REGISTERED NUMBER: 01870205 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Hull Cartridge Company Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

Mr D H Bontoft

Mrs S J Claxton

SECRETARY:

Mr D H Bontoft

REGISTERED OFFICE:

Bontoft Avenue

National Avenue

Hull

East Yorkshire

HU5 4HZ

REGISTERED NUMBER:

01870205 (England and Wales)

SENIOR STATUTORY AUDITOR:

Laura J Drew

AUDITORS:

HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

BANKERS:

Barclays Bank Plc

Leicester

LE87 2BB

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

Hull Cartridge seeks to maintain its reputation as a manufacturer of high quality shotgun ammunition.

Our research and development program continues in readiness for the eventual phase out of lead shot and single use plastics.

The company is reporting a strong uplift in sales of 13%. The Key Performance Indicator used is gross profit margin which remains consistent of around 25%.

PRINCIPAL RISKS AND UNCERTAINTIES

Details of the principal risks and uncertainties facing the business are as follows:

Regulatory Risk

The business operates in the shooting sports leisure industry. This area is highly regulated and the company monitors legislation that could affect the market.

Continuity of supply of components

The supply of components is of major concern with the ongoing situation is Europe.

Competitive Pressures

The company continues to develop its product offering to ensure market relevance and maintain customer satisfaction.

Economic Conditions

The trading year has seen an upturn in demand, this increase has been aided by stability in retail pricing. Shooting is a leisure industry and as such can be subject to economic headwinds. The company carefully monitors this.

EMPLOYEES

The company has a loyal workforce and seeks to provide a competitive salary and good working conditions that comply with legislation. The company is mindful of doing business in an ethical way and seeks to apply the highest standards to all employees' actions.

ENVIRONMENTAL ISSUES

The company is well aware of the environmental issues facing manufacturers in the shotgun cartridge industry and is a leader in innovation. The company has developed both highly recyclable products and worked on the replacement of lead shot well in advance of legislative changes.

BUSINESS CONDUCT

The business model of the company is to provide products of the best quality possible for which there will always be strong demand

ETHICAL TRADING

The company regards its ethical trading policy and strong respect from all in the commercial market as being a key driver in its effective trading.

ON BEHALF OF THE BOARD:

Mr D H Bontoft - Director

11 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of shotgun ammunition and the sale of airguns.

DIVIDENDS

No interim dividends were paid during the year ended 31 March 2025.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

NIL

7% Preference £1 shares

7p;

The total distribution of dividends for the year ended 31 March 2025 will be £ 945 .

FUTURE DEVELOPMENTS

The company continues to build its customer base and continually monitors its products to ensure quality service to existing and future customers.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr D H Bontoft

Mrs S J Claxton

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, HLAS Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D H Bontoft - Director

11 December 2025

Opinion

We have audited the financial statements of Hull Cartridge Company Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 Financial Reporting Standard 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 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud 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 sector in which the company operates;

- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

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 were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Laura J Drew (Senior Statutory Auditor)

for and on behalf of HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

12 December 2025

TURNOVER

22,404,054

19,657,070

Cost of sales

(16,832,108

)

(14,905,825

)

GROSS PROFIT

5,571,946

4,751,245

Distribution costs

(587,712

)

(655,357

)

Administrative expenses

(3,661,899

)

(3,370,624

)

1,322,335

725,264

Other operating income

6,811

1,136

OPERATING PROFIT

4

1,329,146

726,400

Interest receivable and similar income

122,544

104,460

PROFIT BEFORE TAXATION

1,451,690

830,860

Tax on profit

6

(377,819

)

(133,482

)

PROFIT FOR THE FINANCIAL YEAR

1,073,871

697,378

PROFIT FOR THE YEAR

1,073,871

697,378

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,073,871

697,378

FIXED ASSETS

Tangible assets

8

1,846,484

2,018,408

CURRENT ASSETS

Stocks

9

7,426,579

7,476,539

Debtors

10

2,261,176

2,046,462

Cash at bank and in hand

4,262,773

3,301,037

13,950,528

12,824,038

CREDITORS

Amounts falling due within one year

11

3,155,687

3,230,152

NET CURRENT ASSETS

10,794,841

9,593,886

TOTAL ASSETS LESS CURRENT LIABILITIES

12,641,325

11,612,294

CREDITORS

Amounts falling due after more than one year

12

-

(6,811

)

PROVISIONS FOR LIABILITIES

13

(306,052

)

(343,136

)

NET ASSETS

12,335,273

11,262,347

CAPITAL AND RESERVES

Called up share capital

14

15,000

15,000

Share premium

15

5,500

5,500

Retained earnings

15

12,314,773

11,241,847

SHAREHOLDERS' FUNDS

12,335,273

11,262,347

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

Mr D H Bontoft - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

15,000

10,545,414

5,500

10,565,914

Changes in equity

Dividends

-

(945

)

-

(945

)

