Registered number: OC403037
SERAPHIM SPACE MANAGER LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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REGISTERED NUMBER:OC403037
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SERAPHIM SPACE MANAGER LLP
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 July 2024.
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REGISTERED NUMBER:OC403037
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SERAPHIM SPACE MANAGER LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The notes on pages 3 to 9 form part of these financial statements.
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Seraphim Space Manager LLP Is a limited liability partnership incorporated in the UK and registered in England and Wales.
The principal activity of the LLP is disclosed in the Members' report.
The LLP's registered address is 2nd Floor One Fleet Place, London, England, EC4M 7WS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgment in applying the entity's accounting policies. Due to the straight forward nature of the business management consider that no critical judgments have been made in applying the entity's accounting policies.
The LLP is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the LLP as an individual undertaking and not about its group.
The following principal accounting policies have been applied:
After making enquiries and considering the cash runway and current performance of, the portfolio companies in the SSIT portfolio, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the members continue to adopt the going concern basis in preparing the annual report and financial statements.
Turnover comprises revenue recognised by the LLP in respect of investment management and
performance fees net of valued added tax. Management fees are recognised as they accrue across
the year. Performance fees are recognised on crystallisation.
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.
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
The estimated useful lives range as follows:
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Long-term leasehold property
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
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.
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Related party transactions
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The LLP is exempt under section 33 of FRS102 from disclosing transactions or balances between wholly owned group companies.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits both automatically and discretionarily. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Profit and loss account. Discretionary divisions of profits are recognised as amounts due to members, although these were used to offset amounts which were drawn by members in the past, we re recognised as loan assets repayable.
Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Reconciliation of Member's interests, pending a discretionary decision to distribute the profits.
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The average monthly number of employees, during the year was 8 (2023 - 8).
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Long-term leasehold property
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Charge for the year on owned assets
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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The following were subsidiary undertakings of the LLP during the financial year, their holdings as at 31 March 2024 is disclosed as follows:
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Generation Space LLC (formerly Seraphim (USA) LLC)
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Seraphim Space (General Partner) LLP*
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The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Generation Space LLC (formerly Seraphim (USA) LLC)
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Seraphim Space (General Partner) LLP
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During the year Seraphim Space GP Ltd, Seraphim Space (General Partners) LLP, and D-Orbit S.A. were wound up during the year.
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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SERAPHIM SPACE MANAGER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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During the year the LLP accrued management fees of £nil, 2023: £nil from Seraphim Space GP Ltd. An amount of £nil, 2023: £nil was due from Seraphim Space GP Ltd at the year end in respect of these fees.
The LLP also accrued £nil (2023: £6,250) in respect of monitoring fees charged to the fund.
During the year management fees of £2,805,715 (2023: £3,003,204) were earned from Seraphim Space Investment Trust plc. At the year end, a balance of £nil (2023: £nil) remains outstanding in relation to these fees.
During the year the LLP recharged a net amount of £95,727 (2023: 143,223) to Seraphim Space Investment Trust plc. At the year end, a balance of £16,791 (2023: £39,363) is due to be recovered.
During the year the LLP recharged an amount of £30,797 (2023: £153,118) to Seraphim Space Camp Accelerator Ltd. At the year end, a balance of £10,960 (2023:£3,674) remains to be recovered in respect of these fees.
Consultancy fees of £140,285 (2023: £nil) were charged to the LLP from Seraphim Space Camp Accelerator. At the year end, a balance of £nil (2023: £nil) remains to be recovered in respect of this.
During the year the LLP recharged £nil (2023: £780) to Seraphim Space (FP) LLP, a related entity. At the year end, a balance of £nil (2023: £nil) remains outstanding.
During the year the LLP recharged £6,924 (2023: £6,887) to Seraphim Space Enterprise LLP. At the year end, a balance of £1,285 (2023: £708) was due to be recovered in respect of these fees.
During the year the LLP recharged a total amount of £2,473 (2023: £16,889) to Generation Space LLC formerly Seraphim (USA) LLC and incurred Costs of £261,819 (2023: £140,000) on behalf of the LLP from Generation Space LLC. At the year end, a balance of £78 (2023: £648) remains to be recovered from Generation Space LLC in respect of these fees. During the year, Seraphim invested £nil (2023: £nil) of share capital into the subsidiary. Additionally, they provided a loan of £106,689 (2023: £237,701) which is still yet to be recovered at the year end.
During the year the LLP incurred amounts of £13,881 (2023: £13,063) on behalf of a potential new investment entity which will be a related entity. At the year end, an amount of £13,881 (2023: £13,063) is yet to be recharged.
During the year the LLP incurred amounts totalling £252,776 (2023: nil) on behalf of a new fund, Seraphim Space Ventures II LP. At the year end, a balance of £252,776 (2023: £32,502) was yet to be invoiced.
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The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 24 July 2024 by Richard Hinton (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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