Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31trueManager LLP for Seraphim Space Investment Trust2024-04-01false0.080.08truefalse OC403037 2024-04-01 2025-03-31 OC403037 2023-04-01 2024-03-31 OC403037 2025-03-31 OC403037 2024-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2024-04-01 2025-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2025-03-31 OC403037 c:Buildings c:LongLeaseholdAssets 2024-03-31 OC403037 c:ComputerEquipment 2024-04-01 2025-03-31 OC403037 c:ComputerEquipment 2025-03-31 OC403037 c:ComputerEquipment 2024-03-31 OC403037 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC403037 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC403037 c:CurrentFinancialInstruments 2025-03-31 OC403037 c:CurrentFinancialInstruments 2024-03-31 OC403037 c:CurrentFinancialInstruments 2 2025-03-31 OC403037 c:CurrentFinancialInstruments 2 2024-03-31 OC403037 c:Non-currentFinancialInstruments 2025-03-31 OC403037 c:Non-currentFinancialInstruments 2024-03-31 OC403037 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC403037 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC403037 e:FRS102 2024-04-01 2025-03-31 OC403037 e:Audited 2024-04-01 2025-03-31 OC403037 e:FullAccounts 2024-04-01 2025-03-31 OC403037 e:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC403037 c:Subsidiary1 2024-04-01 2025-03-31 OC403037 c:Subsidiary1 1 2024-04-01 2025-03-31 OC403037 c:Subsidiary7 2024-04-01 2025-03-31 OC403037 c:Subsidiary9 2024-04-01 2025-03-31 OC403037 c:Subsidiary9 1 2024-04-01 2025-03-31 OC403037 c:Subsidiary10 2024-04-01 2025-03-31 OC403037 c:Subsidiary10 1 2024-04-01 2025-03-31 OC403037 c:Subsidiary11 2024-04-01 2025-03-31 OC403037 c:Subsidiary11 1 2024-04-01 2025-03-31 OC403037 c:WithinOneYear 2025-03-31 OC403037 c:WithinOneYear 2024-03-31 OC403037 c:BetweenOneFiveYears 2025-03-31 OC403037 c:BetweenOneFiveYears 2024-03-31 OC403037 e:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC403037 6 2024-04-01 2025-03-31 OC403037 e:PartnerLLP5 2024-04-01 2025-03-31 OC403037 c:OtherCapitalInstrumentsClassifiedAsEquity 2025-03-31 OC403037 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC403037 c:FurtherSpecificReserve2ComponentTotalEquity 2025-03-31 OC403037 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC403037 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC403037 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC403037 f:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure


Registered number: OC403037












SERAPHIM SPACE MANAGER LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


 
REGISTERED NUMBER:OC403037
SERAPHIM SPACE MANAGER LLP

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible fixed assets
  
36,929
65,695

Investments
  
7,436
7,433

  
44,365
73,128

Non current asset
  

Debtors due after more than 1 year
  
41,080
106,689

  
41,080
106,689

Current assets
  

Debtors due within 1 year
  
413,577
348,697

Bank and cash balances
  
460,616
216,223

  
874,193
564,920

Creditors: Amounts Falling Due Within One Year
 7 
(391,713)
(382,917)

Net current assets
  
 
 
482,480
 
 
182,003

  

Net assets
  
567,925
361,820


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
500,000
-

  
500,000
-

Members' other interests
  

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

Other reserves classified as equity
  
62,925
356,820

  
 
67,925
 
361,820

  
567,925
361,820


Total members' interests
  

Amounts due from members (included in debtors)
 6 
(20,000)
-

Loans and other debts due to members
  
500,000
-

Members' other interests
  
67,925
361,820

  
547,925
361,820


Page 1


 
REGISTERED NUMBER:OC403037
SERAPHIM SPACE MANAGER LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

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 21 July 2025.



S Shackleton
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 2025

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 does 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 is 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 and SSV II, 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 2025

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

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

 
2.7

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.

  
2.8

Related party transactions

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

Page 4

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

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.

  
2.10

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 or, were 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 9 (2024 - 8).

