The desktop LR 5 has the functions whether licensed via a serial number or via a CC login (the two flavors). The CC-licensed flavor has the additional capability of syncing photos to the cloud for either viewing online at lightroom.adobe.com or via editing using LR Mobile on an iPad (so far, Android eventually).
So the CC-licensed version of LR5 has slightly more functionality than the serial-number-licensed version. It’s hardly a “lite” version.
Perhaps you’re thinking of LR Mobile as the CC version? Precision of language would be helpful, then.