Registration number:
for the Year Ended 31 December 2025
Eley Hawk Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Statement of financial position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Eley Hawk Limited
Company Information
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Directors |
Mr Paolo Pederzoli Mr Eduardo Hernando Mr David Aguilar Gomez Mr Rodrigo Crespo Barreda Mr Yhan Pham Mr Andrea Andreani Mr Carlos Perez-Lescure Picarzo Mrs Marie-Pierre Dechene |
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Company secretary |
Mr Rodrigo Crespo Barreda |
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Registered office |
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Auditors |
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Eley Hawk Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Fair review of the business
Fair Review of the Business
Revenue increased by 6% to £17,205,067 (2024: £16,201,778), while Gross Profit grew by 1.5% to £4,089,485 (2024: £4,028,340). This represents a gross margin of 24% for 2025, compared to 25% in 2024.
Although net profit before tax decreased to £1,737,064 from £1,920,744—reflecting a net margin of 10% (2024: 12%)—the Company maintained a consistent level of profit after tax at £1,409,303 (2024: £1,439,713). This stability was achieved through the strategic application of available HMRC tax reliefs and incentives.
Driven by innovation, quality, and performance, the Company’s product mix continues to improve significantly. However, overall profitability has been impacted by rising raw material and transport costs. It is anticipated that these inflationary pressures will persist into the following years.
The Company continues to invest in key assets to strengthen its unique selling proposition and secure additional growth opportunities. The Directors consider this market-leading evolution to be clear evidence of the Company’s commitment to long-term value creation.
Business model
The UK market remains the key priority for our business model, where our unique selling position allows the company to offer unique added value products These unique characteristics, in combination with the high quality of our products, are the decisive factor in becoming the first choice of the British shooter.
The company continues consolidating international business with selected international customers, key in their home markets that represent the values and the image of the brand overseas.
Business strategy
Our field sales team and proximity to our customers remain a key element of our strategy. Eley Hawk’s continuous commitment to innovation, sustainability, and the development of unique shooting solutions is considered key to reinforcing our unique selling proposition for both game and clay products in the years to come.
Business review
The Company continues to enhance its operational capabilities by increasing capacity, improving efficiencies, and strengthening the skills and size of its workforce. A higher level of activity has been successfully achieved through this combined approach.
In addition to the above, the Company has established a goal to be a proactive leader at both the local and national levels. Locally, we engage with associations and charities to support the welfare of our communities. Nationally, we take a leading role in organizations devoted to the promotion and defence of conservation, the countryside, game management, and the sport.
Sustainability and environmental
We are accelerating our commitment to reducing product footprints through direct operational improvements and strategic global partnerships
Eley Hawk Limited
Strategic Report for the Year Ended 31 December 2025 (continued)
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Revenue |
£ |
17,205,067 |
16,201,778 |
|
Gross profit |
£ |
4,089,485 |
4,028,340 |
|
Gross margin |
% |
24 |
25 |
|
Net profit before tax |
£ |
1,737,064 |
1,920,744 |
|
Net margin |
% |
10 |
12 |
Principal risks and uncertainties
The Board identifies and monitors the following principal risks to ensure the Company’s strategy and future performance remain resilient.
1. Legislative and Regulatory Evolution
Risk and Impact: The most immediate regulatory hurdle is the legislative transition away from lead ammunition. In the UK, the REACH (Amendment) Regulations 2026 have confirmed a ban on the sale and use of lead shot for live quarry and recreational shooting effective 1 April 2029. This aligns with broader EU restrictions under the European Chemicals Agency (ECHA), which already prohibit lead in wetlands and are moving toward a total terrestrial ban. These mandates create a material risk of inventory obsolescence and require a rapid shift to non-toxic alternatives like steel among others.
Mitigation: The company has been heavily investing in the past years to ensure a strong industrial capacity is available for lead-free and plastic-free solutions that have been identified as key elements of our Unique Selling Proposition (USP). By engaging with international industrial partners as well as with nationwide shooting organizations, we are ensuring our transition timeline remains ahead of the 2029 deadline. We are also implementing a phased inventory markdown strategy to clear lead-based stocks well before the enforcement dates.
2. Supply Chain and Global Stability
Risk and Impact: Geopolitical instability and logistical uncertainties may threaten the consistent availability of materials. Any significant disruption may risk our ability to fulfil orders and maintain operational stability.
