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Company registration number: 06422158







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


TOUCHLIGHT GENETICS LIMITED






































                      

 


TOUCHLIGHT GENETICS LIMITED
 


 
COMPANY INFORMATION


Directors
D Lewis 
J Ohlson 
B Theobald 




Registered number
06422158



Registered office
Morelands & Riverdale Buildings
Lower Sunbury Road

Hampton

TW12 2ER




Independent auditors
Deloitte LLP

Cambridge





 


TOUCHLIGHT GENETICS LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28


 


TOUCHLIGHT GENETICS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2023.

Business review
 
Touchlight Genetics Limited (‘TGL’) supports Touchlight Holdings and its subsidiaries to enable the Group objectives to be met. TGL engages in grant funded research projects, employs staff and bears support costs which are recharged across the Group as appropriate. 
 
Significant progress and key milestones at the Group level were achieved as demonstrated by (i) completion of a significant facility expansion to enable DNA production at scale (ii) FDA acceptance of Drug Master File for dbDNA, recognising it as the first enzymatic DNA platform with a DMF; and (iii) SAP ERP platform becoming operational in 2023. 
Post period end the Group (i) signed a patent licence with GSK and (ii) MHRA licence application submitted.
Business developments
 
US Food and Drug Administration (FDA) acceptance of Drug Master File for Touchlight’s dbDNA.
FDA clearance granted for an Investigational New Drug application in the USA utilising dbDNA. dbDNA will be used as an in vitro transcription template for mRNA production in the manufacturing of a cell therapy product in a trial by one of Touchlight’s clients. 
Grant awarded from the Department for Science, Innovation and Technology, delivered through the Life Sciences Innovative Manufacturing Fund.
Completion of the redevelopment and expansion of our manufacturing facility in London, UK, including an additional 11 GMP suites, to create one of the world’s largest DNA manufacturing sites to enable DNA production at scale. 
Launch of a new customer offering of a Discovery grade dbDNA that enables customers to receive quick and easy access to 0.5 to 1mg RUO grade dbDNA, which can be ready to use in as little as 4 weeks.
Collaborated with Curia to expand their mRNA manufacturing offerings with an additional differentiated source of DNA raw material. Touchlight will directly manufacture dbDNA on behalf of Curia’s customers.
Continued investment into building a scalable, digitised infrastructure with the SAP S/4HANA ERP system becoming operational in 2023.
dbDNA used as a critical starting material to support Versameb’s first in human clinical study to treat chronic stress urinary incontinence (SUI). This marks the third product to enter clinical development using the dbDNA platform, further demonstrating its regulatory adoption in both the US and Europe.

Principal risks and uncertainties
 
Risks are monitored at the Group level, which either individually or collectively could affect the future operating and financial performance of the Touchlight Group. Touchlight seeks to manage the risks to minimise the potential impact, however several of these risks are outside the control of the business. Risks specific to TGL include the following:
 
Partnership risk. TGL is engaged in grant funded projects. Such arrangements will invariably expose the business to some counterparty risk. TGL seeks to mitigate this risk through ensuring adequate liquidity at the Group level.
Dependence on key personnel. Touchlight is dependent on its scientific and management team. The loss (whether temporary or permanent) of these people could materially impact research and development activities. TGL seeks to mitigate this risk through competitive remuneration and succession planning.
Economic environment and market conditions. The operating costs of Touchlight may be affected by currency fluctuations, inflation, legislative and other future political decisions. TGL seeks to mitigate this through close monitoring of the cost base and the economic environment. 

The above list of risks is not exhaustive and other unforeseen risks may in the future impact on the performance of Touchlight's business.

Page 1

 


TOUCHLIGHT GENETICS LIMITED
 



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

Financial key performance indicators
 
The key performance indicator ("KPI") maintained at the group level is the closing cash balance, which was £17.8 million at 31 December 2023 (FY2022: £38.5 million).


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



J Ohlson
Director

Date: 20 March 2025

Page 2

 


TOUCHLIGHT GENETICS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The Company's principal activity is that of managing central Group support operations and conducting grant funded research projects.

