Hull Cartridge Company Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	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—21

Page 1

Page 2

Strategic Report

For The Year Ended 31 March 2026

Strategic Report

The directors present their strategic report for the year ended 31 March 2026.

Review of the Business

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 an uplift in sales of 7%. The Key Performance Indicator used is gross profit margin which remains around the mid 20% mark.

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

25/08/2026

Page 2

Page 3

Hull Cartridge Company Limited

Company No. 01870205

Directors' Report For The Year Ended 31 March 2026

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2026.

Principal Activity

The company's principal activity continues to be that of manufacture of shotgun ammunition and the sale of airguns.

Future Developments

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

Dividends

The value of dividends paid amounted to £945 .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the year were as follows:

Mr D H Bontoft

Mrs S J Claxton

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 3

Page 4

Hull Cartridge Company Limited

Directors' Report (continued)

For The Year Ended 31 March 2026

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

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

Independent Auditors

The auditors, HLAS Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr D H Bontoft

Director

25/08/2026

Page 4

Page 5

Independent Auditor's Report

to the Members of

Hull Cartridge Company Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Hull Cartridge Company Limited for the year ended 31 March 2026 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit/(loss) 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Hull Cartridge Company Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

Hull Cartridge Company Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that 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.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

Hull Cartridge Company Limited

Laura Drew (Senior Statutory Auditor)

for and on behalf of HLAS Audit Limited , Statutory Auditor

25/08/2026

HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

East Yorkshire

HU13 0DZ

Page 8

Page 9

Hull Cartridge Company Limited

Profit and Loss Account

For The Year Ended 31 March 2026

Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER		24,048,264	22,404,054
Cost of sales		(18,503,312 )	(16,832,108 )

GROSS PROFIT		5,544,952	5,571,946

Distribution costs		(675,594 )	(587,712 )
Administrative expenses		(3,909,881 )	(3,661,899 )
Other operating income		-	6,811

OPERATING PROFIT	4	959,477	1,329,146
Other interest receivable and similar income	9	122,021	122,544

PROFIT BEFORE TAXATION		1,081,498	1,451,690
Tax on Profit	10	(283,381 )	(377,819 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		798,117	1,073,871

The notes on pages 14 to 21 form part of these financial statements.

Page 9

Page 10

Hull Cartridge Company Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2026

Statement of Comprehensive Income

	2026	2025
	£	£
PROFIT FOR THE FINANCIAL YEAR	798,117	1,073,871
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	798,117	1,073,871

Page 10

Page 11

Hull Cartridge Company Limited

Balance Sheet

As At 31 March 2026

Balance Sheet

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		2,081,693		1,846,484

			2,081,693		1,846,484
CURRENT ASSETS
Stocks	13	7,771,139		7,426,579
Debtors	14	3,052,887		2,261,176
Investments	15	630,667		604,955
Cash at bank and in hand		3,903,313		3,657,818

		15,358,006		13,950,528
Creditors: Amounts Falling Due Within One Year	16	(3,940,054 )		(3,155,687 )

NET CURRENT ASSETS (LIABILITIES)			11,417,952		10,794,841

TOTAL ASSETS LESS CURRENT LIABILITIES			13,499,645		12,641,325

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(367,200 )		(306,052 )

NET ASSETS			13,132,445		12,335,273

CAPITAL AND RESERVES
Called up share capital	19		15,000		15,000
Share premium account			5,500		5,500
Profit and Loss Account			13,111,945		12,314,773

SHAREHOLDERS' FUNDS			13,132,445		12,335,273

On behalf of the board

Mr D H Bontoft

Director

25/08/2026

The notes on pages 14 to 21 form part of these financial statements.

