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Company registration number: 09905309







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


TOUCHLIGHT DNA SERVICES LIMITED






































                        

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
COMPANY INFORMATION


Directors
J Ohlson 
B Theobald 




Registered number
09905309



Registered office
Morelands & Riverdale Buildings
Lower Sunbury Road

Hampton

TW12 2ER




Independent auditors
Deloitte LLP

Cambridge





 


TOUCHLIGHT DNA SERVICES LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 8

 


TOUCHLIGHT DNA SERVICES LIMITED
REGISTERED NUMBER:09905309



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
31,506
-

Tangible assets
 5 
21,619,536
16,154,057

  
21,651,042
16,154,057

Current assets
  

Stocks
  
3,010,930
2,678,037

Debtors: amounts falling due within one year
 6 
1,655,668
3,821,078

Cash at bank and in hand
  
328,665
349,099

  
4,995,263
6,848,214

Creditors: amounts falling due within one year
 7 
(51,340,142)
(35,703,514)

Net current liabilities
  
 
 
(46,344,879)
 
 
(28,855,300)

Total assets less current liabilities
  
(24,693,837)
(12,701,243)

  

Net liabilities
  
(24,693,837)
(12,701,243)


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1
1

Profit and loss account
  
(24,693,838)
(12,701,244)

  
(24,693,837)
(12,701,243)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Theobald
Director

Date: 17 March 2025

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Touchlight DNA Services Limited is a private company limited by shares incorporated in England. Details of the Company's registered office can be found on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023, the Company had net current liabilities amounting to £46,344,879 (2022: £28,855,300) following a loss for the year of £11,992,594 (2022: £8,516,452). The Company has received confirmation that its parent company, Touchlight Holdings Limited, will not demand repayment of the balance due to it until such time as the Company is in a position to do so without jeopardising the continued operational existence of the company. The parent company has also confirmed that it will provide sufficient funds to enable the Company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. 
The Company relies upon the continuing support of the Group who has expressed willingness to provide such support for the foreseeable future to enable the Company to continue operations. Accordingly, the directors believe that the financial statements should be prepared on a going concern basis. The directors have assessed the ability of the Group to provide support and are satisfied that they are able to.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP reflecting the principal geography where the company operates in.

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.
Page 2

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company 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.

 
2.5

Allocation of staff costs

Staff costs relating to time spent on client projects are allocated to cost of sales, as appropriate. All other staff costs, including sickness, holidays and time spent training are allocated to administrative expenses. 

 
2.6

Research and development

Research and development expenditure is written off as incurred and recognised in the Statement of Comprehensive Income.
Development costs have been capitalised in accordance with FRS 102 Section 18 Intangible Assets other than Goodwill and are therefore not treated, for dividend purposes, as a realised loss.

  
2.7

Research and development tax credits

Tax credits relating to research and development are recognised in the Statement of Comprehensive Income on a receivable basis.

 
2.8

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.9

Interest income

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

Page 3

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

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:

Computer software
-
5 years

 
2.12

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.

Page 4

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
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:

Leasehold property
-
25 years straight line
Plant and machinery
-
5 years straight line
Fixtures and fittings
-
5 years straight line

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.

Assets in the course of construction are not depreciated until they are bought into use. 

 
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. 
Following the implementation of SAP in the year, the accounting policy for the measurement of cost has changed from a first in, first out basis to a moving average basis. 
Work in progress and finished goods include labour and attributable overheads.

At each reporting 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

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans from related parties. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022: 2).

Page 5

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


Additions
35,576



At 31 December 2023

35,576



Amortisation


Charge for the year
4,070



At 31 December 2023

4,070



Net book value



At 31 December 2023
31,506



At 31 December 2022
-



Page 6

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Assets under construction
Leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
15,362,908
-
1,041,549
-
16,404,457


Additions
796,376
3,547,959
1,893,465
137,907
6,375,707


Disposals
-
-
(21,670)
-
(21,670)


Transfers between classes
(15,362,907)
14,918,915
338,111
105,881
-



At 31 December 2023

796,377
18,466,874
3,251,455
243,788
22,758,494



Depreciation


At 1 January 2023
-
-
250,400
-
250,400


Charge for the year
-
362,487
485,584
44,935
893,006


Disposals
-
-
(4,448)
-
(4,448)



At 31 December 2023

-
362,487
731,536
44,935
1,138,958



Net book value



At 31 December 2023
796,377
18,104,387
2,519,919
198,853
21,619,536



At 31 December 2022
15,362,908
-
791,149
-
16,154,057


The increase in depreciation is largely attributable to  the completion of the Morelands facility in the year.


6.


Debtors

2023
2022
£
£


Trade debtors
574,783
281,934

Amounts owed by group undertakings
58,000
-

Other debtors and prepayments
598,807
958,897

Tax recoverable
424,078
2,203,247

Deferred taxation
-
377,000

1,655,668
3,821,078


In the opinion of the directors, the balances owed by other group undertakings are interest free, have no fixed date of repayment and are repayable on demand. 

Page 7

 


TOUCHLIGHT DNA SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
318,049
323,532

Amounts owed to group undertakings
48,490,097
34,772,500

Other creditors and accruals
2,531,996
607,482

51,340,142
35,703,514


In the opinion of the directors, the amounts owed to other group companies are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 


8.Other financial commitments

As at 31 December 2023, the Company had contracted for capital expenditure and to purchase raw materials and services to the value of £408,461 (2022: £2,050,611).


9.


Related party transactions

During the year, the company made sales amounting to £Nil (2022: £290,231) to a former associated undertaking of the group, TAAV Biomanufacturing Solutions S.I, an entity in which the group held a 50% stake. At 31 December 2023, the balance due to the company from the former associated undertaking was £Nil (2022: £Nil).
The Company has taken advantage of the exemption available within FRS 102 Section 33.1A, from disclosing transactions entered into with entities which are wholly owned members of the same group.

10.


Controlling party

The smallest and the largest group in which the results of Touchlight DNA Limited are consolidated is Touchlight Holdings Limited, registered office Morelands and Riverdale Buildings, Lower Sunbury Road, Hampton TW12 2ER. The consolidated financial statements of this group may be obtained from the registered office.
It is in the opinion of the directors that there is no one controlling party.

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 March 2025 by Julian Rae (Senior statutory auditor) on behalf of Deloitte LLP.

 
Page 8