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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
COMPANY INFORMATION
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LIGHTCAST DISCOVERY LTD
CONTENTS
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LIGHTCAST DISCOVERY LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report of Lightcast Discovery Ltd (the "Company") for the year ended 31 December 2024.
The Company is a life science tools company developing a novel single-cell functional analysis platform. It allows users to control and profile massively parallel and sequential droplet-based assays, with end-to-end tracking and live cell recovery for downstream applications. This flexible droplet-based platform can load, select, process, analyze tens of thousands to potentially hundreds of thousands of individual cells and then recover assayed cells. Unlike standard microfluidic methods, Lightcast’s platform offers greater flexibility to analyze a wide range of cell types and assays, as well as the precision to meticulously control and monitor the number, occupancy, location, and movement of each droplet. The unprecedented flexibility, scalability, and control of this approach will streamline workflows for drug discovery and development, and promote translational and basic research advancements. The product under development comprises a benchtop bio-tool, a consumable microfluidic cartridge, consumable reagents and transport media, and software for instrument control and workflow generation and analysis.
Through 2024, the Company continues to make progress in development, operations and the first steps towards commercialization for instrument, consumable, and services revenue streams. The Company has engaged with customers through its “Luminary” early-access programme, a programne to build awareness while engaging right-minded early access partners to work with us through final development, build early advocacy, and deliver accelerated conversion to early sales ramp into 2025. During our stealth year, revenue for 2024 was £396,071 (2023: £417,627).
In product development, a key focus in the period was to bring up the first batch of pre-production prototype instruments through to CE marking testing, allowing these instruments to be delivered to customers. As well as the instrument, the Company has been developing and commissioning the consumable cartridge to ensure a good supply and consistent quality to support a beta and early access program. In operations, the Company leased and set up a new manufacturing assembly site close to the development offices in Cambridge, providing a dedicated location for the assembly of the instrument and to perform final assembly and test of the consumable cartridges. We did experience some development delays in 2024, particularly with the reliability of the microfluidic cartridge. Although delayed, there has recently been excellent progress in resolving the development issues and so our go-to-market plan now sees our product launch phase in H1 of 2025. To support the increasing commercialisation, the Company focused on market development working with a small number of research centers, and increase their presence at relevant conferences.
The directors are responsible for managing risks and uncertainties, paying attention to market forecasts and trends and keeping close relationships with their customers. The key risks and the Company's approach to managing them is outlined below:
Commercial risks The Company's current and potential competitors may compete by offering similar or entirely different competing technologies, products and services and there can be no assurance that these will not be more effective than those developed and offered by the Company. The Company is investing in commercial resources, in both UK/Europe and the USA, and encourages the development of strong long-term relationships with its customers.
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LIGHTCAST DISCOVERY LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Product pipeline The Company's research and development projects are experimental in nature and may have unpredictable and unknown outcomes. Project failure or delay may impact on the ability of the Company to commercialise such research and development activity or may impact the timing of product release and consequent revenue workstreams. To reduce the risk of product failure, the Company maintains diversity in its operational structure, employs talented staff and engages early with potential users of its technology to help ensure that it meets or exceeds market expectations. Intellectual property risk and litigation The Company employs a variety of proprietary and patented technologies. We seek to protect our intellectual property rights and to enhance the value of the Company by a combination of patents, trade marks, confidentiality and licence agreements and by other contracts. We cannot provide any assurance that the intellectual property rights that we own, or license provide protection from competitive threats or that we would prevail in any challenge posed to our intellectual property rights. In addition, we cannot provide any assurances that we will be successful in obtaining and retaining licenses or patents over our inventions and discoveries in the future. Further, our products and services may be claimed to infringe patents or other intellectual property rights owned by other parties. Similarly, we may face claims brought by third parties in relation to the way in which we run or manage our business or safeguard confidential or personal data. We do, however, take all steps reasonably necessary or desirable for the fullest protection of all IP and know-how used by which is material to the business of the Company. Dependence on key personnel Failure to retain key members of staff or to attract individuals with the right skill and experience sets could adversely affect the operation of the business and the success of its research and development or commercial projects. The Company has sought to reduce this risk by offering an attractive working environment and by appropriate reward and recognition of staff and long-term incentive schemes. The Company also has Key Man insurance in place for certain employees and officers. R&D and manufacturing capacity There is a risk that if the Company's facilities or equipment were damaged or destroyed, or if it experiences a significant disruption in its operations for any reason, its ability to continue to operate the business could be materially reduced. The Company is mitigating this risk through having multiple locations, with the US and UK spaces each able to support customer applications development and the two UK locations able to support instrument development. With the loss of any location this significantly reduces ability to deliver both product development and product revenue, and hence business interruption insurance has been put in place to cover such losses. Economic risk The global supply chain challenges witnessed in previous years have somewhat reduced, however the sourcing of critical components, the supply of energy, and the cost of general consumables will continue to be a prudent focus for the company as we keep abreast of world events, e.g. Ukraine war, Middle East disputes. Furthermore, changes in Government, both in the UK, Europe and USA, are keenly observed to understand the impact on investment in the life science markets in general, on trade restrictions and tariffs, and employment costs.
