Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Architects8780false OC312131 2022-04-01 2023-03-31 OC312131 2021-04-01 2022-03-31 OC312131 2023-03-31 OC312131 2022-03-31 OC312131 c:Buildings c:ShortLeaseholdAssets 2022-04-01 2023-03-31 OC312131 c:Buildings c:ShortLeaseholdAssets 2023-03-31 OC312131 c:Buildings c:ShortLeaseholdAssets 2022-03-31 OC312131 c:FurnitureFittings 2022-04-01 2023-03-31 OC312131 c:FurnitureFittings 2023-03-31 OC312131 c:FurnitureFittings 2022-03-31 OC312131 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC312131 c:OfficeEquipment 2022-04-01 2023-03-31 OC312131 c:OfficeEquipment 2023-03-31 OC312131 c:OfficeEquipment 2022-03-31 OC312131 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC312131 c:ComputerEquipment 2022-04-01 2023-03-31 OC312131 c:ComputerEquipment 2023-03-31 OC312131 c:ComputerEquipment 2022-03-31 OC312131 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC312131 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC312131 c:CurrentFinancialInstruments 2023-03-31 OC312131 c:CurrentFinancialInstruments 2022-03-31 OC312131 c:Non-currentFinancialInstruments 2023-03-31 OC312131 c:Non-currentFinancialInstruments 2022-03-31 OC312131 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC312131 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC312131 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC312131 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC312131 d:FRS102 2022-04-01 2023-03-31 OC312131 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC312131 d:FullAccounts 2022-04-01 2023-03-31 OC312131 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC312131 c:Subsidiary1 2022-04-01 2023-03-31 OC312131 c:Subsidiary1 1 2022-04-01 2023-03-31 OC312131 c:WithinOneYear 2023-03-31 OC312131 c:WithinOneYear 2022-03-31 OC312131 c:BetweenOneFiveYears 2023-03-31 OC312131 c:BetweenOneFiveYears 2022-03-31 OC312131 c:MoreThanFiveYears 2023-03-31 OC312131 c:MoreThanFiveYears 2022-03-31 OC312131 2 2022-04-01 2023-03-31 OC312131 6 2022-04-01 2023-03-31 OC312131 c:Associate1 2022-04-01 2023-03-31 OC312131 c:Associate1 1 2022-04-01 2023-03-31 OC312131 d:PartnerLLP3 2022-04-01 2023-03-31 OC312131 d:PartnerLLP7 2022-04-01 2023-03-31 OC312131 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC312131 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC312131









STUDIO PDP LLP (FORMERLY PDP LONDON LLP)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
REGISTERED NUMBER: OC312131

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
316,557
442,031

Investments
 5 
2,734
2,734

  
319,291
444,765

Current assets
  

Debtors: amounts falling due within one year
 6 
3,196,101
1,844,492

Cash at bank and in hand
  
440,696
2,096,012

  
3,636,797
3,940,504

Creditors: Amounts Falling Due Within One Year
 7 
(2,276,919)
(2,297,731)

Net current assets
  
 
 
1,359,878
 
 
1,642,773

Total assets less current liabilities
  
1,679,169
2,087,538

Creditors: amounts falling due after more than one year
 8 
(73,100)
-

  
1,606,069
2,087,538

  

Net assets
  
1,606,069
2,087,538


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
985,000
1,275,000

Other amounts
 9 
621,069
812,538

  
1,606,069
2,087,538

  

  
1,606,069
2,087,538


Total members' interests
  

Loans and other debts due to members
 9 
1,606,069
2,087,538

  
1,606,069
2,087,538


Page 1

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
REGISTERED NUMBER: OC312131
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




A P Davidson
P Roos
Designated member
Designated member


Date: 18 November 2023
Date: 18 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Studio PDP LLP (formerly PDP London LLP) has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Studio PDP LLP ("the LLP") provide architectural and urban design services.
The LLP is a limited liability partnership and is incorporated in England and Wales.
The address of its Registered Office is 5-6 Eccleston Yard, London, SW1W 9AZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the LLP will continue to trade for at least 12 months from the date of approval of these statements, and will be able to meet its liabilites as they fall due. 