Directors

The directors who served during the year were:

D Lewis 
J Ohlson 
B Theobald 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company 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, amounted to £1,359,497 (Restated 2022: £841,562).

Future developments

The directors are satisfied with the progress and expect positive developments in the future, please see the group strategic report for an indication of the future business developments.

Qualifying third party indemnity provisions

The company held third party indemnity insurance cover for the directors and officers of the company during the current and prior year.

Page 3

 


TOUCHLIGHT GENETICS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic report

The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Group's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Lewis Golden LLP resigned as auditors, with Deloitte LLP filling a casual vacancy. Deloitte LLP were appointed in accordance with section 485 of the Companies Act 2006.

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





J Ohlson
Director

Date: 20 March 2025

Morelands & Riverdale Buildings
Lower Sunbury Road
Hampton
TW12 2ER

Page 4

 


TOUCHLIGHT GENETICS LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCHLIGHT GENETICS LIMITED

Opinion


In our opinion the financial statements Touchlight Genetics Limited (the ‘Company’):


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:

the statement of comprehensive income;
the statement of financial position
the statement of changes in equity; and
the related notes 1 to 26.

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).


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


At 31 December 2023, the Company had net current liabilities amounting to £25,575,406 (2022: £8,300,313) following a loss for the year of £14,449,944 (2022: £841,562). 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 able 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.

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.






Page 5

 


TOUCHLIGHT GENETICS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCHLIGHT GENETICS 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 directors are 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.

 


 

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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. 

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business. 
Page 6

 


TOUCHLIGHT GENETICS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCHLIGHT GENETICS LIMITED (CONTINUED)


We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: 
had a direct effect on the determination of material amounts and disclosures in the financial statements. This  included UK Companies Act and tax legislation; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance. 

Report on other legal and regulatory requirements

Opinions 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

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 any material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.
 
Page 7

 


TOUCHLIGHT GENETICS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCHLIGHT GENETICS LIMITED (CONTINUED)



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.





Julian Rae (Senior Statutory Auditor)
for and on behalf of
Deloitte LLP 
Cambridge
Statutory Auditor
Cambridge

20 March 2025
Page 8

 


TOUCHLIGHT GENETICS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Restated 
(see note 21)
2022
Note
£
£

  

Turnover
 4 
15,877,230
12,469,433

Cost of sales
  
(14,890,072)
(11,328,678)

Gross profit
  
987,158
1,140,755

Administrative expenses
  
(3,311,361)
(2,497,283)

Other operating income
 5 
1,130,028
379,870

Operating loss
  
(1,194,175)
(976,658)

Interest receivable and similar income
 10 
2,822
259

Loss before tax
  
(1,191,353)
(976,399)

Tax on loss
 11 
(168,144)
134,837

Loss for the financial year
  
(1,359,497)
(841,562)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,359,497)
(841,562)

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 


TOUCHLIGHT GENETICS LIMITED
REGISTERED NUMBER:06422158



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated
(see note 21)
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
4,218,369
2,588,383

Tangible assets
 13 
364,134
430,088

Investments
 14 
2
2

  
4,582,505
3,018,473

Current assets
  

Stocks
 15 
-
8,878

Debtors: amounts falling due within one year
 16 
16,933,590
3,745,847

Cash at bank and in hand
  
1,089,420
474,647

  
18,023,010
4,229,372

Creditors: amounts falling due within one year
 17 
(30,507,969)
(15,548,158)

Net current liabilities
  
 
 
(12,484,959)
 
 
(11,318,786)

Total assets less current liabilities
  
(7,902,454)
(8,300,313)

  

Net liabilities
  
(7,902,454)
(8,300,313)


Capital and reserves
  

Called up share capital 
 19 
6,566
6,566

Share premium account
 20 
6,930,907
6,930,907

Other reserves
 20 
3,366,187
1,608,831

Profit and loss account
 20 
(18,206,114)
(16,846,617)

  
(7,902,454)
(8,300,313)