Mitigation: We have diversified our international supplier base to reduce regional dependency. By increasing strategic stock levels and improving supply chain transparency, we have moved from a "just-in-time" to a "resilient" sourcing model.
3. Macroeconomic Pressure and Exchange Rate Evolution
Risk and Impact: A general economic slowdown may dampen market demand and intensify price competition. Simultaneously, the transition to premium non-lead and plastic-free materials may increase raw material cost. These, combined with fluctuations in GBP, EUR, and USD, create a risk of margin compression if cost increases cannot be fully offset or hedged.
Mitigation: We focus on operational excellence to protect margins during this transition. By constantly widening our pool of suppliers, positioning our products as quality superior and compliant with future laws, we maintain purchasing power despite broader economic pressures. We manage currency risk through natural hedging—matching the currency of our costs with our revenues—and may use alternative methods to provide certainty for our international trade.
Eley Hawk Limited
Strategic Report for the Year Ended 31 December 2025 (continued)
Approved by the Board on 17 March 2026 and signed on its behalf by:
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Eley Hawk Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' of the company
The directors, who held office during the year, were as follows:
Principal activity
The principal activity of the company is the manufacture of sporting shotgun cartridges
Eley Hawk Limited
Directors' Report for the Year Ended 31 December 2025 (continued)
Financial instruments
Objectives and policies
The Company’s operations expose it to a variety of financial risks, including price, liquidity, credit, and foreign exchange risk. The Directors continuously monitor these exposures to ensure that risk management policies are implemented effectively both either directly and through Group-level coordination, to achieve the desired strategic results.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk:
Eley Hawk purchases three types of metallic raw material:
1. Lead - where the risk of fluctuating prices is minimised by securing a fixed price when the raw material is purchased. This will normally be the most competitive price available within approximately a month of the purchase order date.
2. Bismuth - where the annual demand is a fraction of the demand for lead ingots and the risk of fluctuating prices is removed by price agreement at the time of placing the order.
3. Steel - where the annual demand is a fraction of the demand for lead ingots, however, the risk of fluctuating prices cannot be removed, and it may also be severely affected by shipping costs.
Liquidity risk
The Company’s liquidity requirements are fully met by its own internal resources. We expect to continue financing future growth and strategic investments through self-generated capital.
Credit risk
We monitor customer credit exposure rigorously. Management maintains allowances for anticipated losses by evaluating current delinquency data, historical loss experience, and broader economic conditions affecting our client base. Regular reviews of customer financial health ensure that our allowances for doubtful accounts remain sufficient.
Foreign exchange risk
The Company engages in significant transactions denominated in Euros and US Dollars, creating exposure to exchange rate movements against Sterling. We manage this risk primarily through a natural hedging strategy, aiming to offset currency inflows and outflows to minimize net exposure.
Employment of disabled persons
We place high value on employee engagement. Staff are kept informed of company performance and matters affecting their employment through both formal and informal consultations. We regularly engage with employees to ensure their interests are considered in the Company’s future planning.
Eley Hawk Limited
Directors' Report for the Year Ended 31 December 2025 (continued)
Future developments
During the 2026 Eley Hawk aims to get one step closer to its natural position as the top-level cartridge company both in the International and National arena. This is expected to be achieved through key customers, key events, unique products, and outstanding quality. This Unique Selling Proposition is in line with the long-term value creation project for the company.
Going concern
It is the duty of the directors to consider the appropriateness of the going concern basis of preparation for these financial statements and, in the current climate of general economic uncertainty, this aspect of the business review is even more important.
The company is self-funded, relying on good cash management. Taking into account forecast levels of working capital, capital expenditure and profitability, this level of funding will be sufficient to support normal trading operations.
As at 31st December 2025, the company had net current assets of £5,377,339 (December 2024: £3,901,639), net assets of £4,470,798 (December 2024: £3,061,468) and the cash at bank stands at £1,283,267 (December 2024: £1,753,081).
Having considered the above, and produced trading forecasts the directors are satisfied that Eley Hawk Limited will continue to operate as a going concern into the foreseeable future, including twelve months from the date of this report.
Eley Hawk Limited
Directors' Report for the Year Ended 31 December 2025 (continued)
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Walker Hubble as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the Board on
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Eley Hawk Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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.
