Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-018falseManager LLP for Seraphim Space Investment Trust8falsetruefalse OC403037 2023-04-01 2024-03-31 OC403037 2022-04-01 2023-03-31 OC403037 2024-03-31 OC403037 2023-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2023-04-01 2024-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2024-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2023-03-31 OC403037 c:ComputerEquipment 2023-04-01 2024-03-31 OC403037 c:ComputerEquipment 2024-03-31 OC403037 c:ComputerEquipment 2023-03-31 OC403037 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC403037 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC403037 c:CurrentFinancialInstruments 2024-03-31 OC403037 c:CurrentFinancialInstruments 2023-03-31 OC403037 c:CurrentFinancialInstruments 2 2024-03-31 OC403037 c:CurrentFinancialInstruments 2 2023-03-31 OC403037 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC403037 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC403037 e:FRS102 2023-04-01 2024-03-31 OC403037 e:Audited 2023-04-01 2024-03-31 OC403037 e:FullAccounts 2023-04-01 2024-03-31 OC403037 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC403037 c:Subsidiary1 2023-04-01 2024-03-31 OC403037 c:Subsidiary1 1 2023-04-01 2024-03-31 OC403037 c:Subsidiary2 2023-04-01 2024-03-31 OC403037 c:Subsidiary3 2023-04-01 2024-03-31 OC403037 c:Subsidiary4 2023-04-01 2024-03-31 OC403037 c:WithinOneYear 2024-03-31 OC403037 c:WithinOneYear 2023-03-31 OC403037 c:BetweenOneFiveYears 2024-03-31 OC403037 c:BetweenOneFiveYears 2023-03-31 OC403037 e:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC403037 6 2023-04-01 2024-03-31 OC403037 e:PartnerLLP1 2023-04-01 2024-03-31 OC403037 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC403037 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC403037 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC403037 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC403037 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC403037












SERAPHIM SPACE MANAGER LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
REGISTERED NUMBER:OC403037
SERAPHIM SPACE MANAGER LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
65,695
101,459

Investments
  
7,433
7,435

  
73,128
108,894

Current assets
  

Debtors: amounts falling due within one year
 6 
455,386
760,092

Bank and cash balances
  
216,223
582,972

  
671,609
1,343,064

Creditors: Amounts Falling Due Within One Year
 7 
(382,917)
(533,332)

Net current assets
  
 
 
288,692
 
 
809,732

  

Net assets
  
361,820
918,626


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
5,000
5,000

Other reserves classified as equity
  
356,820
913,626

  
 
361,820
 
918,626

  
361,820
918,626


Total members' interests
  

Amounts due from members (included in debtors)
 6 
-
(384,775)

Members' other interests
  
361,820
918,626

  
361,820
533,851


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.

Page 1


 
REGISTERED NUMBER:OC403037
SERAPHIM SPACE MANAGER LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024



M Boggett
Designated member

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
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 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:

 
2.2

Going concern

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.

 
2.3

Turnover

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.

 
2.4

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 3

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
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.

The estimated useful lives range as follows:

Long-term leasehold property
-
3 years
Computer equipment
-
3 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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Foreign currency translation

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.

  
2.7

Related party transactions

The LLP is exempt under section 33 of FRS102 from disclosing transactions or balances between wholly owned group companies.

 
2.8

Finance costs

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.

Page 4

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.9

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 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.


3.


Employees

The average monthly number of employees, during the year was 8 (2023 - 8).

Page 5

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Long-term leasehold property
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
127,475
21,489
148,964


Additions
-
8,261
8,261



At 31 March 2024

127,475
29,750
157,225



Depreciation


At 1 April 2023
34,495
13,010
47,505


Charge for the year on owned assets
38,990
5,035
44,025



At 31 March 2024

73,485
18,045
91,530



Net book value



At 31 March 2024
53,990
11,705
65,695



At 31 March 2023
92,980
8,479
101,459


5.


Fixed asset investments





Fixed asset Investments

£



Cost


At 1 April 2023
7,435


Disposals
(2)



At 31 March 2024
7,433




Page 6

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the LLP during the financial year, their holdings as at 31 March 2024 is disclosed as follows:

Name

Registered office

Holding

Generation Space LLC (formerly Seraphim (USA) LLC)
USA
100%
D-Orbit S.A.
Luxembourg
-%
Seraphim Space GP Ltd
UK
-%
Seraphim Space (General Partner) LLP*
UK
-%

*indirectly owned

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:

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

Generation Space LLC (formerly Seraphim (USA) LLC)
37,215
27,325

D-Orbit S.A.
-
-

Seraphim Space GP Ltd
-
-

Seraphim Space (General Partner) LLP
-
-

During the year Seraphim Space GP Ltd, Seraphim Space (General Partners) LLP, and D-Orbit S.A. were wound up during the year.

Page 7

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
58
63,636

Amounts owed by group undertakings
106,689
237,701

Other debtors
303,635
45,908

Prepayments and accrued income
45,004
28,072

Amounts due from members
-
384,775

455,386
760,092



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
65,176
120,008

Amounts owed to group undertakings
-
140,000

Other taxation and social security
52,658
44,427

Other creditors
3,855
3,623

Accruals and deferred income
261,228
225,274

382,917
533,332



8.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
69,401
69,401

Later than 1 year and not later than 5 years
34,701
104,102

104,102
173,503

Page 8

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Related party transactions

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.


10.


Auditor's information

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.

Page 9