They only upload the latest version of the theme, and not the older versions (which makes sense, since no one would want an older version). So if you have download access to the theme, it’s always going to be the latest version available. The version you’re looking at in your downloads is going to be the same version I can see on my account which is 1.1.2.
In the future, if you open the style.css file it shows what version it is at the top of the file. This is the exact same way StudioPress creates their files.
Anytime a new update is made, it’s announced on Social Media, plus here in the forum. There will be a Newsletter that you can sign up for soon that will send you an email once it’s ready.
BTW, did you make any edits to your Theme Files? If not, then you’re good to go! Just upload the new version and you’re done 🙂