Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01falsethe provision of trade finance12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI634644 2023-01-01 2023-12-31 NI634644 2022-01-01 2022-12-31 NI634644 2023-12-31 NI634644 2022-12-31 NI634644 c:Director1 2023-01-01 2023-12-31 NI634644 c:Director2 2023-01-01 2023-12-31 NI634644 c:Director2 2023-12-31 NI634644 c:RegisteredOffice 2023-01-01 2023-12-31 NI634644 c:Agent1 2023-01-01 2023-12-31 NI634644 d:CurrentFinancialInstruments 2023-12-31 NI634644 d:CurrentFinancialInstruments 2022-12-31 NI634644 d:Non-currentFinancialInstruments 2023-12-31 NI634644 d:Non-currentFinancialInstruments 2022-12-31 NI634644 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI634644 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI634644 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI634644 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI634644 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 NI634644 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 NI634644 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 NI634644 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 NI634644 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 NI634644 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 NI634644 d:ShareCapital 2023-12-31 NI634644 d:ShareCapital 2022-12-31 NI634644 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI634644 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI634644 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI634644 c:OrdinaryShareClass1 2023-01-01 2023-12-31 NI634644 c:OrdinaryShareClass1 2023-12-31 NI634644 c:OrdinaryShareClass1 2022-12-31 NI634644 c:FRS102 2023-01-01 2023-12-31 NI634644 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI634644 c:FullAccounts 2023-01-01 2023-12-31 NI634644 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI634644 2 2023-01-01 2023-12-31 NI634644 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Upstream Trade Finance Limited
For the year ended 31 December 2023





































Registered number: NI634644

 
Upstream Trade Finance Limited
 

Company Information


Directors
Judith Totten 
Alan Wardlow (resigned 14 April 2023)




Registered number
NI634644



Registered office
Suite B, Ground Floor
40 Linenhall Street

Belfast

Antrim

BT2 8BA




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Solicitors
Tughans
The Ewart

3 Bedford St

Belfast

BT2 7EP




Funders
Petra Capital PLC
2 Eaton Gate

London

SW1W 9BJ




Cubitt Global LLC
251 Little Falls Drive

Wilmington

Delaware

19808





 
Upstream Trade Finance Limited
 

Contents



Page
Accountant's Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 9


  
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Independent Accountant's Report to the directors of the unaudited financial statements of Upstream Trade Finance Limited for the year ended 31 December 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Upstream Trade Finance Limited for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Upstream Trade Finance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Upstream Trade Finance Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Upstream Trade Finance Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2023 and you have acknowledged on the Balance sheet as at 31 December 2023 your duty to ensure that Upstream Trade Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Upstream Trade Finance Limited is exempt from the statutory audit requirement for the year ended 31 December 2023.

We have not been instructed to carry out an audit or review the financial statements of Upstream Trade Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   24 September 2024
Page 1

 
Upstream Trade Finance Limited
Registered number:NI634644

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
821,667
1,281,144

  
821,667
1,281,144

Creditors: amounts falling due within one year
 6 
(721,790)
(1,186,189)

Net current assets
  
 
 
99,877
 
 
94,955

Total assets less current liabilities
  
99,877
94,955

Creditors: amounts falling due after more than one year
 7 
(31,790)
(36,695)

  

Net assets
  
68,087
58,260


Capital and reserves
  

Called up share capital 
 9 
3
3

Profit and loss account
 10 
68,084
58,257

  
68,087
58,260


Page 2

 
Upstream Trade Finance Limited
Registered number:NI634644

Balance sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




Judith Totten
Director

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

Page 3

 
Upstream Trade Finance Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Upstream Trade Finance Limited is a company limited by shares and incorporated in Northern Ireland. The registered office is Suite B, Ground Floor, 40 Linenhall Street, Belfast, BT2 8BA.
The principal activity of the company is that of providing trade financing facilities. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company receives financial support from its funders. The Director is confident the support will continue for a period of at least 12 months from the date of approval of these financial statements. On this basis these financial statements therefore continue to be prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company'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.

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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
Upstream Trade Finance Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.4

Turnover

In January 2021, the company entered into a receivables purchase agreement ("RPA") with Cubitt Trade Capital LLC (the "purchaser") and other parties, under which the company will sell its receivables to the Purchaser who will immediately resell to the issuer on the same terms and conditions. Pursuant to the RPA, the company sells, conveys, and assigns to the purchaser all its rights, title, and interest in these receivables. The company earns a management fee from the purchaser for its services, which is included as turnover within these accounts.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
Upstream Trade Finance Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Debtors

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.

 
2.10

 Cash and cash equivalents

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.

 
2.11

 Creditors

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
2

Page 6

 
Upstream Trade Finance Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
639,588
1,144,014

Other debtors
166,535
137,130

Prepayments and accrued income
15,544
-

821,667
1,281,144



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,406
5,781

Investor loans
700,000
1,160,000

Trade creditors
960
277

Amounts owed to group undertakings
-
2,544

Accruals and deferred income
15,424
17,587

721,790
1,186,189



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
31,790
36,695

31,790
36,695


Page 7

 
Upstream Trade Finance Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,406
5,781

Investor loans
700,000
1,160,000


705,406
1,165,781

Amounts falling due 1-2 years

Bank loans
5,552
5,406


5,552
5,406

Amounts falling due 2-5 years

Bank loans
17,537
17,097


17,537
17,097

Amounts falling due after more than 5 years

Bank loans
8,701
14,192

8,701
14,192

737,196
1,202,476



9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



3 (2022 -3) Ordinary shares of £1.00 each
3
3



10.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 8

 
Upstream Trade Finance Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

11.


Related party transactions

The company had the following related party transactions during the year: 
The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that
group.


12.


Controlling party

The immediate parent company of Upstream Trade Finance Limited is Lamasom Limited.
Cubitt Trade Holdings (Europe) LCC is considered to be the ultimate controlling party by virtue of it's shareholding in Lamasom Limited.


Page 9