Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
COMPANY INFORMATION
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M.I. DICKSON HOLDINGS LIMITED
CONTENTS
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M.I. DICKSON HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The principal activity of the group remains the manufacture and supply of meat and bakery products to both the group’s retail estate and regional wholesale market, particularly within the national retailer and food service sectors, through the subsidiary M.I. Dickson Limited.
The financial year to 30 June 2024 saw total revenue grow by 5.95% to £18.65m, with strong sales in Q1 and Q2 slowing in the second half of the year. Two retail sites opened in the latter part of the year which contributed to the growth in retail turnover, with a further two retail sites planned to open in the year to 30 June 2025. Wholesale turnover grew through a mixture of new listings and additional volume to existing customers.
Raw material costs grew at a slower pace in 2024 than in 2022 or 2023, although wage inflation continued the upward cost pressure. In order to try and combat rising energy costs, significant investments had been made in solar panelling, voltage optimisation equipment and other economies to reduce our carbon footprint and electricity bills, but despite these initiatives a previously unseen level of cost impacted our financial results and growth in 2024. A new electricity contract commencing in October 2024 at a reduced rate to our previous agreement has seen cost reductions in the year to 30 June 2025. We sought to minimise the impact of these cost pressures on retail selling prices to retain footfall and sales volume, but price rises could not be avoided due to the increased costs faced. We hoped to see cost pressures begin to ease in 2025 so the October Budget came as a blow despite which we still look to further investment in our retail estate, both in adding new shops and improving the experience we offer customers.
New product development remains central to the success and growth of the business. Ongoing trials of food for now and later remain central to our plans. We will introduce more ready to eat salad & protein options, and follow a process of small continuous improvements to some of our most loved products to eat at home. Our coffee market has continued to develop since investing in Barista coffee machines and our collaboration with fellow family business Ringtons.
2024 marked the beginning of a project to improve the retail experience we offer customers as we look towards future growth, utilising the strength of our brand and points of difference to set ourselves apart from the market. The first of our new look retail sites is targeted to be in operation early in Q2 2025.
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M.I. DICKSON HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The group is exposed to a number of financial risks, particularly:
Commodity price risk The group manages commodity risk through competitive sourcing, the constant review of suppliers’ and competitors’ pricing and continuing routine checks for margin erosion. Liquidity risk Expansion in wholesale business will see credit risk becoming more of an issue; this is managed by effective credit and overhead cost control. Liquidity risk generally is managed by the financing of capital additions over periods ranging from three to five years where this is appropriate. Regulatory risk This is associated with the manufacture of food for human consumption. Batch controls are strictly adhered to and the group has the very highest standard of hygiene and compliance with appropriate standards so that it passes all assessments constantly undertaken by any one of several agencies and key customers. These standards are passed on to the company's customers to minimise any detrimental impact.
2024 2023
Direct material costs to turnover % 32.1% 32.4% Labour cost to turnover % 37.1% 36.5% Gross profit % 25.0% 22.8% Overheads to turnover % 26.0% 24.0%
This report was approved by the board on 27 June 2025 and signed on its behalf.
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M.I. DICKSON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors who served during the year were:
The loss for the year, after taxation, amounted to £64,275 (2023 - loss £132,816).
The directors do not recommend the payment of a final dividend in respect of the year ended 30 June 2024 (2023: £NIL).
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Benchmarking of competitor products is applied during the review of recipes, costs, margin and competitiveness in reviewing our offer to help make informed decisions during NPD planning.
More detailed customer research began during the year ended 30 June 2024, the findings of which will be used to develop the future Dicksons ‘Offer’ for its customers, both those who currently shop with us, and those we wish to target.
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M.I. DICKSON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Quarterly meetings are held with retail, factory and administrative management which cover performance, proposed investments or acquisitions, food safety, health & safety, employment issues and matters of general compliance.
Employees are kept informed of the company’s financial performance in a quarterly bulletin which covers future plans and developments as well as general news items from across the company. Qualifying staff receive a personal card and gift to mark birthdays, Christmas, marriages and births
• Future Developments
There have been no significant events affecting the Group since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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M.I. DICKSON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.I. DICKSON HOLDINGS LIMITED
We have audited the financial statements of M.I. Dickson Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve 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.
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M.I. DICKSON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.I. DICKSON HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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M.I. DICKSON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.I. DICKSON HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • the Responsible Individual 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 group through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, food standards and health and safety legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit. We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
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M.I. DICKSON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.I. DICKSON HOLDINGS LIMITED (CONTINUED)
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; and • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC and other regulators where applicable. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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
Chartered Accountants
Statutory Auditors
32 Portland Terrace
NE2 1QP
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M.I. DICKSON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
REGISTERED NUMBER: 14858356
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
REGISTERED NUMBER: 14858356
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.
The notes on pages 16 to 38 form part of these financial statements.
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M.I. DICKSON HOLDINGS LIMITED
REGISTERED NUMBER: 14858356
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 38 form part of these financial statements.
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M.I. DICKSON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
M. I. Dickson Holdings Limited is a private company limited by shares, which is incorporated and registered in England (no. 14858356). The address of the registered office and primary place of business is Unit 1 Heddon Way, Middlefields Industrial Estate, South Shields, NE34 0NT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The financial statements are prepared in sterling, which is the functional curency of the company and group. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using merger accounting, in accordance with FRS 102 paras 19.27 to 19.33.
The group has cash resources and has no requirement for external funding although it does have access to bank facilities that are reviewed annually and are not guaranteed for the period covered by the going concern review.
The Directors have prepared forecasts which incorporate an assessment of future and ongoing risks, including those associated with inflation and the cost of living crisis, on the group's ability to continue to trade in the future. In the Directors' opinion, at the date of approval of these financial statements, there are no external factors which have had significant impact on the group to cast doubt on the appropriateness of the use of the going concern basis in preparing the financial statements. As such based on the forecasts, risk assessments and current financial headroom the group has, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method as appropriate.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
At each balance sheet date, stocks are assessed for impairment and provision is made for obsolete, slow-moving or defective items where appropriate. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Income and Retained Earnings. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or a short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The value of stocks, including raw materials, work in progress and finished goods, has been reduced by a provision for slow-moving or obsolete stock. The provision applies assumptions based on the age and predicted future use of the stock, such that no value is carried if it is over a certain age in the case of finished goods or is not expected to be utilised in the manufacture of products in the case of raw materials. Recoverability of debtors The Group makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyses historical bad debts and current economic trends when making a judgement to evaluate the adequacy of the bad debt provision. Where expectation is different from the original estimate, such difference will impact the carrying value of debtors. Depreciation Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply to cash flows on estimated disposal values to calculate their net present values.
The whole of the turnover is attributable to the principal activity of the group, which is wholly
undertaken in the United Kingdom.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13.Taxation (continued)
There were no factors that may affect future tax charges.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
16.Tangible fixed assets (continued)
The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £1,941,268 (2023 - £-)
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The 2024 valuations were made by made by directors, on an open market value for existing use basis.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The bank loan is secured by a fixed and floating charge over all of the property and assets of the group.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 35
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
28.Deferred taxation (continued)
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
Defined contribution scheme
The group operates defined contribution schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £316,267 (2023: £262,749). Contributions totalling £35,299 (2023: £35,753) were payable to the fund at the balance sheet date and are included in other creditors.
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M.I. DICKSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
On 9 April 2024 the group entered into a reorganisation exercise via a share for share exchange agreement. This exercise created a group containing M. I. Dickson Limited and this company. The group has elected to account for this reconstruction as a merger, rather than as an acquisition.
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