareholders of the company. During the year interest of €269,315 (2022: €151,397) was charged.
The following balances are (due from)/due to subsidiary undertakings not wholly owned at the balance sheet date:

Company 2023
Company Unaudited 2022
        
        
PSLab BVBA

(63,763)

(75,597)
 
PSLab BV

(26,134)

(22,949)
 
PSLab GMBH

(106,724)

(119,684)
 
PSLab SRL

(67,184)

(19,698)
 

(263,805)

(237,928)
 

Page 38

 
PSLAB HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Controlling party

The Group considers D El-Saddi, to be the ultimate controlling party by virtue of their shareholding in the company in the current year. 

 
Page 39