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Registered number: 00520749










M. I. DICKSON LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
M. I. DICKSON LIMITED
 
 
COMPANY INFORMATION


Directors
M G Dickson 
M M Dickson 
H Biddle 
E Dickson 
C D Hayman 
D Parkinson 
M G Dickson 
N V Herbert (appointed 8 July 2024)




Registered number
00520749



Registered office
Unit 1 Heddon Way
Middlefields Industrial Estate

South Shields

Tyne & Wear

NE34 0NT




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP




Bankers
Barclays Bank plc
Quayside

Newcastle upon Tyne

NE1 2BH




Solicitors
Sintons LLP
The Cube

Barrack Road

Newcastle upon Tyne

Tyne & Wear

NE4 6DB





 
M. I. DICKSON LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Income and Retained Earnings
10
Balance Sheet
11 - 12
Notes to the Financial Statements
13 - 30


 
M. I. DICKSON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the company remains the manufacture and supply of meat and bakery products to both the company’s retail estate and regional wholesale market, particularly within the national retailer and food service sectors.

Business review
 
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.
During the year to 30 June 2024 the shares of the company were acquired by M.I. Dickson Holdings Limited in a share for share exchange. There was no change in ultimate controlling party of the company as a result of this transaction which created a group with M.I. Dickson Holdings Limited preparing consolidated accounts. Following the transaction the company transferred a number of Fixed Assets to the parent company at net book value, as shown in the notes to the accounts. The asset transfer was substantially completed as a dividend in specie with a value of £3,266,290 as shown in note 13 to the accounts, with the balance of the asset values transferred, recorded in the intercompany debtor account with M.I. Dickson Holdings Limited. 

Future developments

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. 

Page 1

 
M. I. DICKSON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
The company is exposed to a number of financial risks, particularly:
Commodity price risk
The company 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 company 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.

Financial key performance indicators
 
      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 %    25.7%  24.0%


This report was approved by the board on 27 June 2025 and signed on its behalf.



C D Hayman
Director

Page 2

 
M. I. DICKSON 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.

Principal activity

The principal activity of the company remains the manufacture and supply of meat and bakery products to both the company’s retail estate and regional wholesale market, particularly within the national retailer and food service sectors.

Directors

The directors who served during the year were:

M G Dickson 
M M Dickson 
H Biddle 
E Dickson 
C D Hayman 
D Parkinson 
M G Dickson 

Results and dividends

The profit for the year, after taxation, amounted to £518,167 (2023 - loss £132,816).

During the year the company paid dividends in specie of £3,266,290 to the parent company, (2023: £122,011 to the shareholders paid in cash). The directors do not recommend the payment of a final dividend in respect of the year ended 30 June 2024 (2023: £nil).

Page 3

 
M. I. DICKSON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company'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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Research and development activities

Benchmarking of competitor’s products continues to be used during our review of recipes, costs, margin and competitiveness when reviewing our product ranges to help make informed decisions during New Product Development (NPD) planning.
Further factory investment continued, which improved the safety and efficiency of our salad pot production. We also continued our investment in technology and started looking at rolling out a new EPOS system which will enable us to offer our customers a loyalty program.

Engagement with employees

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.

Page 4

 
M. I. DICKSON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disabled employees

The company's policy with regard to the employment of disabled persons is that equal consideration is given to
all applications from both able and disabled persons, with focus on the abilities of the individual concerned.
Every effort is made to ensure that any employee who becomes disabled during their employment with the
company receives support and training to suit their needs.

Matters covered in the Strategic Report

•     Future Developments

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





C D Hayman
Director

Page 5

 
M. I. DICKSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. I. DICKSON LIMITED
 

Opinion


We have audited the financial statements of M. I. Dickson Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its 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 Auditors' 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 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.


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 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.


