Mitchell and Dickinson Limited

Contents

Directors' Report	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Mitchell and Dickinson Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Your Directors can report that despite the extremely tough trading conditions which faced all UK businesses in the year sales were down by only 7% , and gross profit as a percentage increased by 3%. Investment in sales and marketing which was required to stabilise our forward order book however increased our administrative expenses resulting in a smaller EBITDA than in the prior year.

Trading conditions since March 2025 have continued to be challenging, but we have taken the required action to increase prices and reduce costs to meet the additional cost arising from changes to employers national insurance and to enable us to create a robust platform from which to take the opportunities for growth which present themselves in the years ahead.

We remain leaders in our market for insulation of listed and period property and our very strong reputation for quality craftsmanship in heritage properties has enabled us to win a number of prestigious contracts which will further enhance our ability to widen our range of products and services in this highly specialist and exacting market.
 

Directors of the company

The directors who held office during the year were as follows:

Mr Paul Dickinson

Mr Thomas Coles

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 December 2025 and signed on its behalf by:
 

Mr Thomas Coles Director

Mitchell and Dickinson Limited

(Registration number: 07217073)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	3,983	3,997
Tangible assets	5	158,775	203,345
		162,758	207,342
Current assets
Stocks		107,659	112,328
Debtors	6	353,025	371,557
Cash at bank and in hand		578,040	700,411
		1,038,724	1,184,296
Creditors: Amounts falling due within one year	7	(1,275,388)	(1,361,137)
Net current liabilities		(236,664)	(176,841)
Total assets less current liabilities		(73,906)	30,501
Creditors: Amounts falling due after more than one year	7	(2,246)	(82,414)
Net liabilities		(76,152)	(51,913)
Capital and reserves
Called up share capital		2,127	2,127
Share premium reserve		306,323	306,323
Profit and loss account		(384,602)	(360,363)
Shareholders' deficit		(76,152)	(51,913)

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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income and Directors' Report.

Approved and authorised by the Board on 29 December 2025 and signed on its behalf by:
 

Mitchell and Dickinson Limited

(Registration number: 07217073)
Statement of Financial Position as at 31 March 2025 (continued)

Mr Thomas Coles Director

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Studio K
Caddsdown Industrial Park
Bideford
Devon
EX39 3DX

Principal activity

The principal activity of the company is that of supplying glazing and window services to period and listed buildings.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis due to the ongoing support of the company's shareholders.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Long leasehold property	15% straight line
Plant and machinery	25% straight line
Fixtures, fittings and equipment	25% straight line
Motor vehicles	6 years straight line
Computer equipment	33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software development	3 years straight line

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 71 (2024 - 60).

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2024	16,088	16,088
Additions acquired separately	5,975	5,975
At 31 March 2025	22,063	22,063
Amortisation
At 1 April 2024	12,091	12,091
Amortisation charge	5,989	5,989
At 31 March 2025	18,080	18,080
Carrying amount
At 31 March 2025	3,983	3,983
At 31 March 2024	3,997	3,997

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	953	12,313	113,212	55,702	183,693	365,873
Additions	-	286	14,831	4,658	-	19,775
Disposals	-	-	-	(5,459)	(5,500)	(10,959)
At 31 March 2025	953	12,599	128,043	54,901	178,193	374,689
Depreciation
At 1 April 2024	953	6,465	66,130	49,247	39,733	162,528
Charge for the year	-	2,838	25,046	6,761	29,700	64,345
Eliminated on disposal	-	-	-	(5,459)	(5,500)	(10,959)
At 31 March 2025	953	9,303	91,176	50,549	63,933	215,914
Carrying amount
At 31 March 2025	-	3,296	36,867	4,352	114,260	158,775
At 31 March 2024	-	5,848	47,082	6,455	143,960	203,345

6

Debtors

	2025 £	2024 £
Trade debtors	63,679	94,817
Other debtors	289,346	276,740
	353,025	371,557

Mitchell and Dickinson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Loans and borrowings	41,827	52,750
Trade creditors	107,521	94,538
Taxation and social security	180,966	181,315
Accruals and deferred income	772,726	819,283
Other creditors	172,348	213,251
	1,275,388	1,361,137

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Loans and borrowings	2,246	82,414

8

Reserves

Profit and loss account: This reserve records retained earnings and accumulated losses.

Share Premium account: This reserve records the amount subscribed for shares above the par value.

9	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	At 31 March 2025 £
The Directors	(30,493)	2,744	(27,749)

2024	At 1 April 2023 £	Repayments by director £	At 31 March 2024 £
The Directors	(22,493)	(8,000)	(30,493)

The loans are repayable on demand and are interest free.