Nathaniel Lichfield & Partners Limited
Annual Report and Financial Statements
For the year ended 30 September 2024
Company Registration No. 02778116 (England and Wales)
Nathaniel Lichfield & Partners Limited
Company Information
Directors
K E Chaldecott
B R McLeod
J M Fennell
N Goldsmith
J R Wallace
R H Warner
R Caines
(Appointed 22 April 2024)
Secretary
B R McLeod
Company number
02778116
Registered office
The Minster Building
21 Mincing Lane
London
EC3R 7AG
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Nathaniel Lichfield & Partners Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
Nathaniel Lichfield & Partners Limited
Strategic Report
For the year ended 30 September 2024
Page 1

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

The directors are satisfied with the results for the year. The firm continued to trade well with sustained turnover growth, increasing by 4% from the year before to set another new record for the company, exceeding £30m for the first time.

1. The balance sheet of the financial statements shows that the firm's financial position at the year-end in terms of net assets is consistent with the prior year. Cash balances were £6.60m, compared to £7.66m the previous year and the company has no debt, providing continued strong liquidity.

2. Trading has remained steady since the year end and the firm expects to continue stable organic growth.

Principal risks and uncertainties

The current geo-political and economic climate continues to create uncertainty.

1. The company has a very strong balance sheet with high cash reserves. This enables us to monitor economic conditions calmly and take a medium-term view. As an employee-owned business this is a healthy position and fits with our culture of looking after staff in all economic climates.

2. Competitive pressure is always a risk for the company, which could result in loss of revenue to key competitors. However, the reputation of our brand and high demand for services continues to provide opportunities. In times of crisis, stable long-established businesses with a reputation for quality such as ours are well placed to prosper. The company manages this form of risk by seeking to build on its record of employing and retaining high calibre staff, by maintaining strong relationships with existing clients and by actively marketing and selling its services to the public and private sectors. Staff turnover remains low with a high degree of engagement.

3. The risk of litigation, particularly given the company's involvement in highly complex work on large projects, is another attendant risk. The company manages this risk by the operation of its own quality control procedures under an ISO 9001 framework to ensure a consistent and reasonable duty of care to its clients, and by maintaining appropriate levels of insurance.

4. The company has no third-party debt other than some small equipment leases. It therefore has no interest rate exposure.

Key performance indicators

Average annual revenue per fee-earner was £137k, marginally down from £143k the prior year. Average annual revenue per person across all staff was £117k, similar to last year’s figure of £119k.

1. Average total days to turn time recorded to cash was 113, compared to 122 days the prior year.

2. The Current ratio of Current Assets to Current Liabilities was 2.0:1 compared to 1.8:1 last year.

3. The Liquid Assets ratio of Cash and Trade Debtors to Current Liabilities was 1.5:1 compared to 1.4:1 last year.

4. All indicators were within the range of the company’s expectations.

On behalf of the board

J M Fennell
Director
9 June 2025
Nathaniel Lichfield & Partners Limited
Directors' Report
For the year ended 30 September 2024
Page 2

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K E Chaldecott
B R McLeod
J M Fennell
J J Gartland
(Resigned 22 April 2024)
N Goldsmith
J R Wallace
R H Warner
R Caines
(Appointed 22 April 2024)
Financial instruments

Interest rate risk

The company has no third party debt other than some small equipment leases. It therefore has no interest rate exposure.

Credit risk

The company manages credit risk through the use of reputable credit checking agencies and by maintaining a diversified client base, primarily composed of blue-chip corporates. No single client represents a material part of our turnover, making the largest client immaterial in terms of risk exposure. Despite a significant trade debtor position, our stringent credit assessment procedures ensure robust risk management.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Future developments

The company has ambitions for organic stable growth in the current trading environment.

Nathaniel Lichfield & Partners Limited
Directors' Report (Continued)
For the year ended 30 September 2024
Page 3
Auditor

Moore Kingston Smith LLP were appointed as auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J M Fennell
Director
9 June 2025
Nathaniel Lichfield & Partners Limited
Directors' Responsibilities Statement
For the year ended 30 September 2024
Page 4

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Nathaniel Lichfield & Partners Limited
Independent Auditor's Report
To the Members of Nathaniel Lichfield & Partners Limited
Page 5
Opinion

We have audited the financial statements of Nathaniel Lichfield & Partners Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 September 2024 and of its profit 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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Nathaniel Lichfield & Partners Limited
Independent Auditor's Report (Continued)
To the Members of Nathaniel Lichfield & Partners Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Strategic Report and the Directors' R eport 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 identifie d material misstatements in the Strategic Report or the Directors' R eport.