Total comprehensive income

-

697,378

-

697,378

Balance at 31 March 2024

15,000

11,241,847

5,500

11,262,347

Changes in equity

Dividends

-

(945

)

-

(945

)

Total comprehensive income

-

1,073,871

-

1,073,871

Balance at 31 March 2025

15,000

12,314,773

5,500

12,335,273

Cash flows from operating activities

Cash generated from operations

1

949,906

559,723

Tax paid

(32,702

)

(35,303

)

Net cash from operating activities

917,204

524,420

Cash flows from investing activities

Purchase of tangible fixed assets

(77,067

)

(939,698

)

Interest received

122,544

104,460

Net cash from investing activities

45,477

(835,238

)

Cash flows from financing activities

Equity dividends paid

(945

)

(945

)

Net cash from financing activities

(945

)

(945

)

Increase/(decrease) in cash and cash equivalents

961,736

(311,763

)

Cash and cash equivalents at beginning of year

2

3,301,037

3,612,800

Cash and cash equivalents at end of year

2

4,262,773

3,301,037

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,451,690

830,860

Depreciation charges

248,991

237,998

Government grants

(6,811

)

(1,136

)

Finance income

(122,544

)

(104,460

)

1,571,326

963,262

Decrease/(increase) in stocks

49,960

(1,017,019

)

(Increase)/decrease in trade and other debtors

(214,714

)

345,903

(Decrease)/increase in trade and other creditors

(456,666

)

267,577

Cash generated from operations

949,906

559,723

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

4,262,773

3,301,037

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,301,037

3,612,800

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

3,301,037

961,736

4,262,773

3,301,037

961,736

4,262,773

Total

3,301,037

961,736

4,262,773

1.	STATUTORY INFORMATION

Hull Cartridge Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

Significant judgements and estimates

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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides goods in the form of ammunition for game and competition shooting to other organisations and individuals, these services are provided on a material basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

33% on cost, 20% on cost and 10% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Regional development grants

Regional development grants received are credited to a separate account and released to the profit and loss account over the expected useful life of the assets to which they relate.

Financial instruments

Financial instruments that meet the criteria of a basic financial instrument as defined in section 11 of FRS 102 are accounted for under the amortised historic cost model.

Basic financial instruments are recognised at amortised historical cost.

Non - Basic financial instruments are recognised at fair value using a valuation technique with any gains or losses reported in surplus or deficit. At each year end, the instruments are revalued to fair value, with movements posted to the income and expenditure.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,904,450

2,702,762

Social security costs

61,500

56,580

Other pension costs

75,039

85,370

3,040,989

2,844,712

The average number of employees during the year was as follows:

2025

2024

Management

2

2

Administrative and sales

14

14

Production and distribution

33

28

49

44

2025

2024

£

£

Directors' remuneration

667,136

660,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

355,200

355,200

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

248,991

237,996

Auditors remuneration

12,000

12,000

Auditors remuneration - other services provided

5,305

5,275

5.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

12,000

12,000

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

414,903

(48,055

)

Deferred tax

(37,084

)

181,537

Tax on profit

377,819

133,482

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,451,690

830,860

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 23.774%)

362,923

197,529

Effects of:

Expenses not deductible for tax purposes

10,226

3,367

Capital allowances in excess of depreciation

-

(168,194

)

Depreciation in excess of capital allowances

41,754

-

Adjustments to tax charge in respect of previous periods

-

(80,757

)

Deferred tax movement

(37,084

)

181,537

Total tax charge

377,819

133,482

7.

DIVIDENDS

2025

2024

£

£

7% Preference shares of £1 each

Final

945

945

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

1,026,260

2,616,646

482,410

75,041

4,200,357

Additions

-

56,299

20,768

-

77,067

Disposals

-

-

(26,659

)

-

(26,659

)

At 31 March 2025

1,026,260

2,672,945

476,519

75,041

4,250,765

DEPRECIATION

At 1 April 2024

423,014

1,317,813

381,503

59,619

2,181,949

Charge for year

18,677

189,925

36,533

3,856

248,991

Eliminated on disposal

-

-

(26,659

)

-

(26,659

)

At 31 March 2025

441,691

1,507,738

391,377

63,475

2,404,281

NET BOOK VALUE

At 31 March 2025

584,569

1,165,207

85,142

11,566

1,846,484

At 31 March 2024

603,246

1,298,833

100,907

15,422

2,018,408

Included in cost of land and buildings is freehold land of £ 94,607 (2024 - £ 94,607 ) which is not depreciated.

9.

STOCKS

2025

2024

£

£

Raw materials

4,850,273

4,838,398

Finished goods

1,464,243

1,586,751

Goods for Resale

832,255

750,381

Work-in-progress

279,808

301,009

7,426,579

7,476,539

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,958,005

1,898,571

Other debtors

108,175

54,956

Prepayments and accrued income

194,996

92,935

2,261,176

2,046,462