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Company No: 03331359 (England and Wales)

UPSTREAM DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

UPSTREAM DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

UPSTREAM DEVELOPMENTS LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
UPSTREAM DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,467 1,669
Investments 5 8 8
1,475 1,677
Current assets
Stocks 1,774,784 1,759,091
Debtors 6 21,553 19,132
Cash at bank and in hand 190,370 134,308
1,986,707 1,912,531
Creditors: amounts falling due within one year 7 ( 2,243,344) ( 2,219,136)
Net current liabilities (256,637) (306,605)
Total assets less current liabilities (255,162) (304,928)
Net liabilities ( 255,162) ( 304,928)
Capital and reserves
Called-up share capital 8 1,514,552 1,514,552
Profit and loss account ( 1,769,714 ) ( 1,819,480 )
Total shareholder's deficit ( 255,162) ( 304,928)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Upstream Developments Limited (registered number: 03331359) were approved and authorised for issue by the Director on 21 July 2025. They were signed on its behalf by:

Gavin Fairlie Douglas
Director
UPSTREAM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
UPSTREAM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Upstream Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Oxford, OX2 7DY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 1

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 September 2023 0 3,784 3,784
Additions 0 850 850
At 31 August 2024 0 4,634 4,634
Accumulated depreciation
At 01 September 2023 0 2,115 2,115
Charge for the financial year 0 1,052 1,052
At 31 August 2024 0 3,167 3,167
Net book value
At 31 August 2024 0 1,467 1,467
At 31 August 2023 0 1,669 1,669

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 September 2023 8 8
At 31 August 2024 8 8
Carrying value at 31 August 2024 8 8
Carrying value at 31 August 2023 8 8

6. Debtors

2024 2023
£ £
Trade debtors 159 0
Amounts owed by Group undertakings 7,557 6,910
Other debtors 13,837 12,222
21,553 19,132

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,556 469
Other creditors 2,233,788 2,218,667
2,243,344 2,219,136

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,514,552 Ordinary 1 shares of £ 1.00 each 1,514,552 1,514,552

9. Related party transactions

Transactions with owners holding a participating interest in the entity

The interest charge for the year was waived by the lender. The balance of interest outstanding at the year end
amounted to £256,331 (2023: £256,331) and is included within other creditors.

Other related party transactions

As at 31 August 2024 the company owed a person connected with a participator £51,276 (2023: £53,676). The loan is currently unsecured, although the agreement enables a charge over the development property to be made. The loan is repayable on the sale or partial sale of the development property.

On 28 March 2008 a participator loaned the company £2,000,000. During the year the company repaid £nil
(2023: £nil). As at 31 August 2024 the company owed the participator £663,723 (2023: £663,723) and this is
included within other creditors.

The interest charge for the year was waived by the lender. The balance of interest outstanding at the year end
amounted to £1,061,405 (2023: £1,061,405) and is included within other creditors.

On 25 November 2019 a loan of £10,000 was made to an associate of the director. The balance outstanding
at the year end was £10,000. The loan is repayable on demand and no interest is payable if the loan is settled
within 7 days of the repayment request.