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




J Ohlson
Director

Date: 20 March 2025

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 


TOUCHLIGHT GENETICS LIMITED
 



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


Called up share capital
Share premium account
Share option reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022 (as previously stated)
6,566
6,930,907
427,970
(15,755,974)
(8,390,531)

Prior year adjustment - correction of error (note 21)
-
-
249,081
(249,081)
-


At 1 January 2022 (as restated)
6,566
6,930,907
677,051
(16,005,055)
(8,390,531)


Comprehensive income for the year

Loss for the year (as restated)

-
-
-
(841,562)
(841,562)
Total comprehensive income for the year
-
-
-
(841,562)
(841,562)


Contributions by and distributions to owners

Share based payment expense (prior year adjustment)
-
-
1,026,170
-
1,026,170

Fair value of share options lapsed during the year
-
-
(94,390)
-
(94,390)



At 1 January 2023 (as previously stated)
6,566
6,930,907
333,580
(15,571,366)
(8,300,313)

Prior year adjustment - correction of error (note 21)
-
-
1,275,251
(1,275,251)
-


At 1 January 2023 (as restated)
6,566
6,930,907
1,608,831
(16,846,617)
(8,300,313)


Comprehensive income for the year

Loss for the year

-
-
-
(1,359,497)
(1,359,497)
Total comprehensive income for the year
-
-
-
(1,359,497)
(1,359,497)


Contributions by and distributions to owners

Share based payment expense
-
-
1,757,356
-
1,757,356


At 31 December 2023
6,566
6,930,907
3,366,187
(18,206,114)
(7,902,454)


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 


TOUCHLIGHT GENETICS LIMITED
 


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

1.


General information

Touchlight Genetics 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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Touchlight Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Morelands and Riverdale Buildings, Lower Sunbury Road, Hampton, TW12 2ER.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The Company is consolidated within the group accounts of Touchlight Holdings Limited. The address and principal place of business is Morelands & Riverdale Buildings, Lower Sunbury Road, Hampton, TW12 2ER.

Page 12

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Going concern

At 31 December 2023, the company had a deficit on shareholders' funds amounting to £7,902,454 (Restated 2022: £8,300,313), following a loss for the year of £1,359,497 (Restated 2022: £841,562). 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. Accordingly, the directors believe that the financial statements should be prepared on a going concern basis. 
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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the accounts are rounded to the nearest £ 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.

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.

Page 13

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Operating leases

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

 
2.8

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.

  
2.9

Research and development tax credits

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

 
2.10

Grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. 
The deferred element of grants is included in creditors as deferred income.

Page 14

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Interest income

Interest income is recognised in the Statement of Comprehensive Income on a receivable basis.

  
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.13

Allocation of staff costs

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

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Share-based payments

Touchlight Holdings Limited ( 'the parent company') operates an Enterprise Management Investment Scheme, in which employees of the group hold options to subscribe for ordinary shares as granted by the parent company. The parent company also has other option schemes in which share options to subscribe for ordinary shares are awarded to selected employees, consultants and associates of the parent company and other companies in the group. The contractual life of all outstanding share options is until the day before the tenth anniversary of the original grant date.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income. Where share options previously awarded to employees lapse, the fair value of these options at the date of grant are credited to the Statement of Comprehensive Income. 
The fair value of the award also takes into account non- vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with the fair value of goods and services received, allocated based on the group's use of the services.

 
2.16

National Insurance on share options

To the extent that the share price at the reporting date is greater than the exercise price on certain options granted under unapproved schemes, provision for any National Insurance contributions has been made based on the prevailing rate of National Insurance. The provision is accrued over the performance period attaching to the award.

Page 15

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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. Amortisation is shown in the profit or loss.

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 - 10 years

Assets in the course of construction are not amortised until they are brought into use. At each reporting date the company 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.

 
2.19

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 16

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)


2.19
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:

Short-term leasehold property
-
10 years
Plant and machinery
-
5 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.

 
2.20

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.21

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.

 
2.22

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.

