Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseLLP01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC440534 2023-01-01 2023-12-31 OC440534 2022-01-06 2022-12-31 OC440534 2023-12-31 OC440534 2022-12-31 OC440534 c:CurrentFinancialInstruments 2023-12-31 OC440534 c:CurrentFinancialInstruments 2022-12-31 OC440534 c:CurrentFinancialInstruments 2 2023-12-31 OC440534 c:CurrentFinancialInstruments 2 2022-12-31 OC440534 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC440534 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC440534 e:FRS102 2023-01-01 2023-12-31 OC440534 e:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC440534 e:FullAccounts 2023-01-01 2023-12-31 OC440534 e:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC440534 c:Subsidiary1 2023-01-01 2023-12-31 OC440534 c:Subsidiary1 1 2023-01-01 2023-12-31 OC440534 6 2023-01-01 2023-12-31 OC440534 e:PartnerLLP3 2023-01-01 2023-12-31 OC440534 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC440534 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC440534 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC440534 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC440534 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


Registered number: OC440534












SERAPHIM SPACE ENTERPRISE LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


 
REGISTERED NUMBER:OC440534
SERAPHIM SPACE ENTERPRISE LLP

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
236,327
232,600

  
236,327
232,600

Current assets
  

Debtors: amounts falling due within one year
 5 
1,439,786
464,004

Bank and cash balances
  
63,195
289,463

  
1,502,981
753,467

Creditors: Amounts Falling Due Within One Year
 6 
(15,708)
(12,167)

Net current assets
  
 
 
1,487,273
 
 
741,300

  

Net assets attributable to members
  
1,723,600
973,900


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
1,723,481
973,789

  
1,723,481
973,789

Members' other interests
  

Members' capital classified as equity
  
119
111

  
 
119
 
111

  
1,723,600
973,900


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(269,810)
(108,457)

Loans and other debts due to members
 7 
1,723,481
973,789

Members' other interests
  
119
111

  
1,453,790
865,443


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
Page 1


 
REGISTERED NUMBER:OC440534
SERAPHIM SPACE ENTERPRISE LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


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 24 September 2024.




R Desborough
Designated member

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 

SERAPHIM SPACE ENTERPRISE LLP

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

1.


General information

Seraphim Space Enterprise LLP is a limited liability partnership incorporated in the UK with registered number OC440534 in England and Wales.
The principal activity of the LLP is disclosed in the Members' report.
The LLP's registered address is 63/66 Hatton Garden, 5th floor, Suite 23, London EC1N 8LE.

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 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 FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP'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:

 
2.2

Going concern

After making enquiries and considering the cash runway of the LLP, the members have a reasonable expectation that the LLP has adequate resources to continue in operation for the foreseeable future. Accordingly, the members continue to adopt the going concern basis in preparing the annual report and financial statements.

Page 3

 

SERAPHIM SPACE ENTERPRISE LLP

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

2.Accounting policies (continued)

 
2.3

Division and distribution of profits

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the statement of comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

As set out in the Partnership Agreement, profits will be distributed on the basis of each member's profit share percentage. Until such time as all Loan commitments have been repaid, all profits available shall be applied as follows:
1) 50% in repayment of Loan Commitments.
2) 50% to Founder Member's Pro-rata to their respective profit share percentage entitlements.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Typically, market value of unlisted investments are stated at historic cost less impairment. Where market value of investments can be reliably determined, these are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. 

 
2.5

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.

 
2.6

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.

 
2.7

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 4

 

SERAPHIM SPACE ENTERPRISE LLP

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

2.Accounting policies (continued)

  
2.8

Taxation

No provision for tax has been made as each member will be responsible for their own tax liability.

  
2.9

Loan Commitments

The Members have contributed loan commitments to the Partnership. These loans are interest free and repayable by profit allocations made to the members as disclosed under note 2.3.
Should the partnership be wound up, after payment of all creditors and expenses, the remaining surplus would be distributed in accordance with note 2.3.
 The Partners have elected to show these amounts as loans.


3.


Employees

The average monthly number of employees during the period was 0 (2022: 1).


4.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
100
232,500
232,600


Additions
-
3,727
3,727



At 31 December 2023
100
236,227
236,327





Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Registered office

Class of shares

Holding

Seraphim Space Camp Accelerator Ltd
UK
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the Period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Seraphim Space Camp Accelerator Ltd
(1,061,291)
(732,993)

Page 5

 

SERAPHIM SPACE ENTERPRISE LLP

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

5.


Debtors

2023
2022
£
£


Trade debtors
4,200
-

Amounts owed by group undertakings
1,157,432
350,000

Other debtors
203
112

Prepayments and accrued income
8,141
5,435

Amounts due from members
269,810
108,457

1,439,786
464,004



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
4,637
6,787

Other creditors
700
700

Accruals and deferred income
10,371
4,680

15,708
12,167



7.


Loans and other debts due to members


2023
£



Other amounts due to members
1,723,481

1,723,481

Loans and other debts due to members may be further analysed as follows:

2023
£



Falling due within one year
1,723,481

1,723,481

Loans and other debts due to members rank after debts due to ordinary creditors in the event of a winding up.

Page 6

 

SERAPHIM SPACE ENTERPRISE LLP

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

8.


Related party transactions

During the year, warrant and equity shares were acquired from a group undertaking for cash consideration of £2,420. (2022: £232,500).


9.


Controlling party

There is no ultimate controlling party.

Page 7