Eley Hawk Limited
Independent Auditor's Report to the Members of Eley Hawk Limited
Opinion
We have audited the financial statements of Eley Hawk Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Statement of financial position, Statement of Changes in Equity, and 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework'.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.
Eley Hawk Limited
Independent Auditor's Report to the Members of Eley Hawk Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and 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 our 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 and the Directors' Report.
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 9], 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.
Eley Hawk Limited
Independent Auditor's Report to the Members of Eley Hawk Limited (continued)
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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 controls 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 company's 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 disclosure 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.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
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 controls that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Eley Hawk Limited
Independent Auditor's Report to the Members of Eley Hawk Limited (continued)
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.
......................................
For and on behalf of
Dudley
West Midlands
DY1 1JJ
Eley Hawk Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(80,813) |
(74,937) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the year |
|
|
The above results were derived from continuing operations.
Eley Hawk Limited
Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
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Eley Hawk Limited
(Registration number: 02004633)
Statement of financial position as at 31 December 2025
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Note |
31 December |
31 December |
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Fixed assets |
|||
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Tangible assets |
|
|
|
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Current assets |
|||
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Stocks |
|
|
|
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Trade and other debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
Tax asset |
201,627 |
61,772 |
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|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Other reserves |
633,620 |
633,620 |
|
|
Retained earnings |
3,837,176 |
2,427,846 |
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|
Shareholders' funds |
4,470,798 |
3,061,468 |
Approved by the
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Eley Hawk Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
2 |
633,620 |
2,427,846 |
3,061,468 |
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated and domiciled in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework, "Reduced Disclosure Framework"(FRS101). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 have been applied. The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006.
FRS 101 sets out a reduced disclosure framework for a "qualifying entity" as defined by the standard which addresses the financial reporting requirements and disclosure exemptions in the individual financial statements of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.
The company is a qualifying entity for the purposes of FRS 101, and Note 24 gives details of the company's ultimate parent undertaking and from where it's consolidated financial statements prepared in accordance with IFRS may be obtained.
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 January 2025 have had a material effect on the financial statements.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when the amount of revenue can be reliably measured; when it is probable that the future economic benefits will flow to the entity; and when specific criteria have been met for each of the company's activities, as described below.
Sale of goods
The company manufactures and sells sporting shotgun ammunition. Sales of goods are recognised when the significant risks and rewards of ownership have passed to the buyer.
Finance income and costs policy
Interest receivable and payable is recognised on an accruals basis.
Foreign currency transactions and balances
(a) Functional and presentation currency
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ('the functional currency'). The financial statements are presented in 'Pounds Sterling' (£), which is also the company's functional currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. All other foreign exchange gains and losses are presented in the income statement and are taken into account in arriving at the operating profit.
Tax
The tax expense for the period 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 shareholders' funds. In this case, the tax is not recognised in other comprehensive income or directly in shareholders' funds, respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted at the Statement of financial position date in the countries where the company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Tangible assets
Property, plant and equipment are stated at historic cost, net of depreciation and any provision for impairment. Historical cost includes the original purchase price of the asset and the cost attributed to bringing the asset to its working condition for intended use.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset to its residual value over its estimated useful life.
The asset's residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the income statement and are taken into account in arriving at the operating profit.
The rates of depreciation are as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
3 to 10 years straight line |
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated amortisation and impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Straight line over expected useful life |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Trade receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not they are presented as non-current assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
Inventories
Inventories are valued at the lower of cost and net realisable value. In determining the cost of raw materials standard costing is used. Cost includes materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is the price at which stocks can be sold in the normal course of business, after allowing for the costs of realisation. Stocks are regularly reviewed for slow moving, obsolete and defective stock and, where necessary, provision has been made.
Trade payables
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event; it is probable that the outflow of economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. If the effect is material, expected future cash flows are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where the company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when recovery is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. Where discounting is used, the increase in the provision due to unwinding the discount is recognised as a future cost.
Share capital
Ordinary shares are classified as equity. The company does not have any preference shares.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. The company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
The company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Contributions payable for the year are charged in the income statement.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements 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. 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.
