COMPANY REGISTRATION NUMBER: 01181347

YEAR ENDED 31 DECEMBER 2024

YEAR ENDED 31 DECEMBER 2024

Review of the Business

The company has sought to maintain its operating performance during the year. Turnover has decreased by 5.7% to £21,733,742. Gross profit has decreased to £4,993,738 from £5,500,777 in 2023 which represents a slightly reduced gross profit percentage, although still within the expected range. Turnover and gross margin are the key performance indicators used by the directors in managing the business and are monitored through monthly management accounts. The profit for the year before taxation is £3,049,826 (2023 - £3,355,800). Taxation for the year amounted to £470,593 (2023 - £698,349). The profit for the year after taxation amounted to £2,579,233 (2023 - £2,657,451). The company's net current assets position is £19,700,446 and the net balance sheet total remains strong at £24,255,049.

Principal Risks and Uncertainties

The company operates in the shotgun cartridge and lead shot industry and supplies the worldwide market. The principal risks are: 1. Worldwide restrictions affecting continuity of supply of components 2. Changes in legislation affecting our current products containing lead and plastic. 3. Competitive pressure on price & new product development. 4. Fluctuations in exchanges rates. 5. Continuing high interest rates dampening demand for competition products.

Future Developments

Despite challenging economic conditions and a subdued market, the company maintained strong profitability and reaffirmed its position as the UK's leading producer and seller of shotgun cartridges. Ongoing tensions between Russia and Ukraine continue to disrupt the availability and pricing of propellant powder, while other supply capacity constraints have driven sudden cost increases for key components. Combined with inflationary wage pressures, these continue to create a challenging cost environment. While partially mitigated through price adjustments, the company has contained further impact through operational efficiencies and disciplined cost control. The directors remain focused on optimising resources, protecting margins, and maximising the performance of our diverse brand portfolio. Due to the success of Rose Gold and Onyx in the premium Competition range, Gamebore UER in high-performance Game, the company has further strengthened its market position. Building on the patented, fully biodegradable Quadseal and Biowad technologies, we are now extending these innovations across a wider range of products to meet growing demand and reinforce our leadership in the industry. Strategic investment continues in manufacturing capacity, tooling, and infrastructure, including refurbishment of the Hull facility, expanded storage, and upgraded IT systems, enabling greater agility in responding to market changes. The company remains committed to transitioning to steel and other non-lead cartridges in preparation for potential lead restrictions. Close supplier relationships secure access to high-performance components, while customer partnerships and industry engagement ensure strong market demand and influence in legislative developments. Collaboration with fellow companies in the Gamebore Group strengthens market share, enhances production capacity, and safeguards the company's leadership position for the future.

This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:

YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Financial Instruments

The company operates control over trade debtors and creditors and over foreign currency transactions to mitigate price risk, credit risk, liquidity risk and cash flow risk. Foreign currency hedging is used as required but is not material to the accounts.

Disclosure of Information in the Strategic Report

Information in respect of business review, future developments and principal risks and uncertainties is included in the strategic report.

Directors' Responsibilities Statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Gamebore Cartridge Co. Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on Which We are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and shotgun cartridge manufacturing sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including import and export regulations relating to the company's components and products, health and safety legislation relating to handling and storing those products, the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and environmental law; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and required licences; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of Our Report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

28 August 2025

YEAR ENDED 31 DECEMBER 2024

All the activities of the company are from continuing operations.

31 December 2024

Fixed Assets

Current Assets

Provisions

Capital and Reserves

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:

Company registration number: 01181347

YEAR ENDED 31 DECEMBER 2024

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

YEAR ENDED 31 DECEMBER 2024

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Great Union Street, Hull, HU9 1AR.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Foreign Currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. This includes the choice of depreciation method applied to fixed assets and provisions made against stock. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances . Revenue Recognition The turnover shown in the profit and loss account represents amounts receivable for goods sold during the year, exclusive of Value Added Tax. Turnover is recognised when goods are despatched. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Operating Leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Freehold property	-	straight line over 50 years
	Plant and machinery	-	straight line over 3 to 10 years

Impairment of Fixed Assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

The turnover and profit before tax are attributable to the one principal activity of the company.

Turnover analysis by country is not disclosed as it is considered to be seriously prejudicial to the interests of the company.

5. Other Operating Income

6. Operating Profit

Operating profit or loss is stated after charging/crediting:

7. Auditor's Remuneration

Fees payable to the company's auditor and its associates for other services:

8. Staff Costs

The average number of persons employed by the company during the year, including the directors, amounted to:

The aggregate payroll costs incurred during the year, relating to the above, were:

9. Directors' Remuneration

The directors' aggregate remuneration in respect of qualifying services was:

The number of directors who accrued benefits under company pension plans was as follows:

Remuneration of the highest paid director in respect of qualifying services:

10. Other Interest Receivable and Similar Income

11. Interest Payable and Similar Expenses

12. Tax on Profit

Major components of tax expense

Current tax:

Deferred tax:

The deferred tax expense reflects the increase future tax rates announced by the UK government.

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

13. Dividends

14. Tangible Assets

Capital commitments

15. Stocks

16. Debtors

17. Creditors: amounts falling due within one year

18. Provisions

19. Deferred Tax

The deferred tax included in the statement of financial position is as follows:

The deferred tax account consists of the tax effect of timing differences in respect of:

20. Employee Benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 33,856 (2023: £ 32,529 ).

21. Called Up Share Capital

Issued, called up and fully paid

Ordinary A shares and Ordinary B shares have separate rights to dividends. The Ordinary B shares have no voting rights.

22. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. This includes the fair value of shares issued under equity-settled share-based payment transactions. Capital redemption reserve - This reserve records the nominal value of preference shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Analysis of Changes in Net Debt

24. Operating Leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

25. Contingencies

At 31 December 2024 there were the following contingent liabilities: A guarantee in favour of H.M. Revenue and Customs in respect of Value Added Tax for £80,000 (2023 - £80,000)

YEAR ENDED 31 DECEMBER 2024

26. Related Party Transactions

During the year the company entered into the following transactions with related parties:

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 738,686 (2023: £ 756,229 ).

27. Controlling Party

The parent company of Gamebore Cartridge Co. Limited is Kent-Gamebore Corporation, a company incorporated in the United States of America. The controlling party is D M Rogers by means of his control of the ultimate parent company Romith Investments Limited, a company incorporated in Canada.