It maybe my source is outdated, if it is I apologise.
(http://www.legislation.gov.uk/ukpga/1968/27)
I cut and pasted it yesterday from the same source, but today S5(1A)(f)(i) and S5(1A)(f)(ii) are missing and replaced with just S5(1A)(f), this is a 1997 addition to this section of the (2007) act. I cannot find a later update to this section now, or a previous edition with it in. It may be part of the upcoming changes but they are now unavailable.

It does mention that missiles (bullets) are referred to as prohibited ammunition within the act, but constantly refers to "expanding ammunition or the missile for any such ammunition" in regards to possession or transfer, keeping them as separate items. At no point does the Act or the Guidance mention that said missiles need to be treated as ammunition when it comes to transfers, only that if one is allowed the ammunition then one is allowed the missiles as well.