Inventory provisioning
The company considers the recoverability of the cost of inventory and the associated provisioning required. When assessing the need for an inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See Note 17 below for the carrying amount of the inventory and associated provision.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Revenue |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain (loss) on disposal of Tangible assets |
( |
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Foreign exchange gains |
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
|
|
During the period ended 31st December 2025 the company has paid the above disclosed figure to the Directors. The company acknowledges that additional remuneration has been provided by related companies for Director's duties. It is not practical to allocate or split the directors' remuneration for qualifying services and services to this entity are deemed immaterial. However the emoluments for these directors are accounted for in Sofisport SA's financial statements.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
11 |
Directors' remuneration (continued) |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Income tax |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
|
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of temporary differences |
|
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in current tax from adjustment for prior periods |
( |
( |
|
Increase from effect of different UK tax rates on some earnings |
|
- |
|
Increase from effect of expenses not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Tangible assets |
|
Land and buildings |
Plant and machinery |
Other Tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
At 1 January 2024 |
|
|
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
- |
- |
|
At 31 December 2024 |
- |
- |
|
At 1 January 2024 |
- |
- |
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Deferred tax assets and liabilities |
Deferred tax assets and liabilities
|
31 December 2025 |
Liability |
|
( |
|
|
31 December 2024 |
Liability |
|
( |
|
Deferred tax movement during the year:
|
At 1 January 2025 |
Recognised in income |
At |
|
|
( |
( |
( |
|
|
( |
( |
( |
Deferred tax movement during the prior year:
|
At 1 January 2024 |
Recognised in income |
At |
|
|
( |
( |
( |
|
|
( |
( |
( |
Deferred taxes at the balance sheet date have been measured using the enacted rates and reflected in these financial statements.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Inventories |
|
31 December |
31 December |
|
|
Raw materials and consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
There is no significant difference between the replacement cost of inventories and their carrying amounts.
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Trade and other debtors |
|
31 December |
31 December |
|
|
Trade Trade and other receivables |
|
|
|
Provision for impairment of trade Trade and other receivables |
( |
( |
|
Net trade Trade and other receivables |
|
|
|
Prepayments |
|
|
|
Other Trade and other receivables |
|
|
|
|
|
The company's exposure to credit and market risks, including maturity analysis, relating to trade and other receivables is disclosed in the financial risk review note.
|
Trade and other debtors falling due within one year |
31 December |
31 December |
|
Trade Trade and other receivables |
|
|
|
Provision for impairment of trade Trade and other receivables |
( |
( |
|
Net trade Trade and other receivables |
|
|
|
Prepayments |
|
|
|
Other Trade and other receivables |
|
|
|
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution (stakeholder) pension scheme. The liability of the company is limited to employer's contributions for members of this scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £44,434 (2024 - £36,028).
Contributions totalling £Nil (2024 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
|
Dividends |
|
31 December |
31 December |
|||
|
£ |
£ |
|||
|
Interim dividend of £Nil (2024 - £ |
- |
2,000,000 |
||
|
Trade and other creditors |
|
31 December |
31 December |
|
|
Trade payables |
|
|
|
Accrued expenses |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
|
|
|
Current liabilities |
31 December |
31 December |
|
Trade payables |
|
|
|
Accrued expenses |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
|
|
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
21 |
Trade and other creditors (continued) |
The fair value of the trade and other creditors classified as financial instruments are disclosed in the financial instruments note.
The company's exposure to market and liquidity risks, including maturity analysis, related to trade and other creditors is disclosed in the financial risk management and impairment note.
|
Leases |
Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
|
31 December |
31 December |
|
|
Less than one year |
|
|
|
2 years |
|
|
|
3 years |
|
|
|
4 years |
|
|
|
5 years |
|
|
|
6 years |
148,925 |
148,925 |
|
7 years |
148,925 |
148,925 |
|
8 years |
37,231 |
148,925 |
|
9 years |
- |
37,231 |
|
Total lease liabilities (undiscounted) |
|
|
|
Other provisions |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Additional provisions |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|||
|
Parent and ultimate parent undertaking |
The most senior parent entity producing publicly available financial statements is
Eley Hawk Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Related party transactions |
The company is a wholly owned subsidiary of Sofisport SA and as such the company has taken advantage of the exemption under paragraph 8 (k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries. The consolidated financial statements of the ultimate controlling party, Sofisport, within which this company is included, can be obtained from 57 Rue Pierre Charron 75008, Paris, Ile De France.
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2 |
|
2 |