Page 6

 
M. I. DICKSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. I. DICKSON LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 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 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 Directors' Responsibilities Statement set out on page 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 7

 
M. I. DICKSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. I. DICKSON LIMITED (CONTINUED)


Auditors' 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 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 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 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 material effect on    the financial statements or the operations of the Company, 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 Company’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.
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.
 
Page 8

 
M. I. DICKSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. I. DICKSON LIMITED (CONTINUED)


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.


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 2006Our 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.





Michael Parry (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

27 June 2025
Page 9

 
M. I. DICKSON LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,650,181
17,602,534

Cost of sales
  
(13,993,814)
(13,586,191)

Gross profit
  
4,656,367
4,016,343

Administrative expenses
  
(4,797,020)
(4,226,144)

Other operating income
 5 
92,732
14,259

Change in fair value of investments
  
(2,077)
(7,120)

Operating loss
 6 
(49,998)
(202,662)

Income from investments
 10 
4,957
11,523

Amounts written off investments
  
2,562
-

Interest receivable and similar income
  
48,283
8,701

Interest payable and similar expenses
 11 
(30,954)
(35,258)

Loss before tax
  
(25,150)
(217,696)

Tax on loss
 12 
543,317
84,880

Profit/(loss) after tax
  
518,167
(132,816)

  

  

Retained earnings at the beginning of the year
  
6,120,916
6,375,743

  
6,120,916
6,375,743

Profit/(loss) for the year
  
518,167
(132,816)

Dividends declared and paid
 13 
(3,266,290)
(122,011)

Retained earnings at the end of the year
  
3,372,793
6,120,916
The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
M. I. DICKSON LIMITED
REGISTERED NUMBER: 00520749

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
128,411
22,173

Tangible assets
 15 
1,250,562
4,582,911

  
1,378,973
4,605,084

Current assets
  

Stocks
 16 
720,828
866,224

Debtors: amounts falling due within one year
 17 
1,812,538
976,004

Current asset investments
 18 
-
519,661

Cash at bank and in hand
 19 
1,540,496
1,558,754

  
4,073,862
3,920,643

Creditors: amounts falling due within one year
 20 
(1,714,770)
(1,403,109)

Net current assets
  
 
 
2,359,092
 
 
2,517,534

Total assets less current liabilities
  
3,738,065
7,122,618

Creditors: amounts falling due after more than one year
 21 
(148,486)
(275,758)

Provisions for liabilities
  

Deferred tax
 24 
(76,896)
(575,262)

  
 
 
(76,896)
 
 
(575,262)

Accruals and deferred income
 25 
(137,890)
(148,682)

Net assets
  
3,374,793
6,122,916


Capital and reserves
  

Called up share capital 
 26 
2,000
2,000

Profit and loss account
 27 
3,372,793
6,120,916

  
3,374,793
6,122,916


Page 11

 
M. I. DICKSON LIMITED
REGISTERED NUMBER: 00520749
    
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.





C D Hayman
Director

The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares, which is incorporated and registered in England (no. 00520749). The address of the registered office and primary place of business is Unit 1 Heddon Way, Middlefields Industrial Estate, South Shields, NE34 0NT. The principal activity of the company is the manufacture and supply of meat products through wholesale and retail activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of M I Dickson Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House of England & Wales or the registered office address.

Page 13

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The company has cash resources and has no requirement for additional 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 company'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 company 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 company has, the Directors have a reasonable expectation that the company 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. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 16

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company 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:

Freehold property
-
2% straight line
Freehold land
-
No depreciation is provided in respect of freehold land
Leasehold property
-
Over the life of the lease or 10% straight line as appropriate
Plant and machinery - retail
-
10% straight line
Plant and machinery - production
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line

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.

 
2.14

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is calculated as a standard production cost which includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.
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 Statement of Income and Retained Earnings.

Page 17

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

The Company 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.
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 Company 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.


Page 18

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Stock provisioning
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 company 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.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company, which is wholly undertaken in the United Kingdom.


5.


