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Financial Statements
Upstream 2024 Ltd
For the period ended 31 December 2025
Registered number: NI721023
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Company Information
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Judith Totten (appointed 10 September 2024)
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William Hichens (appointed 9 October 2024)
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Chartered Accountants & Statutory Auditors
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Pollen Street Capital Limited
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Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Upstream 2024 Ltd
Registered number:NI721023
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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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Creditors: amounts falling due after more than one year
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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 29 June 2026.
The notes on pages 3 to 9 form part of these financial statements.
Page 1
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Statement of changes in equity
For the period ended 31 December 2025
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The notes on pages 3 to 9 form part of these financial statements.
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Page 2
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Notes to the financial statements
For the period ended 31 December 2025
Upstream 2024 Ltd is a private company limited by shares and is incorporated in Northern Ireland. The registered office is Suite B, 40 Linenhall Street, Belfast, BT2 8BA.
The principal activity of the company is that of a debt special purpose vehicle. On 2nd January 2025, the Group entered a new senior secured credit facility with Pollen Street Capital Limited, which is supplied through Upstream 2024 Limited (the “Borrower”). Pursuant to the senior facility agreement, and the associated receivables sale agreement, group companies Upstream Working Capital Ltd and Upstream Trade Finance Limited sell, transfer, and assign all their receivables and related ancillary rights to the Borrower.
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 Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Page 3
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
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Foreign currency translation
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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'.
On 2nd January 2025, the Group entered a new senior secured credit facility with Pollen Street Capital Limited, which is supplied through Upstream 2024 Limited (the “Borrower”). Pursuant to the senior facility agreement, and the associated receivables sale agreement, group companies Upstream Working Capital Ltd and Upstream Trade Finance Limited sell, transfer, and assign all their receivables and related ancillary rights to the Borrower.
Revenue represents income from receivables financing, asset-based lending and related services, measured at the fair value of consideration received or receivable.
Interest and discount income is calculated on the outstanding balances of client accounts and recognised over the period to which it relates.
Fee and commission income includes management, servicing and other fees earned in connection with lending arrangements and is recognised in the period to which the services relate.
Revenue is recognised when it is probable that economic benefits will flow to the Group and can be measured reliably, based on the substance of the underlying arrangements.
Interest income is recognised in profit or loss using the effective interest method.
Page 4
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
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.
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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
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.
Page 5
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Notes to the financial statements
For the period 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Page 6
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Notes to the financial statements
For the period ended 31 December 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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.
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The average monthly number of employees, including directors, during the period was 2.
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Amounts owed by group undertakings
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Trade debtors represents debts assigned under receivables agreements, net of impairment for bad debts. The full value of the assigned debt is recognised on the balance sheet as it represents rights or other access to future economic benefits. The corresponding client creditor represents the difference between the assigned debt and cash advanced to clients net of appropriate fees.
The Company's trade debtors are stated net of impairment provisions of £1,211,300.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Other loans comprise advances made to customers under asset-based lending arrangements. The balance is repayable in accordance with the terms of the underlying lending agreements.
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Page 7
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Notes to the financial statements
For the period ended 31 December 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Client accounts represents the difference between the assigned debt and cash advanced to clients net of appropriate fees.
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Creditors: Amounts falling due after more than one year
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The senior facility loan comprises a multi-currency term credit facility with a termination date of 48 months after signing and a term out date of 12 month prior to the termination date. The rate of interest on each term rate loan for each interest period is the percentage rate per annum which is the aggregate of the applicable margin and term reference rate. The rate of interest on each compounded rate loan for any day during an interest period is the percentage rate per annum which is the aggregate of the applicable margin and compounded reference rate for that day.
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Page 8
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Notes to the financial statements
For the period ended 31 December 2025
On incorporation, the Company issued issued 1 Ordinary share with a nominal value of £0.01.
Profit and loss account
This includes all current period retained profits and losses.
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Related party transactions
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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.
Norlon Consultancy is a related party by virtue of common control. During the period, consultancy fees paid to the related party totalling £282,500 were recharged from another group company. No amounts were due to or from the related party at the reporting date.
There were no other related party transactions requiring disclosure in accordance with FRS 102.
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Post balance sheet events
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There have been no significant events affecting the Company since the period end.
The ultimate controlling party is Judith Totten by virtue of majority shareholding in the ultimate parent company Crucible (No.1) Ltd, a company incorporated in Northern Ireland. The immediate parent company is Upstream Working Capital Ltd, a company incorporated in Northern Ireland.
The largest and smallest group in which the group is consolidated is Crucible (No.1) Ltd. These financial statements are available to the public from Companies House.
The auditor's report on the financial statements was unqualified and was signed by Grace Cartin (Senior Statutory Auditor) for and on behalf of Deloitte (NI) Limited, Belfast, Northern Ireland (Chartered Accountant and Statutory Auditor) on 30 June 2026.
Page 9
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