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' R esponsibilities S tatement, 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.

Nathaniel Lichfield & Partners Limited
Independent Auditor's Report (Continued)
To the Members of Nathaniel Lichfield & Partners Limited
Page 7
Auditor's 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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Nathaniel Lichfield & Partners Limited
Independent Auditor's Report (Continued)
To the Members of Nathaniel Lichfield & Partners Limited
Page 8

Explanation as to what extent 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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 2006. Our 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 auditor's 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.

Robert Kersse
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
13 June 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Nathaniel Lichfield & Partners Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
30,456,946
29,372,599
Administrative expenses
(30,423,516)
(29,121,246)
Operating profit
4
33,430
251,353
Interest receivable and similar income
7
235,950
27,825
Profit before taxation
269,380
279,178
Tax on profit
8
(124,687)
(100,306)
Profit for the financial year
144,693
178,872
Nathaniel Lichfield & Partners Limited
Balance Sheet
As at 30 September 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
38,481
37,861
Tangible assets
10
1,262,451
1,363,661
1,300,932
1,401,522
Current assets
Debtors
11
12,411,127
12,902,838
Cash at bank and in hand
6,595,186
7,659,290
19,006,313
20,562,128
Creditors: amounts falling due within one year
12
(9,556,051)
(11,364,986)
Net current assets
9,450,262
9,197,142
Total assets less current liabilities
10,751,194
10,598,664
Provisions for liabilities
Deferred tax liability
13
(190,686)
(182,849)
(190,686)
(182,849)
Net assets
10,560,508
10,415,815
Capital and reserves
Called up share capital
15
290,000
290,000
Profit and loss reserves
10,270,508
10,125,815
Total equity
10,560,508
10,415,815
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
J M Fennell
Director
Company Registration No. 02778116
Nathaniel Lichfield & Partners Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 11
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
290,000
9,946,943
10,236,943
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
178,872
178,872
Balance at 30 September 2023
290,000
10,125,815
10,415,815
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
144,693
144,693
Balance at 30 September 2024
290,000
10,270,508
10,560,508
Nathaniel Lichfield & Partners Limited
Statement of Cash Flows
For the year ended 30 September 2024
Page 12
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
17
(736,939)
141,882
Income taxes paid
(169,980)
(30,902)
Net cash (outflow)/inflow from operating activities
(906,919)
110,980
Investing activities
Purchase of intangible assets
(20,912)
(50,512)
Purchase of tangible fixed assets
(372,223)
(217,934)
Interest received
235,950
27,825
Net cash used in investing activities
(157,185)
(240,621)
Net decrease in cash and cash equivalents
(1,064,104)
(129,641)
Cash and cash equivalents at beginning of year
7,659,290
7,788,931
Cash and cash equivalents at end of year
6,595,186
7,659,290
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 13
1
Accounting policies
Company information
Nathaniel Lichfield & Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Minster Building, 21 Mincing Lane, London, EC3R 7AG.
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has a very strong balance sheet with high cash reserves. The directors have projected future cashflow scenarios based on conservative revenue assumptions taking into account current economic conditions and the business has significant cash headroom based on these forecasts and in addition, the Directors have considerable flexibility within these forecasts for cost reduction. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Turnover

Turnover represents amounts receivable in respect of work done during the year, net of VAT and trade discounts.

Revenue is recognised as contract activity progresses by reference to the value of work performed, unless the substance of a contract is such that the right to consideration does not arise until the occurrence of a critical event, in which case revenue is not recognised until that event occurs.

1.4

Amounts recoverable on contracts

Amounts recoverable on non-contingent contracts, which are included in debtors, are stated at the fair value of the work done unbilled after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% on cost
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 14
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the period of the lease
Fixtures, fittings and equipment
10% on cost
Computer equipment
33% on cost

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets and liabilities are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial instrument is measured at the present value of the future receipts or payments discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 15
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 16
1.11
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Significant estimation and judgement is applied when determining the amounts of revenue recognised based upon the estimated cost to complete a contract. Revenue is recognised to reflect the partial performance of contractual obligations. The amount recognised reflects any uncertainties as to the amount of revenue to be received.