Page 11

Page 12

Hull Cartridge Company Limited

Statement of Changes in Equity

For The Year Ended 31 March 2026

Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2024	15,000	5,500	11,241,847	11,262,347
Profit for the year and total comprehensive income	-	-	1,073,871	1,073,871

Dividends paid	-	-	(945)	(945)

As at 31 March 2025 and 1 April 2025	15,000	5,500	12,314,773	12,335,273


Profit for the year and total comprehensive income	-	-	798,117	798,117

Dividends paid	-	-	(945)	(945)

As at 31 March 2026	15,000	5,500	13,111,945	13,132,445

Page 12

Page 13

Hull Cartridge Company Limited

Statement of Cash Flows

For The Year Ended 31 March 2026

Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,033,820	949,906
Tax paid		(414,903 )	(32,702 )

Net cash generated from operating activities		618,917	917,204

Cash flows from investing activities
Purchase of tangible assets		(468,786 )	(77,067 )
Interest received		122,021	122,544

Net cash (used in)/generated from investing activities		(346,765 )	45,477

Cash flows from financing activities
Equity dividends paid		(945 )	(945 )



Increase in cash and cash equivalents		271,207	961,736
Cash and cash equivalents at beginning of year	2	4,262,773	3,301,037

Cash and cash equivalents at end of year	2	4,533,980	4,262,773

Page 13

Page 14

Hull Cartridge Company Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2026

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025
	£	£
Profit for the financial year	798,117	1,073,871
Adjustments for:
Tax on profit	283,381	377,819
Interest income	(122,021 )	(122,544 )
Depreciation of tangible assets	233,577	248,991
Grant income	-	(6,811)
Movements in working capital:
(Increase)/decrease in stocks	(344,560 )	49,960
Increase in trade and other debtors	(791,711 )	(214,714 )
Increase/(decrease) in trade and other creditors	977,037	(456,666 )

Net cash generated from operations	1,033,820	949,906

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025
	£	£
Cash at bank and in hand	3,903,313	3,657,818
Short term deposits including current asset investments (less than 3 months)	630,667	604,955

Cash and cash equivalents as stated in the Statement of Cash Flows	4,533,980	4,262,773

3. Analysis of changes in net funds

	As at 1 April 2025	Cash flows	As at 31 March 2026
	£	£	£
Cash at bank and in hand	3,657,818	245,495	3,903,313
Short term deposits including current asset investments (less than 3 months)	604,955	25,712	630,667

Cash and cash equivalents	4,262,773	271,207	4,533,980

Page 14

Page 15

Hull Cartridge Company Limited

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Hull Cartridge Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01870205 . The registered office is Bontoft Avenue, National Avenue, Hull, East Yorkshire, HU5 4HZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

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.

2.2. 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.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Plant & Machinery	10% on cost
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	33% on cost, 20% on cost and 10% on cost

2.4. Stocks and Work in Progress

Stock is 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.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, where applicable.

Financial assets are assessed for indicators of impairment at each reporting date.

The company does not hold any non-basic financial instruments.

Page 15

Page 16

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.7. Foreign Currencies

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.

Exchange differences arising on settlement of monetary items or on retranslation at the reporting date are recognised in profit or loss.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Other Operating Income

	2026	2025
	£	£
Grant income	-	6,811

	-	6,811

4. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Bad debts	31,357	(4,958)
Depreciation of tangible fixed assets	233,577	248,991

Page 16

Page 17

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	12,000	12,000


Other Services
Other non-audit services	13,337	5,305

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	3,202,696	2,904,450
Social security costs	61,500	61,500
Other pension costs	92,083	75,039

	3,356,279	3,040,989

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2026	2025
Management	2	2
Administrative and sales	14	14
Production and distribution	31	33

	47	49

8. Directors' remuneration

	2026	2025
	£	£
Emoluments	670,494	667,136
Company contributions to money purchase pension schemes	2,642	2,642

	673,136	669,778

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

	2026		2025
Money purchase pension schemes	2		2

Information regarding the highest paid director was as follows:

	2026	2025
	£	£
Emoluments	355,200	355,200

Page 17

Page 18

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

9. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	122,021	122,544

10. Tax on Profit

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

	Tax Rate		2026	2025
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	222,233	414,903
Deferred Tax
Deferred taxation			61,148	(37,084 )


Total tax charge for the period			283,381	377,819

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2026	2025
	£	£
Profit before tax	1,081,498	1,451,690

Tax on profit at 25% (UK standard rate)	270,374	362,923
Goodwill/depreciation not allowed for tax	58,394	62,248
Expenses not deductible for tax purposes	7,964	10,226
Capital allowances	(114,499 )	(20,494 )
Short term timing differences	61,148	(37,084 )

Total tax charge for the period	283,381	377,819

11. Prior Period Adjustment

During the current year, it was identified that a deposit account with a notice period of 95 days had been incorrectly classified within cash at bank and in hand in the financial statements for the year ended 31 March 2025.