Page 5

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Tangible fixed assets





Long-term leasehold property
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2024
127,475
29,750
157,225


Additions
700
19,779
20,479



At 31 March 2025

128,175
49,529
177,704



Depreciation


At 1 April 2024
73,485
18,045
91,530


Charge for the year on owned assets
39,712
9,533
49,245



At 31 March 2025

113,197
27,578
140,775



Net book value



At 31 March 2025
14,978
21,951
36,929



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


5.


Fixed asset investments





Fixed asset Investments

£



Cost


At 1 April 2024
7,433


Additions
3



At 31 March 2025
7,436




Page 6

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings


The following were subsidiary undertakings of the LLP during the financial year, their holdings as at 31 March 2025 is disclosed as follows:

Name

Registered office

Holding

Generation Space LLC (formerly Seraphim (USA) LLC)
USA
100%
SSV II GP Ltd
UK
100%
SSV II Founding Partner GP LLP
UK
100%
Generation Space Ventures II GP LLP*
UK
  - %

*indirectly owned through shareholding in SSV II GP Ltd.

The aggregate of the share capital and reserves as at 31 March 2025 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)
45,569
9,398

SSV II GP Ltd
1
-

SSV II Founding Partner GP LLP
1
-

Generation Space Ventures II GP LLP*
552
559

*indirectly owned through shareholding in SSV II GP Ltd.

Page 7

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Debtors

2025
2024
£
£

Due after more than one year

Amounts owed by group undertakings
41,080
106,689

41,080
106,689


2025
2024
£
£

Due within one year

Trade debtors
37,872
58

Amounts owed by group undertakings
19,291
-

Other debtors
219,262
303,635

Prepayments and accrued income
117,152
45,004

Amounts due from members
20,000
-

413,577
348,697



7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
45,249
65,176

Other taxation and social security
67,571
52,658

Other creditors
5,368
3,855

Accruals and deferred income
273,525
261,228

391,713
382,917



8.


Commitments under operating leases

At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
54,601
69,401

Later than 1 year and not later than 5 years
26,700
34,701

81,301
104,102

Page 8

 

SERAPHIM SPACE MANAGER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Related party transactions

During the year management fees of £2,864,697 (2024: £2,805,715) were earned from Seraphim Space Investment Trust plc. At the year end, no balance remains outstanding in relation to these fees.
During the year the LLP recharged a net amount of £112,076 (2024: £95,727) to Seraphim Space Investment Trust plc. At the year end, a balance of £23,989 (2024: £16,791) is due to be recovered. During the year, consultancy fees of £116,712 (2024: £nil) were charged to Seraphim Space Investment Trust plc. At year end, no balance remains outstanding in relation to these fees.
During the year the LLP recharged an amount of £77,765 (2024: £30,797) to Seraphim Space Camp Accelerator Ltd. At the year end, a balance of £11,015 (2024: £10,960) is due to be recovered. Consultancy fees of £nil (2024: £140,285) were charged to the LLP from Seraphim Space Camp Accelerator. At the year end, a balance of £nil (2024: £nil) remains to be recovered in respect of this.
During the year the LLP recharged £8,045 (2024: £6,924) to Seraphim Space Enterprise LLP. At the year end, a balance of £494 (2024: £1,285) is due to be recovered.
During the year the LLP incurred amounts of £nil (2024: £13,881) on behalf of a potential new investment entity which will be a related entity. At the year end, an amount of £13,881 (2024: £13,881) is yet to be recharged.
During the year the LLP recharged a net amount of £385,780 (2024: £252,776) to Seraphim Space Ventures II LP. At the year end, a balance of £199,167 (2024: £252,776) is due to be recovered. 
During the year management fees of $230,000 (£178,945) were earned from Generation Space Ventures II GP LLP. At the year end, no balance remains outstanding in relation to these fees. 
During the year the LLP recharged a net amount of £1,981 (2024: £nil) to Generation Space Ventures II GP LLP. At the year end, no balance remains outstanding.
During the year the LLP recharged a net amount of £5,237 (2024: £nil) to SSV II Founding Partner LP. At year end, £5,237 (2024: £nil) remains outstanding.
 


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 21 July 2025 by Richard Hinton (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

Page 9