 
2.23

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.24

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 17

 


TOUCHLIGHT GENETICS LIMITED
 


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

2.Accounting policies (continued)

 
2.25

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

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 Statement of Comprehensive Income. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. 

The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. 
Convertible preference shares are separated into liability and equity components based on the terms of the contract. Convertible preference shares with a cumulative dividend stream that do not result in a fixed number of equity shares on conversion are accounted for as a financial liability at fair value through profit and loss with no equity component.

 
2.26

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other facts, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Valuation of the share options
As the shares in the parent company are not publicly traded, the directors estimate the fair value of the share options on the date on which they are granted. In estimating the fair value of the share options, the directors have regard to the share price of the most recent issue of shares prior to issuing the shares, the results of recent fundraising, forward forecasts, the net assets of the group and the prevailing economic and market conditions at the date the option is granted.
 
Page 18

 


TOUCHLIGHT GENETICS LIMITED
 


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

3.Judgments in applying accounting policies (continued)

(ii) Deferred tax
Deferred tax assets are only recognised as far as it is probable that the group will have future taxable profits against which the asset can be offset. For deferred tax assets on tax losses carried forward, the group considers future revenue forecasts and the time frame within which the group expects to generate profits to utilise the losses. Deferred tax assets are reviewed at each year end and derecognised if it is no longer probable that there will be taxable profits against which the assets can be utilised.


4.


Turnover

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


2023
2022
£
£

Sale of services to other Group entities
15,877,230
12,469,433

15,877,230
12,469,433


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Grants receivable
1,022,758
379,870

Sundry income
107,270
-

1,130,028
379,870


All of the grant income is in respect of specific projects carried out by the Company. 


6.


Operating loss

The operating loss is stated after charging:

2023
Restated
2022
£
£

Depreciation
128,814
139,895

Research & development charged as an expense
1,086,153
40,612

Exchange differences
4,819
(30,289)

Other operating lease rentals
113,315
193,538

Share-based payment expense
1,757,356
931,780

Amortisation
219,280
-

Page 19

 


TOUCHLIGHT GENETICS LIMITED
 


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

7.


Auditors' remuneration

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


2023
2022
£
£


Audit of the Company's financial statements
34,000
26,192


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£



Wages and salaries
10,013,345
8,233,615

Social security costs
1,125,764
964,737

Cost of defined contribution scheme
440,313
374,999

11,579,422
9,573,351

The Company employs staff, on behalf of the other Touchlight group companies, and recharges staff costs to the other group entities. This note displays the gross employment costs to Touchlight Genetics.
The share based payment expense in the period, in connection with employees of the Group amounted to £1,757,356 (Restated 2022: £931,780) 

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


2023
2022
No.
No.



Administrative staff
28
23

Scientific staff
121
94

149
117

Page 20

 


TOUCHLIGHT GENETICS LIMITED
 


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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
374,000
400,491

Company contributions to defined contribution pension schemes
18,152
20,258

392,152
420,749


During the year retirement benefits were accruing to 2 directors (2022: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £204,000 (2022: £218,450). 
The value of the companies contributions paid to a defined contribution pension scheme in respect of the highest paid director amounts to £9,860 (2022: £11,050)
The share based payment expense in the period, in connection with directors of the Group amounted to £609,584 (Restated 2022: £341,500) 


10.


Interest receivable

2023
2022
£
£


Other interest receivable
2,822
259

2,822
259


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(44,929)
(134,837)

Adjustments in respect of previous periods
(56,927)
-


Total current tax
(101,856)
(134,837)

Deferred tax


Deferred tax asset write off
270,000
-

Total deferred tax
270,000
-


Tax on loss
168,144
(134,837)
Page 21

 


TOUCHLIGHT GENETICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.5% (2022:19%). The differences are explained below:

2023
Restated
2022
£
£


Loss on ordinary activities before tax
(1,191,353)
(976,399)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
(280,213)
(185,516)

Effects of:


Expenses not deductible for tax purposes
419,713
338,102

Capital allowances for year in excess of depreciation
(4,951)
(134,901)