Under FRS 102, cash equivalents comprise short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. An investment will normally qualify as a cash equivalent only where it has a short maturity of approximately three months or less from the date of acquisition. In assessing whether an account qualifies as cash or a cash equivalent, consideration is also given to any notice period required to access the funds.

The account has a 95-day notice period and therefore does not meet the criteria for inclusion within cash and cash equivalents. The balance should accordingly have been presented separately as a short-term investment within current assets.

The comparative figures have therefore been restated to correct the prior period classification error in accordance with the requirements of FRS 102 Section 10. The adjustment has no effect on total assets, net assets, retained profits or the profit for either period, as it represents a reclassification between current asset categories only.

The effect of the prior period adjustment is an increase in short term investments of £604,955 and a decrease in cash at bank and in hand of £604,955.

Page 18

Page 19

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2025	1,026,260	2,672,945	75,041	476,519	4,250,765
Additions	-	326,773	-	142,013	468,786
Disposals	-	(14,588 )	-	(31,735 )	(46,323 )

As at 31 March 2026	1,026,260	2,985,130	75,041	586,797	4,673,228

Depreciation
As at 1 April 2025	441,691	1,507,738	63,475	391,377	2,404,281
Provided during the period	18,677	167,759	2,891	44,250	233,577
Disposals	-	(14,588 )	-	(31,735 )	(46,323 )

As at 31 March 2026	460,368	1,660,909	66,366	403,892	2,591,535

Net Book Value
As at 31 March 2026	565,892	1,324,221	8,675	182,905	2,081,693

As at 1 April 2025	584,569	1,165,207	11,566	85,142	1,846,484

13. Stocks

	2026	2025
	£	£
Materials	4,767,029	4,850,273
Finished goods	1,473,656	1,464,243
Goods in transit	1,094,985	279,808
Goods for resale	435,469	832,255

	7,771,139	7,426,579

14. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	2,481,803	1,958,005
Prepayments and accrued income	472,729	194,996
Other debtors	98,355	108,175

	3,052,887	2,261,176

15. Current Asset Investments

	2026	2025
	£	£
Short term deposits	630,667	604,955

Page 19

Page 20

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

16. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,872,600	959,789
Other creditors	11,207	11,145
Corporation tax	222,233	414,903
Taxation and social security	700,074	669,349
Accruals and deferred income	1,133,940	1,100,501

	3,940,054	3,155,687

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Other timing differences	367,200	306,052

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2025	306,052	306,052
Deferred taxation	61,148	61,148

Balance at 31 March 2026	367,200	367,200

19. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
1,500 Ordinary Shares of £ 1.00 each	1,500	1,500

Preference Shares

	2026	2025
Allotted, called up and fully paid	£	£
13,500 Preference Shares of £ 1.00 each	13,500	13,500

The holders of the cumulative preference shares are entitled, in priority to any payment of dividend on any other class of shares, to a fixed cumulative preference dividend at a rate of 7% per annum and on are turn of assets on liquidation, shall be repaid the amount paid up on their shares before any balance is applied to the shareholders.

Each holder of 7% cumulative preference shares is entitled to one vote for every eight shares held. Ordinary shares hold voting rights of one vote per share.

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £92,083 (2025: £75,039).

At the balance sheet date contributions of £-5,506 (2025: £2,298) were due to the fund and are included in creditors.

Page 20

Page 21

Hull Cartridge Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

21. Dividends

	2026	2025
	£	£
On equity shares:
Final dividend paid	945	945

22. Related Party Disclosures

During the year rental payments were made to a Trust, in which two of the director's are beneficiaries, totalling £250,000 (2025: £250,000).

23. Controlling Parties

The company is controlled by the Bontoft family through personal and Trust shareholdings.

Page 21