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Registered number:
FOR THE PERIOD ENDED 30 JUNE 2025
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PSLAB HOLDING LIMITED
COMPANY INFORMATION
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PSLAB HOLDING LIMITED
CONTENTS
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PSLAB HOLDING LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
The director submit her annual Strategic Report of the Group for the period ended 30 June 2025.
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. With a presence in major cities including London, Paris, Stuttgart, Berlin, Munich, Antwerp, Amsterdam, Bologna, New York and Beirut. The Group employs 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.
The business continues to design and build architectural lighting tailored to projects of all scales and delivered across Europe, US 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.
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PSLAB HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
Principal risks and uncertainties (continued)
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.
Management regularly monitor the Group's performance. The key KPIs being Gross profit margin which fell in the period from 85% to 83% and Net Profit Margin, which declined from -8% to -42%. As explained in the review of the period below, these movements in the KPIs arose due to Group realignment of the year end.
Review of the period
The reporting period covering January to June 2025 (a six month period) represents an exceptional interim period. Management has officially transitioned the Group’s financial period-end from December 31 to June 30. This structural shift was implemented to better align our reporting cycle with the natural lifecycle of our project pipeline. By aligning our financial year with the project delivery timeline, the Group is positioned to offer enhanced service to our clients, optimize operational efficiency, and drive sustainable growth in turnover and profitability. While the interim results reflect a temporary negative variance, it is important to note that this is reflective of the transitional nature of the period rather than underlying operational decline. The company maintains a robust project pipeline, evidenced by a significant volume of work in progress backed by substantial advance payments already collected, which provides a strong cash foundation for the coming fiscal year. Regarding operating performance, while the period presented unique challenges, we continued our strategic investment in human capital—recruiting additional communicators, technical designers, and engineers—and upgrading industrial machinery to maintain our technological edge. Although these investments impacted short-term Opex, they are essential to achieving our long-term sales targets.
This report was approved by the board on 21 August 2026 and signed on its behalf.
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PSLAB HOLDING LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
The director presents her report and the financial statements for the period ended 30 June 2025.
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.
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 2006. She 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.
The loss for the period, after taxation and minority interests, amounted to €1,878,220 (2024 - loss €951,775).
The director who served during the period was:
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.
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PSLAB HOLDING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
PSLab aims to expand its network in sales units, into new markets within the coming years, 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.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PSLAB HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED
We have audited the financial statements of PSLAB Holding Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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PSLAB HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)
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 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.
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 period 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.
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.
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PSLAB HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)
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PSLAB HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)
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;
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PSLAB HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSLAB HOLDING LIMITED (CONTINUED)
∙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 implementation during the period;
∙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 period.
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.
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 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.
for and on behalf of
Chartered Accountant
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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PSLAB HOLDING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
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PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2025
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PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2026.
The notes on pages 19 to 42 form part of these financial statements.
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PSLAB HOLDING LIMITED
REGISTERED NUMBER: 12749629
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 42 form part of these financial statements.
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