Research and development expenditure credits
32,990
-

Surrender of tax losses for R&D tax credit refund
93,548
-

Adjustments to tax charge in respect of prior periods
(56,927)
-

Adjustments to tax charge in respect of prior periods - deferred tax
11,938
-

Movement in deferred tax not recognised
68,280
-

Income not deductible for tax purposes
(25,279)
-

Additional deduction for R&D expenditure
(46,025)
-

Research and development tax credits
(44,930)
-

Unrelieved tax losses carried forward
-
(151,832)

Additional relief due to research and development and patent box
-
(690)

Total tax charge for the year
168,144
(134,837)

Restatements - see note 21
As a result of the prior year adjustment, for the year ended 31 December 2022. Being an increase in the share based payment expense reported in administrative expenses of £1,026,170, expenses not deductible for tax purposes has decreased by £203,201, this being 19% of the total adjustment.


Factors that may affect future tax charges

The Company has tax losses amounting to approximately £7,893,107 (2022: £7,122,728) available to carry forward against future profits. The headline rate of corporation tax increased to 25% from 1 April 2023. Therefore, the deferred tax asset relating to the losses carried forward has been calculated at the rate of 25% (2022: 25%). At 31 December 2023, the deferred tax asset amounted to approximately £1,973,277 (2022: £1,780,682) for the Company. No deferred tax asset has been recognised in these financial statements due to uncertainty over the timing of recoverability of the asset.

Page 22

 


TOUCHLIGHT GENETICS LIMITED
 


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

12.


Intangible assets




Assets in the course of construction
Computer software
Total

£
£
£



Cost


At 1 January 2023
2,473,711
114,672
2,588,383


Additions
1,772,621
76,645
1,849,266


Intra-group transfers
(4,246,332)
4,246,332
-



At 31 December 2023

-
4,437,649
4,437,649



Amortisation


Charge for the year
-
219,280
219,280



At 31 December 2023

-
219,280
219,280



Net book value



At 31 December 2023
-
4,218,369
4,218,369



At 31 December 2022
2,473,711
114,672
2,588,383

At the point of completion, assets in the course of construction are reclassified to computer software. 



Page 23

 


TOUCHLIGHT GENETICS LIMITED
 


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

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
202,049
965,072
1,167,121


Additions
-
62,860
62,860


Disposals
-
(1,999)
(1,999)



At 31 December 2023

202,049
1,025,933
1,227,982



Depreciation


At 1 January 2023
53,150
683,883
737,033


Charge for the year
20,205
108,609
128,814


Disposals
-
(1,999)
(1,999)



At 31 December 2023

73,355
790,493
863,848



Net book value



At 31 December 2023
128,694
235,440
364,134



At 31 December 2022
148,899
281,189
430,088


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2




Page 24

 


TOUCHLIGHT GENETICS 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

Principal activity

Class of shares

Holding

Touchlight Aquaculture Limited
Morelands and Riverdale Buildings
Lower Sunbury Road
 Hampton 
TW12 2ER
Developing vaccines for the aquaculture market
Ordinary
60%
 
TGL-200 Limited
 
Morelands and Riverdale Buildings
Lower Sunbury Road
 Hampton
TW12 2ER
Dormant
 
Ordinary

100%
 
TGL-210 Limited
 
Morelands and Riverdale Buildings
Lower Sunbury Road
 Hampton
TW12 2ER
Dormant
 
Ordinary

100%


15.


Stocks

2023
2022
£
£

Raw materials and consumables
-
12,362

Long-term contract balances
-
(3,484)

-
8,878



16.


Debtors

2023
2022
£
£


Trade debtors
38,178
48,255

Amounts owed by group undertakings
12,944,845
-

Other debtors
3,606,604
3,145,728

Tax recoverable
343,963
281,864

Deferred taxation
-
270,000

16,933,590
3,745,847


Other debtors is primarily made up of prepaid expenses, and also includes balances for accrued income and other receivables. 

