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COMPANY REGISTRATION NUMBER: 10112060
Lightsense Technologies Limited
Filleted Unaudited Financial Statements
31 December 2023
Lightsense Technologies Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Lightsense Technologies Limited
Officers and Professional Advisers
The board of directors
E Damelin
D Pressburg
J A Thompson
S Hmich
Registered office
727-729 High Road
London
England
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Lightsense Technologies Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lightsense Technologies Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Lightsense Technologies Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
50,562
71,554
Investments
6
111
103
--------
--------
50,673
71,657
Current assets
Debtors
7
7,512,632
6,698,720
Cash at bank and in hand
3,742,862
5,503,448
-------------
-------------
11,255,494
12,202,168
Creditors: amounts falling due within one year
8
772,217
914,168
-------------
-------------
Net current assets
10,483,277
11,288,000
-------------
-------------
Total assets less current liabilities
10,533,950
11,359,657
Creditors: amounts falling due after more than one year
9
26,012
419,135
-------------
-------------
Net assets
10,507,938
10,940,522
-------------
-------------
Capital and reserves
Called up share capital
11
160
154
Share premium account
24,315,693
21,759,763
Capital redemption reserve
19
19
Profit and loss account
( 13,807,934)
( 10,819,414)
-------------
-------------
Shareholders funds
10,507,938
10,940,522
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lightsense Technologies Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
E Damelin
Director
Company registration number: 10112060
Lightsense Technologies Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, England, N12 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Hardware Device
-
20% straight line
Office Equipment
-
25% straight line
Computer Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 14 ).
5. Tangible assets
Hardware
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
76,128
9,971
83,290
169,389
Additions
11,461
635
6,218
18,314
--------
--------
--------
---------
At 31 December 2023
87,589
10,606
89,508
187,703
--------
--------
--------
---------
Depreciation
At 1 January 2023
45,829
6,131
45,875
97,835
Charge for the year
15,608
2,039
21,659
39,306
--------
--------
--------
---------
At 31 December 2023
61,437
8,170
67,534
137,141
--------
--------
--------
---------
Carrying amount
At 31 December 2023
26,152
2,436
21,974
50,562
--------
--------
--------
---------
At 31 December 2022
30,299
3,840
37,415
71,554
--------
--------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
103
Additions
8
----
At 31 December 2023
111
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
111
----
At 31 December 2022
103
----
The above investments represent a 100% shareholding in Lightsense IP Limited, Lightsense Israel (incorporated in Israel), Lightsense Technologies Inc. (incorporated in the USA) and Naama Studios.
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,317,030
6,594,285
Other debtors
195,602
104,435
------------
------------
7,512,632
6,698,720
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,133
16,681
Social security and other taxes
75,688
41,346
Other creditors
669,396
856,141
---------
---------
772,217
914,168
---------
---------
The company has provided security over all of its property and undertakings by way of a fixed and floating charge in favour of Kreos Capital Vi (UK) Limited.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
26,012
419,135
--------
---------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
49,142
57,254
Later than 1 year and not later than 5 years
40,366
74,914
--------
---------
89,508
132,168
--------
---------
11. Called up share capital
During the year, the company issued 59,078 Series A2 shares and 2,472 Ordinary shares for a total consideration of £2,590,786.