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LIGHTCAST DISCOVERY LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial risks The Company is exposed to financial market risks in the ordinary course of its business, including some credit risk and foreign currency exchange risk. This mitigated by due diligence with customers and working with accredited third parties to optimize currency transactions whilst minimizing risk and exposure. Whilst the main trading and reporting currency is that of the parent company in GBP, the company does have a subsidiary company in the USA (Lightcast Discovery, Inc.) and will increasingly trade in US Dollars. To date the Company has not entered into any foreign currency hedging contracts, although it may do so in the future. The Company, having completed its Series B funding in July 2024, continues to invest in the expansion of the business, with investment in both product and services innovation and in its commercial infrastructure. It is loss-making at present and requires continued financial resources to increase its commercial and operational activities. The directors monitor the Company's cash utilization on an ongoing basis to ensure that an appropriate lead time for obtaining further funding is maintained. Several budget scenarios have been prepared to ensure the directors and executive management team understand the financial risks around operation and commercialization through 2025 and the following year. Post the Company's Series B fund raising, the directors believe that the current financial resources are sufficient to fund operations for at least 12 months from the approval of the financial statements. The Directors recognise that as the budgeted scenarios are reliant upon significant sales growth as the Group enters its commercial phase, these give rise to a material uncertainty which may cast significant doubt on its ability to continue as a going concern. However, based upon historic trends of investor support and actions planned by management, they believe it remains appropriate to prepare the financial statements on the going concern basis.
The management objectives for the Company are controlling expenditure in line with budgets approved by the directors and ensuring that the Company has adequate cash facilities and cash flows to fund operations. The main financial key performance indicators are considered to be earnings before interest, taxation, depreciation and amortization (EBITDA) excluding share based payment, of (£19,207,296) (2023: (£19,100,215)) and a year-end cash balance of £16,526,120 (2023: £11,242,729).
This report was approved by the board and signed on its behalf.
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LIGHTCAST DISCOVERY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors who served during the year were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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 year, after taxation, amounted to £18,631,959 (2023 - loss £16,799,727).
As the Group enters its commercial phase, the Directors recognise that there is a material uncertainty which may cast significant doubt on its ability to continue as a going concern. However, based upon historic trends of investor support and actions planned by management, they believe it remains appropriate to prepare the financial statements on the going concern basis.
The Company will continue to enhance its product offerings as it moves towards full commercialization, focusing customer applications in Europe and North America.
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LIGHTCAST DISCOVERY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company’s R&D activities are focused on two areas: engineering improvements to the benchtop bio-tool and software for instrument control, workflow generation and data analysis; designing a consumable microfluidic cartridge, consumable reagents and transport media.
A prior year adjustment has been identified in relation to the share-based payment reserve. The share-based payment charge and the loss for the year to 31 December 2023 have decreased by £1,106,342. The profit and loss account at 1 January 2024 has increased by £1,106,342 and other reserves have decreased by the same amount.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LIGHTCAST DISCOVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTCAST DISCOVERY LTD
We have audited the financial statements of Lightcast Discovery Limited (the 'parent Company') and its subsidiary (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and 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).
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 Group 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.
We draw attention to note 2.3 in the financial statements, which indicates that the forecasts prepared for the Group are reliant upon the achievement of significant sales growth as the Group enters its commercialisation phase. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the Directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included reviewing and stress testing cashflow forecasts and budgets.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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LIGHTCAST DISCOVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTCAST DISCOVERY LTD (CONTINUED)
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 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group 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 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 Directors' Report.
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LIGHTCAST DISCOVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTCAST DISCOVERY LTD (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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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
201 Cumnor Hill
Cumnor
Oxfordshire
OX2 9PJ
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LIGHTCAST DISCOVERY LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
REGISTERED NUMBER: 11830666
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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LIGHTCAST DISCOVERY LTD
REGISTERED NUMBER: 11830666
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
REGISTERED NUMBER: 11830666
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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LIGHTCAST DISCOVERY LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIGHTCAST DISCOVERY LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LIGHTCAST DISCOVERY LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lightcast Discovery Limited was incorporated on 15 February 2019 in the United Kingdom as a Private Limited Company and is limited by shares. The registered office is Broers Building, 21 J J Thomson Avenue, Cambridge, United Kingdom, CB3 0FA. The principal activity of the Company is that of the development of next generation microfluidic technology.
2.Accounting policies
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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are, therefore, eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. During the year, the Group made a loss of £18,631,959 (2023 as restated: £16,799,727) and had net assets at 31 December 2024 of £20,375,327 (2023: £15,014,425) including cash and cash equivalents of £16,526,120 (2023: £11,242,729). The Directors have prepared budgets and forecasts assessing the required resources to continue in operational existence for the foreseeable future. This includes consideration of sales conversion and the continued growth and development of the Group. The Group has introduced a range of measures to ensure a continued supply of products and services to its customers and is continuing to invest in its research and development activities. The Directors consider these budgets and forecasts to be achievable, however, the Directors have considered alternative scenarios which continue to demonstrate the Group remaining cash positive for a period of at least 12 months from the approval of these financial statements. Nonetheless, the Directors recognise that as these scenarios are reliant upon significant sales growth as the Group enters its commercial phase, these give rise to a material uncertainty which may cast significant doubt on its ability to continue as a going concern. However, based upon historic trends of investor support and actions planned by management, they believe it remains appropriate to prepare the financial statements on the going concern basis.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the assets and projected disposal values. Share based payment The fair value of the share options at the date of grant is determined using the Black-Scholes model. This model uses key assumptions including the risk free rate, share price and volatility of the share price. The fair value of the options at the date of grant is then charged to the Consolidated Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that ultimately the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Other reserves
Profit and loss account
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIGHTCAST DISCOVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A prior year adjustment has been identified in relation to the share-based payment reserve. The share-based payment charge and the loss for the year to 31 December 2023 have decreased by £1,106,342. The profit and loss account at 1 January 2024 has increased by £1,106,342 and other reserves have decreased by the same amount.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £513,290 (2023: £361,696). Contributions totalling £93,968 (2023: £73,527) were payable to the fund at the reporting date and are included in creditors.
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