I've heard about "happy-slapping". Bizarre.
Between that and "chavs" and soccer riots, there's some weird things afoot in Britain.
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The film was fairly to-the-point... which is good, being a very short piece.
As mentioned, sound was pretty bad. Not like I can speak though. I end up redubbing everything every time.
It doesn't look like you can afford a boom & shotgun, so maybe beg/borrow/buy a cheap lapel mic. (Wired) It doesn't necessarily need be attached to a person... in the opening scene it could have been taped to the table, for example.
You might have done more than just a title announcing that "they find their victim". Creativity time! Some shots of the two walking down the street, closeups of heads poking around corners, exaggerated shots of them using binoculars to spot their mark, ending with the two exchanging a nod as they find their target.
While it sounds a bit cliche (well, it is... and campy), it's something that could easily have conveyed the same message (in the almost the same amount of time) as the blue text title, and would have added a lot more.
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From your website, it looks like you're all working on a sequel.
There's only one way to learn and improve... and that's by doing it.
Looking forward to seeing the next film you're making!