Company No: 00562520 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	0		2,808
Tangible assets	4	180,085		198,305
		180,085		201,113
Current assets
Stocks		3,216,406		3,457,778
Debtors	5	80,838		78,704
Cash at bank and in hand		1,063		2,092
		3,298,307		3,538,574
Creditors: amounts falling due within one year	6	( 833,087)		( 1,125,772)
Net current assets		2,465,220		2,412,802
Total assets less current liabilities		2,645,305		2,613,915
Creditors: amounts falling due after more than one year	7	( 49,538)		( 77,085)
Provision for liabilities	8	( 36,635)		( 31,340)
Net assets		2,559,132		2,505,490
Capital and reserves
Called-up share capital		6,000		6,000
Profit and loss account		2,553,132		2,499,490
Total shareholders' funds		2,559,132		2,505,490

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Dipple & Son Limited (registered number: 00562520) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Ellis Director

13 December 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dipple & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Swan Lane, Norwich, NR2 1JA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	depreciated over the life of the lease
	10 years straight line
Fixtures and fittings	10 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		23

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 April 2024	24,257		24,257
At 31 March 2025	24,257		24,257
Accumulated amortisation
At 01 April 2024	21,449		21,449
Charge for the financial year	2,808		2,808
At 31 March 2025	24,257		24,257
Net book value
At 31 March 2025	0		0
At 31 March 2024	2,808		2,808

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	119,194		13,593		313,836		446,623
Additions	0		0		1,056		1,056
At 31 March 2025	119,194		13,593		314,892		447,679
Accumulated depreciation
At 01 April 2024	36,950		13,593		197,775		248,318
Charge for the financial year	2,385		0		16,891		19,276
At 31 March 2025	39,335		13,593		214,666		267,594
Net book value
At 31 March 2025	79,859		0		100,226		180,085
At 31 March 2024	82,244		0		116,061		198,305

5. Debtors

	2025		2024
	£		£
Trade debtors	10,247		34,921
Other debtors	70,591		43,783
	80,838		78,704

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	363,176		465,780
Trade creditors	317,107		509,078
Taxation and social security	99,616		94,956
Other creditors	53,188		55,958
	833,087		1,125,772

Bank loans and overdrafts of £27,502 (2024 - £72,948) are secured. There are fixed and floating charges over the undertaking and all property and assets present and future including uncalled capital goodwill book debts and patents

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	49,538		77,085

Bank loans of £49,538 (2024 - £77,085) are secured. There are fixed and floating charges over the undertaking and all property and assets present and future including uncalled capital goodwill book debts and patents.

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 31,340)		( 43,353)
(Charged)/credited to the Statement of Income and Retained Earnings	( 5,295)		12,013
At the end of financial year	( 36,635)		( 31,340)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 37,526)		( 41,780)
Tax losses carry forward	0		9,259
Pension surplus	891		1,181
	( 36,635)		( 31,340)

9. Financial commitments

Other financial commitments

	2025		2024
	£		£
Within one year	46,386		46,386
Within one to two years	43,693		46,386
Within two to five years	20,500		23,193
	110,579		115,965

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases as shown above.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	6,874		9,202

10. Related party transactions

During the year the company paid rent of £10,200 to a director of the company (2024 - £10,200).

At the year end the company owed a director £13,838 (2024 - £12,369) which is repayable on demand. During the year interest of £1,014 (2024 - £345) has been charged to the company at a rate of 8% per annum.

At the year end the company owed a director £8,944 (2024 - £8,163) which is repayable on demand. During the year interest of £671 (2024 - £225) has been charged to the company at a rate of 8% per annum.