Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310false2023-04-01trueidentifying and investing in seed capital opportunitiesfalse0The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC355777 2023-04-01 2024-03-31 OC355777 2022-04-01 2023-03-31 OC355777 2024-03-31 OC355777 2023-03-31 OC355777 c:CurrentFinancialInstruments 2024-03-31 OC355777 c:CurrentFinancialInstruments 2023-03-31 OC355777 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC355777 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC355777 d:FRS102 2023-04-01 2024-03-31 OC355777 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC355777 d:FullAccounts 2023-04-01 2024-03-31 OC355777 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC355777 2 2023-04-01 2024-03-31 OC355777 6 2023-04-01 2024-03-31 OC355777 d:PartnerLLP1 2023-04-01 2024-03-31 OC355777 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC355777 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC355777 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC355777 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC355777 e:Euro 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC355777












SEEDCAMP INVESTMENTS II LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
REGISTERED NUMBER:OC355777
SEEDCAMP INVESTMENTS II LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note

Fixed assets
  

Investments
 4 
107,962
107,962

  
107,962
107,962

Current assets
  

Debtors: amounts falling due within one year
 5 
9,277
9,277

Cash at bank and in hand
 6 
1,112,029
831,840

  
1,121,306
841,117

Creditors: Amounts Falling Due Within One Year
 7 
(405,865)
(332,693)

Net current assets
  
 
 
715,441
 
 
508,424

Total assets less current liabilities
  
823,403
616,386

  

Net assets
  
823,403
616,386


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
310,436
103,419

  
310,436
103,419

Members' other interests
  

Members' capital classified as equity
  
512,967
512,967

  
 
512,967
 
512,967

  
823,403
616,386


Total members' interests
  

Loans and other debts due to members
 8 
310,436
103,419

Members' other interests
  
512,967
512,967

  
823,403
616,386


Page 1


 
REGISTERED NUMBER:OC355777
SEEDCAMP INVESTMENTS II LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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.

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 profit and loss account 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 13 October 2024.




Seedcamp Holdings LLP
Designated member

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 

SEEDCAMP INVESTMENTS II LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total


Amounts due to members 
59,256
59,256


Balance at 1 April 2022 
512,967
-
512,967
59,256
59,256
572,223

Profit for the year available for discretionary division among members
 
-
44,163
44,163
-
-
44,163

Members' interests after profit for the year
512,967
44,163
557,130
59,256
59,256
616,386

Other division of profits
-
(44,163)
(44,163)
44,163
44,163
-

Amounts due to members
103,419
103,419

Balance at 31 March 2023
512,967
-
512,967
103,419
103,419
616,386

Profit for the year available for discretionary division among members
 
-
250,476
250,476
-
-
250,476

Members' interests after profit for the year
512,967
250,476
763,443
103,419
103,419
866,862

Other division of losses
-
(250,476)
(250,476)
250,476
250,476
-

Repayment of debt
-
-
-
(43,459)
(43,459)
(43,459)

Amounts due to members
310,436
310,436

Balance at 31 March 2024 
512,967
-
512,967
310,436
310,436
823,403

.

Page 3

 

SEEDCAMP INVESTMENTS II LLP

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

1.


General information

Seedcamp Investments II LLP is a partnership incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, London, England, WC2B 5AH.
The financial statements are presented in Euro (€), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €. 

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 following principal accounting policies have been applied:

  
2.2

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. 
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Page 4

 

SEEDCAMP INVESTMENTS II LLP

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

2.Accounting policies (continued)

 
2.3

Going concern

After making enquiries, the members have a reasonable expectation that the partnership has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is Euros.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Valuation of investments

Investments in unlisted investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 

SEEDCAMP INVESTMENTS II LLP

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

2.Accounting policies (continued)


2.7

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

SEEDCAMP INVESTMENTS II LLP

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

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees




The entity has no employees.

Page 7

 

SEEDCAMP INVESTMENTS II LLP

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

4.


Fixed asset investments





Unlisted investments




Cost or valuation


At 1 April 2023
107,962



At 31 March 2024
107,962





5.


Debtors

2024
2023


Other debtors
9,277
9,277

9,277
9,277



6.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
1,112,029
831,840

1,112,029
831,840



7.


Creditors: Amounts falling due within one year

2024
2023

Amounts owed to related undertakings
12,140
13,785

Other creditors
381,573
298,709

Accruals and deferred income
12,152
20,199

405,865
332,693


Page 8

 

SEEDCAMP INVESTMENTS II LLP

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

8.


Loans and other debts due to members


2024
2023



Other amounts due to members
310,436
103,419

310,436
103,419

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

2024
2023



Falling due within one year
310,436
103,419

310,436
103,419




9.


Related party transactions

Seedcamp Investments LLP is under common control.
The Partnership maintains interest free loans, repayable on demand, with the Seedcamp Investments LLP. During the year, the Partnership received €138,509 (2023: €101,624) from Seedcamp Investments LLP of which €15,749 (2023: €Nil) has been repaid. At the end of the year, included within Other creditors, is €301,175 (2023: €178,415) owed to Seedcamp Investments LLP.
Seedcamp Services Limited is another entity in the group.
The Partnership maintains interest free loans, repayable on demand, with the Seedcamp Services Limited. During the year, the Partnership received €12,177 (2023: €6,561) from Seedcamp Services Limited of which €13,822 (2023: €Nil) has been repaid. At the end of the year, included within Other creditors, is €12,140 (2023: €13,785) owed to the Seedcamp Services Limited.

 
Page 9