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Registered number: OC440534
SERAPHIM SPACE ENTERPRISE LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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REGISTERED NUMBER:OC440534
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SERAPHIM SPACE ENTERPRISE LLP
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members after more than one year
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Members' capital classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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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
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REGISTERED NUMBER:OC440534
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SERAPHIM SPACE ENTERPRISE LLP
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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 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 22 September 2026.
The notes on pages 3 to 7 form part of these financial statements.
Seraphim Space Enterprise LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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SERAPHIM SPACE ENTERPRISE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 The Jellicoe, Unit 3.05, 5 Beaconsfield Street, Kings Cross, London, N1C 4EW (Previously: One Fleet Place London EC4M 7WS (until 3 June 2026) and 63/66 Hatton Garden, 5th Floor, Suite 23, London, EC1N 8LE (until 18 March 2026)).
2.Accounting policies
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Basis of preparation of financial statements
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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:
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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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SERAPHIM SPACE ENTERPRISE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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Division and distribution of profits
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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 year and may take place during or after the end of a financial year.
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 Pro-rata to the respective Loan Commitments
2) 50% to Founder Member's Pro-rata to their respective profit share percentage entitlements.
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 year.
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.
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Cash and cash equivalents
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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.
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SERAPHIM SPACE ENTERPRISE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
No provision for tax has been made as each member will be responsible for their own tax liability.
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.
The average monthly number of employees during the year was 0 (2024: 0).
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the LLP:
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Seraphim Space Camp Accelerator Ltd
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SERAPHIM SPACE ENTERPRISE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertaking (continued)
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The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Seraphim Space Camp Accelerator Ltd
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Accruals and deferred income
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SERAPHIM SPACE ENTERPRISE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due after more than one year
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The amounts due to members comprise loan commitments made by members under the LLP Agreement. Repayment is made solely from future profit distributions and members are not entitled to demand repayment other than on a winding up of the LLP.
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Related party transactions
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During the year, the LLP provided services to SSEI GP LLP in the amount of £180,000 (2024: £nil). As at year-end an amount of £100,000 (2024: £nil) was due to the LLP.
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There is no ultimate controlling party.
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