Other operating income

2024
2023
£
£

VAT reclaimed on expenses from earlier periods
80,769
-

Net rents receivable
1,171
3,467

Government grants receivable
10,792
10,792

92,732
14,259


Page 19

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation and impairment of tangible fixed assets
549,004
647,221

Amortisation of intangible assets, including goodwill
9,038
9,038

Operating lease rentals
496,575
398,716

Pension cost
316,267
262,749


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
17,500


8.


Employees

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


2024
2023
£
£

Wages and salaries
6,194,787
5,758,938

Social security costs
442,571
439,349

Cost of defined contribution scheme
316,267
262,749

6,953,625
6,461,036


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
304
292



Office and management
28
27

332
319

Page 20

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
380,175
388,142

Company contributions to defined contribution pension schemes
118,033
111,739

498,208
499,881


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £123,631 (2023 - £135,169).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £47,534 (2023 - £40,707).


10.


Income from investments

2024
2023
£
£



Income from current asset investments
4,957
11,523

4,957
11,523





11.


Interest payable and similar expenses

2024
2023
£
£


Bank loan interest payable
26,748
28,727

Finance leases and hire purchase contracts
4,206
6,527

Other interest payable
-
4

30,954
35,258

Page 21

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(44,951)
(54,802)


(44,951)
(54,802)


Total current tax
(44,951)
(54,802)

Deferred tax


Origination and reversal of timing differences
(498,366)
(30,078)

Total deferred tax
(498,366)
(30,078)


Tax on loss
(543,317)
(84,880)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(25,150)
(217,696)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
(6,287)
(44,619)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,464
9,204

Capital allowances for year in excess of depreciation
(651,348)
16,660

Adjustments to tax charge in respect of prior periods
(44,951)
(54,802)

Other timing differences leading to an increase (decrease) in taxation
137,148
(761)

Non-taxable income
(1,241)
(2,362)

Unrelieved tax losses carried forward
497,471
21,878

Other differences leading to an increase (decrease) in the tax charge
4,793
-

Deferred tax charge
(498,366)
(30,078)

Total tax charge for the year
(543,317)
(84,880)

Page 22

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£


Dividends paid
3,266,290
122,011

3,266,290
122,011

In the year ended 30 June 2024 the company paid a dividend in specie of £3,266,290 to the parent company M.I. Dickson Holdings Limited, that was settled by transferring legal ownership of various fixed assets the company held.


14.


Intangible assets




Brand development
Goodwill
Total

£
£
£



Cost


At 1 July 2023
-
101,379
101,379


Additions
115,275
-
115,275



At 30 June 2024

115,275
101,379
216,654



Amortisation


At 1 July 2023
-
79,206
79,206


Charge for the year on owned assets
-
9,037
9,037



At 30 June 2024

-
88,243
88,243



Net book value



At 30 June 2024
115,275
13,136
128,411



At 30 June 2023
-
22,173
22,173



Page 23

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
3,883,066
828,369
7,803,949
560,609
2,410
13,078,403


Additions
20,223
658
635,852
59,650
18,885
735,268


Transfers intra group
(3,902,527)
(26,706)
(5,117,131)
(466,053)
-
(9,512,417)


Disposals
(762)
-
(462,446)
(154,206)
-
(617,414)



At 30 June 2024

-
802,321
2,860,224
-
21,295
3,683,840



Depreciation


At 1 July 2023
1,885,268
512,365
5,695,738
401,696
425
8,495,492


Charge for the year on owned assets
73,538
76,368
350,856
31,108
2,998
534,868


Charge for the year on financed assets
-
-
11,299
2,837
-
14,136


Transfers intra group
(1,958,044)
(4,674)
(3,762,355)
(288,456)
-
(6,013,529)


Disposals
(762)
-
(449,742)
(147,185)
-
(597,689)



At 30 June 2024

-
584,059
1,845,796
-
3,423
2,433,278



Net book value



At 30 June 2024
-
218,262
1,014,428
-
17,872
1,250,562



At 30 June 2023
1,997,798
316,004
2,108,211
158,913
1,985
4,582,911

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
100,433

Motor vehicles
-
15,131

-
115,564

Page 24

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Stocks

2024
2023
£
£

Raw materials and consumables
171,388
153,920

Finished goods and goods for resale
549,440
712,304

720,828
866,224



17.


