Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Directors' Report for the Year Ended 31 December 2025

Disclosure of information to the auditor

Approved by the board on 24 March 2026 and signed on its behalf by:
 

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Statement of Directors' Responsibilities

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Independent Auditor's Report to the Members of Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Opinion

We have audited the financial statements of Finlight DG UK Limited (formerly Powen DG UK Limited) (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income and the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards in accordance with the provisions of the Companies Act 2006.

In our opinion the financial statements:

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 Company 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.

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.

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Independent Auditor's Report to the Members of Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Other information

The other information comprises the information included in the Directors’ Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Directors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
 

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Independent Auditor's Report to the Members of Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they
give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 

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 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:

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Independent Auditor's Report to the Members of Finlight DG UK Ltd (formerly Powen DG UK Ltd)

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non-compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.

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 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 '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 and the 's members, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Stuart Hinds (Senior Statutory Auditor)
For and on behalf of ECOVIS Wingrave Yeats LLP
Chartered Accountants and Statutory Auditors

3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ

24 March 2026

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Income Statement for the Year Ended 31 December 2025

The above results were derived from continuing operations.

There was no other comprehensive income for 2025 (year ended 31 December 2024: Nil)

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

(Registration number: 14684298)
Statement of Financial Position as at 31 December 2025

Approved by the board on 24 March 2026 and signed on its behalf by:
 

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Statement of Changes in Equity for the Year Ended 31 December 2025

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Statement of Cash Flows for the Year Ended 31 December 2025

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

The Company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

These financial statements were authorised for issue by the board on 24 March 2026.

Statement of compliance

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

Going concern

The accounts have been prepared on a going concern basis which assumes that the Company has sufficient funds to continue to trade for the foreseeable future. The Company’s immediate parent company Finlight Holding S.L. have indicated their willingness to continue to support the Company and accordingly the accounts have been prepared on the basis that the Company is a going concern.

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Revenue recognition

In accordance with IFRS 15, an entity must recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company recognises revenue based on the amount of performance of the service at the balance sheet date, provided the value can be reliably estimated. Revenue from the provision of services is recognised when each of the following conditions are met:

• the amount of income can be reliably assessed;
• it is probable that the consideration to which the entity is entitled to in exchange for the services can be collected; and
• the costs incurred, or to be incurred, in connection with the transaction can be reliably valued.

Income is recorded on an accrual basis i.e. when the actual flow of goods and services they represent occurs, regardless of when the monetary or financial flow derived from them occurs. Such income is measured at the fair value of the consideration received, net of discounts and taxes. For the accounting recording of income, the Company follows a process consisting of the following successive stages:

1. Identify the contract (or contracts) with the client, understood as an agreement between two or more parties that creates enforceable rights and obligations for them.

2. Identify the obligation(s) to be fulfilled in the contract, representative of the commitments to transfer goods or provide services to a customer.

3. Determine the price of the transaction, or consideration of the contract, to which the Company expects to be entitled in exchange for the transfer of goods or the provision of services committed to the client.

4. Assign the price of the transaction to the obligations to be fulfilled, which must be carried out on the basis of the individual sales prices of each different good or service that have been committed in the contract, or, where appropriate, following an estimate of the sale price when it is not independently observable.

5. Recognise income from ordinary activities when the Company fulfils a committed obligation through the transfer of a good or the provision of a service. Such compliance takes place when the customer obtains control of that good or service, so that the amount of income from ordinary activities recognized will be the amount assigned to the contractual obligation satisfied.

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Revenue recognition (continued)

The Company recognises the revenue derived from a contract with a customer when control over the goods or services committed (i.e. the obligation(s)) to be fulfilled is transferred to the customer. In this regard, the method chosen by the Company to measure the value of goods and services whose control is transferred to the customer over time is the product method. Specifically, the applicable product method is that of production milestones achieved.

In addition, revenue from the provision of services is recognised when the result of the transaction can be reliably estimated, considering the percentage of performance of the service at the end of the year. Where the result of a transaction involving the provision of services cannot be reliably estimated, revenue is recognised in the amount at which the recognised expenses are considered recoverable.

Interest received on financial assets is recognized using the effective interest rate method. In any event, interest on financial assets accrued after the time of acquisition is recognized as income in the company's profit and loss account.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Exchange gains and losses are taken to the profit and loss and are classified within Other operating expenses.

Tax

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

Current tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
 

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it's probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Property, plant and equipment

Assets in the course of construction

Assets in the course of construction are recognised based on the estimated value of work completed as at the balance sheet date, less any recognised impairment loss. The cost of assets in the course of construction includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

Technical Installations

Technical installations are recognised and measured at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to operate. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Depreciation

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Cash and cash equivalents

Trade receivables

Trade payables

Share capital

Defined contribution pension obligation

Financial instruments

Initial recognition

Classification and measurement

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Interest income and expense

Interest income and expense are recognised in profit or loss using the effective interest method. For interest-free or below-market intercompany loans, management assesses whether the impact of discounting is material. Where immaterial, no adjustment is made to carrying value.

Derecognition

Intercompany loans are derecognised when the contractual rights to the cash flows expire or are transferred, and substantially all risks and rewards of ownership have been transferred.

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

Finlight DG UK Ltd (formerly Powen DG UK Ltd)

Notes to the Financial Statements for the Year Ended 31 December 2025

Depreciation is recorded within other operating expenses in the Income Statement.