Ammotec UK Ltd

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 8

Ammotec UK Ltd

(Registration number: 00946867)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	95,064	135,451
Current assets
Stocks	5	64,400	324,885
Debtors	6	645,330	1,119,694
Cash at bank and in hand		81,884	212,152
		791,614	1,656,731
Creditors: Amounts falling due within one year	7	(1,261,393)	(1,787,966)
Net current liabilities		(469,779)	(131,235)
Net (liabilities)/assets		(374,715)	4,216
Capital and reserves
Called up share capital		15,000	15,000
Capital redemption reserve		99,023	99,023
Profit and loss account		(488,738)	(109,807)
Shareholders' (deficit)/funds		(374,715)	4,216

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 December 2025 and signed on its behalf by:
 

N B O Waktare Director

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Upton Cross
Liskeard
Cornwall
PL14 5BQ

Principal activity

The principal activity of the company is is that of wholesale supply of ammunition.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. Despite recent losses, the company has the continued financial support of it's parent entity.

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was qualified. We were not appointed as auditor of the company until after 31 December 2024 and thus did not observe the counting of physical inventories for the year ended 31 December 2024 . We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024, which is included in the balance sheet at £64,400, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to those amounts or to the associated cost of sales in the year ended 31 December 2024 were necessary.

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 qualified opinion.
The name of the Senior Statutory Auditor who signed the audit report on 29 December 2025 was Adam Croney ACA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

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. 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land	not depreciated
Buildings	5% straight line
Plant and machinery	25% reducing balance

Impairment

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.

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 7).

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Land and buildings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	346,391	129,188	475,579
Disposals	-	(129,188)	(129,188)
At 31 December 2024	346,391	-	346,391
Depreciation
At 1 January 2024	243,940	96,188	340,128
Charge for the year	7,387	-	7,387
Eliminated on disposal	-	(96,188)	(96,188)
At 31 December 2024	251,327	-	251,327
Carrying amount
At 31 December 2024	95,064	-	95,064
At 31 December 2023	102,451	33,000	135,451

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	64,400	324,885

6

Debtors

	Note	2024 £	(As restated) 2023 £
Trade debtors		236,708	280,831
Amounts owed by group undertakings	10	272,347	472,305
Other debtors		128,850	332,367
Prepayments		-	26,766
Income tax asset		7,425	7,425
		645,330	1,119,694

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Trade creditors		7,759	4,646
Amounts owed to group undertakings	10	1,226,578	336,677
Taxation and social security		-	149,251
Accruals and deferred income		27,056	44,446
Other creditors		-	1,252,946
		1,261,393	1,787,966

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	6,928	18,691
Later than one year and not later than five years	13,857	2,856
	20,785	21,547

10	Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1a of the provisions of FRS102 Related Party Disclosures, on the grounds that itis a wholly owned subsidiary of a group headed by GMK Limited, whose financial statements are available from Companies House.

The company had no other related party transactions in the current or prior year to report.

Ammotec UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11	Parent and ultimate parent undertaking

GMK Limited became the parent entity in May 2023 following the acquisition of shares from RUAG Ammotec Deutschland Gmbh, incorporated in Germany.

 The company's immediate parent is GMK Limited, incorporated in England and Wales.

 The ultimate parent is Upifra S.A., incorporated in Luxembourg.

12	Prior year adjustment due to a post balance sheet event

There has been a prior period restatement due to the property transfer not occurring as originally intended. This misstatement only became apparent after the current financial year ended and as such has been restated in the prior year to reduce revenue and trade debtors.