Company No: 03331359 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	738		1,467
Investments	5	8		8
		746		1,475
Current assets
Stocks		1,774,784		1,774,784
Debtors	6	24,087		21,553
Cash at bank and in hand		145,341		190,370
		1,944,212		1,986,707
Creditors: amounts falling due within one year	7	( 2,103,179)		( 2,243,344)
Net current liabilities		(158,967)		(256,637)
Total assets less current liabilities		(158,221)		(255,162)
Net liabilities		( 158,221)		( 255,162)
Capital and reserves
Called-up share capital	8	1,514,552		1,514,552
Profit and loss account		( 1,672,773 )		( 1,769,714 )
Total shareholder's deficit		( 158,221)		( 255,162)

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Upstream Developments Limited (registered number: 03331359) were approved and authorised for issue by the Board of Directors on 25 August 2026. They were signed on its behalf by:

Gavin Fairlie Douglas Director

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:

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 above.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		2

4. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 September 2024	4,634		4,634
At 31 August 2025	4,634		4,634
Accumulated depreciation
At 01 September 2024	3,167		3,167
Charge for the financial year	729		729
At 31 August 2025	3,896		3,896
Net book value
At 31 August 2025	738		738
At 31 August 2024	1,467		1,467

5. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 September 2024	8		8
At 31 August 2025	8		8
Carrying value at 31 August 2025	8		8
Carrying value at 31 August 2024	8		8

6. Debtors

	2025		2024
	£		£
Trade debtors	0		159
Amounts owed by Group undertakings	7,613		7,557
Other debtors	16,474		13,837
	24,087		21,553

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	201		9,556
Other taxation and social security	2,200		0
Other creditors	2,100,778		2,233,788
	2,103,179		2,243,344

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,514,552 Ordinary 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 (2024: £256,331) and is included within other creditors.

Other related party transactions

On 28 March 2008 a participator loaned the company £2,000,000. During the year the company repaid £nil (2024: £nil). As at 31 August 2025 the company owed the participator £663,723 (2024: £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 (2024: £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.