Debtors

2024
2023
£
£


Trade debtors
848,972
738,586

Amounts owed by group undertakings
484,999
-

Other debtors
244,912
26,035

Prepayments and accrued income
188,704
211,383

Tax recoverable
44,951
-

1,812,538
976,004



18.


Current asset investments

2024
2023
£
£

Listed investments
-
519,661

-
519,661



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,540,496
1,558,754

1,540,496
1,558,754


Page 25

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
127,273
127,273

Trade creditors
856,353
636,234

Other taxation and social security
101,379
118,911

Obligations under finance lease and hire purchase contracts
-
28,840

Other creditors
53,193
46,544

Accruals and deferred income
576,572
445,307

1,714,770
1,403,109



21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
148,486
275,758

148,486
275,758


The bank loan is secured by a fixed and floating charge over all of the property and assets of the company.

Page 26

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
127,273
127,273


127,273
127,273

Amounts falling due 1-2 years

Bank loans
127,273
127,273


127,273
127,273

Amounts falling due 2-5 years

Bank loans
21,213
148,485


21,213
148,485


275,759
403,031


The CBIL's loan is repayable over 6 years from the date of first drawdown, August 2020. Interest is charged on the loan at a margin rate of 3.09%, and this was borne by the UK Government for the first 12 months of the agreement and is now paid by the company. This loan totalled £275,759 at 30 June 2024 (2023: £403,031).

Page 27

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
1,623,834
764,621

Financial assets measured at fair value through profit and loss
-
519,661


Financial liabilities


Financial liabilities measured at amortised cost
(1,751,085)
(1,559,956)


Financial assets measured at amortised cost comprise trade debtors, other debtors, amounts due from group companies and tax recoverable.


Financial assets measured at fair value through profit and loss comprise investments in listed shares.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank loans, HP and other creditors. 


24.


Deferred taxation




2024
2023


£

£






At beginning of year
(575,262)
(605,340)


Charged to profit or loss
498,366
30,078



At end of year
(76,896)
(575,262)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(222,337)
(680,298)

Short term timing differences
11,334
15,437

Losses and other deductions
134,107
89,599

(76,896)
(575,262)

Page 28

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Accruals and deferred income

2024
2023
£
£

Grants
137,890
148,682

137,890
148,682


The company has recognised grants received in order to facilitate the expansion of its production facilities, which were received from One North East under the Rural Payments Agency's Rural Development Programme for England. There are no specific conditions attached to the grant, other than that the company retains ownership of the assets which the grant relates to.


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary A share of £1
1
1
1,999 (2023 - 1,999) Ordinary B shares of £1 each
1,999
1,999

2,000

2,000



27.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


28.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
53,439
-

53,439
-

Page 29

 
M. I. DICKSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

29.


Pension commitments

Defined contribution scheme
The company operates defined contribution schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company 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.


30.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
496,413
271,240

Later than 1 year and not later than 5 years
1,561,284
491,357

Later than 5 years
1,219,390
90,340

3,277,087
852,937


31.


Related party transactions

Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration is respect of these individuals is £889,027 (2023: £919,095).


32.


Controlling party

The immediate parent company is M.I. Dickson Holdings Limited, a company incorporated in England & Wales (Company no: 14858356), following the acquisition of the entire share capital of the company during the year ended 30 June 2024. Consolidated accounts for M.I. Dickson Holdings Limited are available from Companies House.
The ultimate controlling party is M G Dickson, a director and majority shareholder in the immediate parent company.
 
Page 30