The members present their annual report and financial statements for the year ended 31 December 2025.
The principal activity of the LLP continued to be that of acquiring and holding an interest in a non United Kingdom investment fund.
The results for the year ended 31 December 2024 are set out on page 3. The LLP generated a loss of €14,839 (2024: Loss of €113,961)
The LLP is financed through a combination of member's capital and borrowing facilities. Member's capital contributions totaling €13,868,202 (2024: €13,868,202) are determined by the Members, having regard to the working capital needs of the business.
The members participate fully in the LLP's profit, share the risks and contribute to the LLP's capital.
Members are required to provide such additional cash capital contributions as may be necessary to provide the working capital requirements of the LLP. The members may not draw out or receive back any part of their capital contributions unless and except to the extent that any part of such capital contributions are surplus to the working capital requirement of the LLP. No member is entitled to any interest on his capital contribution.
The profits and losses of the LLP, including profits and losses of a capital nature, are shared between the members in the proportions of their capital contributions to the LLP and the proportions of the LPA.
Members may receive drawings from the LLP on account of their entitlement to profits.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
No matters or circumstances have arisen since the end of the financial year which significantly affected, or may significantly affect the LLP, or the state of affairs of the LLP in future financial years.
The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the LLP's business performance and risk management processes.
The Members have a reasonable expectation that the LLP has adequate financial resources to meet its operational needs for the foreseeable future and therefore the going concern basis has been adopted in preparing the financial statements.
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There were no components of 'other comprehensive income' which are required to be separately disclosed during the current period.
All of the amounts above are in respect of continuing operations.
The notes on pages 6 to 11 form part of these financial statements.
The notes on pages 6 to 11 form part of these financial statements.
The notes on pages 6 to 11 form part of these financial statements.
Seacorn LLP is a limited liability partnership under the Limited Liability Partnership Act 2000 incorporated in England and Wales. The registered office is C/O CSC CLS (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.
The limited liability partnership's principal activities are disclosed in the Members' Report.
The LLP held 100% of the share capital of Miltonia in 2020., through the purchase of shares. In 2021, Miltonia
went into liquidation effective 19 January 2021 and all the assets of the LLP related to Miltonia were cancelled
and replaced with the patrimony and assets of Miltonia.
The LLP's principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements contain information about Seacorn LLP as an individual LLP and do not contain consolidated financial information as the parent of a group.
The LLP has availed its self an exemption in accordance with IFRS 10.4 and with section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The LLP prepares separate financial statements under IAS 27. The required disclosures under this standard have been made within these financial
statements.
The financial statements are prepared in euros, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have been prepared on a going concern basis because there are no material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.
Should the need arise the LLP expects to have access to sufficient funds, by calling on funds from its members.
Consequently, there is reasonable expectation that the LLP has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the LLP has adopted the going concern basis in preparing the financial statements.
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
Investments are primarily measured at fair value except where there is no reliable measure of their value, in which case they are measured at cost less impairment. Income from investments is recognised in the income statement when entitlement is established.
An investment is deemed to be impaired when it has been determined that its carrying value will not be recovered either through actual cash flows or operating profit generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable amount of the investment is estimated. The recoverable amount is the higher of the entity’s ‘fair value less costs of disposal’ or its ‘value in use’. To the extent that the carrying value exceeds the recoverable amount, the investment is impaired to its recoverable amount.
The investments in undertakings outside of the LLP, in particular where the LLP does not have significant influence or control, are considered to be available for sale financial assets. Since they are investments in unlisted entities where fair value cannot be readily determined, they are initially recognised at cost with subsequent measurement at cost less provision for impairment.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 limited liability partnership after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
Transactions in currencies other than euro are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements in applying the LLP’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Members have made in the process of applying the LLP’s accounting policies and that have the most significant effect on the amounts recognised in these financial statements.
Impairment of investments
In order to assess whether the LLP’s investment in the subsidiary is impaired, the LLP performs an annual
impairment test. Any impairment loss is recognised in the statement of comprehensive loss. The carrying amount of investment in the subsidiary at the balance sheet date was €10,408,551 (2024: €10,408,551), with no impairment loss recognised in 2025 (2024: €nil).
Key source(s) of estimation uncertainty
The Members consider that there are no key assumptions concerning the future, and other key sources of
estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
There were no staff costs during the current financial year (2024: €nil).The average number of persons (excluding members) employed by the partnership during the year was:
The LLP's investments at the Balance Sheet date in the share capital of companies include the following:
The LLP does not have any capital commitments or contingent liabilities that have not been included in these financial statements.
On 15 December 2025, Seacorn LLP entered into a loan agreement with East Accession B.V., pursuant to which Seacorn LLP advanced a loan of EUR 20,000 to East Accession B.V. The funds were transferred after the financial year.
Other than the matter described above, there have been no significant events occurring after the reporting date that would require adjustment to, or disclosure in, these financial statements.