So I decided to resize it to fit my eldest son (who is 7) instead. Here's how to do it.
The first step is to unpick the sleeves.
Then I found one of my 7 year old's shirts to use as a size guide. I laid it over the top and cut my shirt to match (leaving about an inch either side for seams). I did the same thing with the sleeves.
So now it should look something like this:
You can see up the top right hand corner I also unpicked the pocket to put it back on in a better spot once the resizing is done.
Sew your sleeves back onto the armholes and then sew up the sides. Sew the pocket back on wherever you'd like it....and:
You are done, you now have a spiffy dress shirt for your favourite little fella!