Recoverability of contracts

In determining amounts recoverable on contracts, management makes judgements as to the level of provision required for contingencies and anticipated future losses.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services, wholly undertaken in the United Kingdom
30,456,946
29,372,599
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
3
Turnover and other revenue
(Continued)
Page 17
2024
2023
£
£
Other significant revenue
Interest income
235,950
27,825
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
29,750
30,000
Depreciation of owned tangible fixed assets
473,433
416,652
Amortisation of intangible assets
20,292
12,651
Operating lease charges
1,115,749
1,109,867
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Planning and development
222
206
Management and administration
38
40
Total
260
246

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
21,363,405
20,663,242
Social security costs
2,728,461
2,613,398
Pension costs
1,011,914
940,630
25,103,780
24,217,270
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 18
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,699,457
1,635,753
Company pension contributions to defined contribution schemes
40,000
33,333
1,739,457
1,669,086

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
397,574
399,248
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
235,950
27,825

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
235,950
27,825
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
116,849
169,980
Deferred tax
Origination and reversal of timing differences
7,838
(69,674)
Total tax charge
124,687
100,306
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
8
Taxation
(Continued)
Page 19

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
269,380
279,178
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
67,345
61,447
Tax effect of expenses that are not deductible in determining taxable profit
49,203
44,407
Depreciation on assets not qualifying for tax allowances
8,139
2,793
Other tax movements
-
0
(8,341)
Taxation charge for the year
124,687
100,306
9
Intangible fixed assets
Software
£
Cost
At 1 October 2023
50,512
Additions
20,912
At 30 September 2024
71,424
Amortisation and impairment
At 1 October 2023
12,651
Amortisation charged for the year
20,292
At 30 September 2024
32,943
Carrying amount
At 30 September 2024
38,481
At 30 September 2023
37,861
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 20
10
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2023
1,439,517
625,796
1,157,019
3,222,332
Additions
102,983
104,109
165,131
372,223
At 30 September 2024
1,542,500
729,905
1,322,150
3,594,555
Depreciation and impairment
At 1 October 2023
721,097
327,959
809,615
1,858,671
Depreciation charged in the year
160,620
66,481
246,332
473,433
At 30 September 2024
881,717
394,440
1,055,947
2,332,104
Carrying amount
At 30 September 2024
660,783
335,465
266,203
1,262,451
At 30 September 2023
718,420
297,837
347,404
1,363,661
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,483,884
8,303,396
Gross amounts owed by contract customers
4,116,626
3,580,223
Other debtors
99,204
52,463
Prepayments and accrued income
711,413
941,803
12,411,127
12,877,885
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
-
0
24,953
Total debtors
12,411,127
12,902,838
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 21
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
404,056
479,338
Corporation tax
116,849
169,979
Other taxation and social security
1,524,017
1,490,654
Other creditors
215,247
277,744
Accruals and deferred income
7,295,882
8,947,271
9,556,051
11,364,986

The Company has granted debentures to its bankers creating fixed and floating charges over its assets.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
190,686
182,849
2024
Movements in the year:
£
Liability at 1 October 2023
182,849
Charge to profit or loss
7,837
Liability at 30 September 2024
190,686
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,011,914
940,630

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. As at the year end there was £nil (2023: £122,806) pension creditor outstanding.

Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 22
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
290,000
290,000
290,000
290,000

The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.

Share options

The Company has an EMI share options scheme and issued 404,859 shares to 96 option holders. As at 30 September 2024, options over 83,403 (2023: 48,399) shares have lapsed. Options over 321,456 (2023: 356,460) shares remained to 72 option holders. The Company plan provides for a grant price of £3.00 per share. If options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the Company before the options vest. The options will only vest and are only exercisable if the Company is sold. At the balance sheet date, the directors considered that the likelihood of a company sale was remote and therefore no provision has been made in these financial statements.

16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
387,963
1,216,580
Between two and five years
2,767,329
3,330,261
3,155,292
4,546,841
Nathaniel Lichfield & Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 23
17
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
144,693
178,872
Adjustments for:
Taxation charged
124,687
100,306
Investment income
(235,950)
(27,825)
Amortisation and impairment of intangible assets
20,292
12,651
Depreciation and impairment of tangible fixed assets
473,433
416,652
Movements in working capital:
Decrease/(increase) in debtors
491,711
(669,609)
(Decrease)/increase in creditors
(1,755,805)
130,835
Cash (absorbed by)/generated from operations
(736,939)
141,882
18
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
7,659,290
(1,064,104)
6,595,186
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