Page 25

 


TOUCHLIGHT GENETICS LIMITED
 


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

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
428,619
455,772

Amounts owed to group undertakings
27,207,950
11,613,764

Other taxation and social security
385,141
531,384

Other creditors
2,486,259
2,947,238

30,507,969
15,548,158


Other creditors is primarily made up of accrued expenses, and also includes balances for deferred income and other payables. 
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. 


18.


Deferred taxation




2023


£






At beginning of year
270,000


Deferred tax asset write off
(270,000)



At end of year
-

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,101,781
270,000

Short term timing differences
33,157
-

Fixed asset timing differences
(1,134,938)
-

-
270,000

No provision has been made for tax losses in the financial statements where there is not certainty over the recoverability of the amount. The amount of unprovided tax at the end of year was £1,973,277.
The brought forward deferred tax asset has been written off, as according to the companies cashflow forecasts, a profit will not be made in the foreseable future, to enable carried forward tax losses to be utilised. Deferred tax will be recognised when there is greater certainty of future profits.
Please see note 21 for more detail. 


19.


Share capital

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TOUCHLIGHT GENETICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
Allotted, called up and fully paid



656,567 (2022: 656,567) Ordinary shares of £0.01 each
6,566
6,566

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.



20.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued, less transaction costs.

Share option reserve

This reserve reflects movements on the share options granted by the parent Company.

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Prior year adjustment

The comparative figures in the primary statements and notes have been restated to reflect the prior period error.
During the current financial year, the directors identified an error in the prior periods financial statements. Due to an oversight in the valuation of options granted within the parent company of Touchlight Genetics Limited, where the share based payment expense has been understated. Within these statutory accounts, this has resulted in a prior year adjustment which increased the profit and loss account and the share option reserves by £1,275,251, for the year ended 31 December 2022. Administrative expenses for the year ended 31 December 2022 has increased by £1,026,170. The opening share option reserve as at 31 December 2022 has increased by £249,081 as a result of the adjustment to expenditure in prior periods. There is no tax impact as a result of this adjustment
The effects of the prior period error are summarised below:





  As previously
               stated
          Restated
      Adjustment
£
£
£


Called up share capital
6,566
6,566
-

Share premium account
6,930,907
6,930,907
-

Share option reserve
333,580
1,608,831
1,275,251

Profit and loss account
(15,571,366)
(16,846,617)
(1,275,251)

(8,300,313)
(8,300,313)
-

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TOUCHLIGHT GENETICS LIMITED
 


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

22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,275 (2022: £4,134). Contributions totalling £88,688 (2022: £129,129) were payable to the fund at the reporting date and are included in creditors.


23.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
495,000
350,000

Later than 1 year and not later than 5 years
1,980,000
350,000

Later than 5 years
15,946,911
-

18,421,911
700,000


24.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 £473,399 (2022: £224,365).


25.


Related party transactions

The company has taken advantage of the exemptions provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.
During the year, the company paid £430,187 (2022: £350,000) to a shareholder of the parent company in respect of rent for the premises occupied by the company. In addition, the company incurred expenses on behalf of that shareholder amounting to £Nil (2022: £1,164,768) . At 31 December 2023 the balance due from that shareholder to the company was £Nil ( 2022: £2,655,000) . The balance is unsecured, interest free and repayable on demand.
During the year, professional fees were paid to a firm in which a director had an economic interest, amounting to £3,855 (2022: £104,550). At 31 December 2023, £Nil (2022: £Nil) was due from the Company to the firm. The director has since disposed of his interest. 
At 31 December 2023, £Nil (2022: £5,823) was due to the Company from the subsidiary undertaking. The balance due to the group was unsecured, interest free and repayable on demand. In addition, the Company advanced a further £18,000 (2022: £78,000) to the indirect subsidiary during the year, which has been fully provided for in these financial statements.

26.


Controlling party

The smallest and the largest group in which the results of Touchlight Genetics Limited are consolidated is Touchlight Holdings Limited, a Company registered in the UK. The consolidated financial statements of this group may be obtained from Morelands and Riverdale Buildings, Lower Sunbury Road, Hampton TW12 2ER.

 
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