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Turnover and revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover represents services performed for external customers and is recognised on a project by project basis as activity progresses to reflect the firms partial performance of its contractual obligations.
Activity performance in excess of invoices raised is included within amounts recoverable on contracts and is disclosed in other debtors. Where amounts have been invoiced in excess of work performed, the excess is included within payments in advance and is disclosed in other creditors.
If the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside the control of the firm, the revenue is not recognised until that critical event occurs.

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

Page 4

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.9

Taxation

The LLP is not subject to taxation. Consequently, neither taxation nor related deferred taxation arising in respect of the LLP is accounted for in these financial statements. Taxable profits and losses are allocated to the members in accordance with the LLP agreement and the liability for any tax is the responsibility of each member.

 
2.10

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the period of the lease
Fixtures and fittings
-
20%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 5

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Financial instruments

The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


 
Page 6

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

(iii) Offsetting
Financial assets and liabilities are offset and 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.

  
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 87 (2022 - 80).

Page 7

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
845,803
44,716
174,200
960,748
2,025,467


Additions
9,025
-
-
103,335
112,360


Disposals
-
(22,155)
(70,806)
(548,913)
(641,874)



At 31 March 2023

854,828
22,561
103,394
515,170
1,495,953



Depreciation


At 1 April 2022
511,724
38,282
161,746
871,684
1,583,436


Charge for the year on owned assets
170,063
2,890
4,435
57,234
234,622


Disposals
-
(22,172)
(68,238)
(548,252)
(638,662)



At 31 March 2023

681,787
19,000
97,943
380,666
1,179,396



Net book value



At 31 March 2023
173,041
3,561
5,451
134,504
316,557



At 31 March 2022
334,079
6,434
12,454
89,064
442,031


5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 April 2022
2,650
84
2,734



At 31 March 2023
2,650
84
2,734




Page 8

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Registered office

Principal activity

Class of shares

Holding

PDP London Madrid Studio S.L.
C/ Diego de León 59, 2 C, 28006, Madrid, Spain
Architectural services
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

PDP London Madrid Studio S.L.
(159,103)
(65,627)


Associate


The following was an associate of the LLP:


Name

Registered office

Class of shares

Holding

PDP London Limited
807 Yu Yuet Lai Building,43-55 WyndhamStreet, Central HongKong
Ordinary
26%

Page 9

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,060,435
1,223,713

Amounts owed by group undertakings
200,740
102,896

Other debtors
13,718
6,016

Prepayments and accrued income
921,208
511,867

3,196,101
1,844,492



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
227,815
318,576

Other taxation and social security
434,274
418,144

Other creditors
70,057
28,566

Accruals and deferred income
1,544,773
1,532,445

2,276,919
2,297,731



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
73,100
-

73,100
-


Page 10

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
(985,000)
(1,275,000)

Other amounts due to members
(621,069)
(812,538)

(1,606,069)
(2,087,538)






There is a formulaic division of the profits to members of Studio PDP LLP and these amounts have been charged to the Statement of Comprehensive Income as an expense.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The amount of capital each member is required to subscribe is determined from time to time by the designated members of Studio PDP LLP and, under the Members' Agreement, capital is repayable by installments on retirement. Liabilities to former members are shown within other creditors.


10.


Contingent liabilities

The LLP carries professional indemnity insurance by being a member of the The Wren Insurance Association Limited which is a mutual. Members remain liable for their rateable proportions of any excess of claims and expenses over income for any open policy year.


11.


Pension commitments

The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £96,708 (2022:  £89,140). There were amounts of £Nil payable to the fund at the Statement of Financial Position date (2022: £25,784).

Page 11

 
STUDIO PDP LLP (FORMERLY PDP LONDON LLP)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
77,800
159,269

Later than 1 year and not later than 5 years
670,377
529,857

Later than 5 years
-
116,700

748,177
805,826


13.


Related party transactions

All key management personnel of the LLP are designated members and details of transactions with these members are included in the Reconciliation of Members' Interests. 
Included within amounts owed by group undertakings is £200,740 (2022: £102,896) owed from a subsidiary undertaking. These amounts are unsecured, interest free and repayable upon demand. 
Included within other creditors is £83 (2022: £83) owed to group undertakings.
During the year dividend income of £77,306 (2022: £95,843) was received from participating interests and is included in investment income. 
Included within cost of sales is £11,376 (2022: £176,549) relating to transactions with a group undertaking. 
Included within other creditors is £141,500 (2022: £Nil) owed to retired members. 

 
Page 12