Vince, as it stands at the moment:
From 2002 Guidance - Chapter 2 pp. 7
Unless there has been a court ruling ( I’ve not heard of one) then, this is the current state of play.
v) Display Boards and decorative purposes
In the absence of a Court ruling, inert
cartridges and ammunition mounted on
display boards are not regarded as being
subject to the Acts. Similarly, inert bullets
mounted on key rings or cuff links are
assumed to be exempt.
So the HP & SP bullets on a Bullet board are legal to have but if even one bullet fell off you would be committing an offence.
I’ve recently had to remove the HP & SP bullets from 300- 400 inert rds of Wildcat ammo (Once I had realised that I needed a permit, they were collected from me by a person with the required Permit).
Anyone got spare fmj bullets of calibres between .19 & .50 and not forgetting any of the Metric calibres please contact me.