Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falsefalseNo description of principal activity00truefalse OC431032 2023-04-01 2024-03-31 OC431032 2022-04-01 2023-03-31 OC431032 2024-03-31 OC431032 2023-03-31 OC431032 c:CurrentFinancialInstruments 2024-03-31 OC431032 c:CurrentFinancialInstruments 2023-03-31 OC431032 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC431032 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC431032 d:FRS102 2023-04-01 2024-03-31 OC431032 d:Audited 2023-04-01 2024-03-31 OC431032 d:FullAccounts 2023-04-01 2024-03-31 OC431032 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC431032 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC431032 d:PartnerLLP1 2023-04-01 2024-03-31 OC431032 d:PartnerLLP2 2023-04-01 2024-03-31 OC431032 d:PartnerLLP3 2023-04-01 2024-03-31 OC431032 d:PartnerLLP4 2023-04-01 2024-03-31 OC431032 d:PartnerLLP5 2023-04-01 2024-03-31 OC431032 d:PartnerLLP6 2023-04-01 2024-03-31 OC431032 d:PartnerLLP7 2023-04-01 2024-03-31 OC431032 d:PartnerLLP8 2023-04-01 2024-03-31 OC431032 d:PartnerLLP9 2023-04-01 2024-03-31 OC431032 d:PartnerLLP10 2023-04-01 2024-03-31 OC431032 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC431032 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC431032 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: OC431032







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PRP TECHNICAL LLP






































img1977.png                        

 


PRP TECHNICAL LLP
 



INFORMATION




Designated Members

PRP Group LLP
J Buterchi
N T Griffiths
R Harvey
A J Mellor
S Sanderson
C Sheach
A J Weir
B A Kilpatrick (resigned 10 April 2024)
M Patel (resigned 10 April 2024)

LLP registered number

OC431032

Registered office

10 Lindsey Street
London
EC1A 9HP

Independent auditors

Menzies LLP
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9LT


 


PRP TECHNICAL LLP
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 5


 


PRP TECHNICAL LLP
REGISTERED NUMBER:OC431032



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
102,357
145,394

Bank and cash balances
  
13,127
174,279

  
115,484
319,673

Creditors: Amounts Falling Due Within One Year
 5 
(23,537)
(24,069)

Net current assets
  
 
 
91,947
 
 
295,604

Total assets less current liabilities
  
91,947
295,604

  

Net assets
  
91,947
295,604


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 6 
91,947
295,604

  
91,947
295,604

  

  
91,947
295,604


Total members' interests
  

Loans and other debts due to members
 6 
91,947
295,604

  
91,947
295,604


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

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: 



N T Griffiths
Designated Member
Date: 3 December 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


PRP TECHNICAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

PRP Technical LLP is a limited liability partnership incorporated and domiciled in England & Wales. The address of the registered office is given on the company information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised at the fair value of the consideration recevied or receivable in respect of services supplied, exclusive of Value Added Tax and trade discounts.
Due to the length of the majority of the contracts, turnover is recognised on a Long Term Contract basis.
Revenue therefore represents the value of work performed in the year, by reference to the estimated stage of completion of contracts, except where the profit on a contract cannot be foreseen with reasonable certainty. In this case sufficient turnover is recognised to match costs incurred to revenues received.
Full provision is made for all known or expected losses on individual contracts, immediately as such losses are
foreseen.
Work performed in excess of amounts invoiced is included within amounts recoverable on long term contracts within debtors. Payments on account, included in creditors, represents the excess of payments on account not offset against long term contract balances within work in progress.

Page 2

 


PRP TECHNICAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of comprehensive income and are equity appropriations in the Statetement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Statement of financial position within 'Loans and other debts due to members' and are charged to the Statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of financial position within 'Members' other interests'.
A member’s share in the LLP’s profit for the year is determined at the start of the year and is therefore included as Members’ remuneration charged as an expense. Any remaining profit recognised for discretionary division is allocated to members in the following period.
The amounts paid to the members’ under the terms of the LLP agreement comprise Members’ remuneration charged as an expense , together with the other division of profits in the year.

 
2.5

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially
Page 3

 


PRP TECHNICAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)

measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

  
2.6

Taxation

Members are personally liable for taxation on their share of the profits of the limited liability partnership in the relevant tax jurisdictions. Consequently, no reserve for the tax liabilities arising on such profits is made in the financial statements in respect of members' tax liabilities, and the profits are shown within members' interests or as 'Loans and other debts due from members' without any deduction for tax.


3.


Employees




The entity has no employees.


4.


Debtors

2024
2023
£
£


Trade debtors
44,790
94,564

Other debtors
14,533
-

Amounts recoverable on long term contracts
43,034
50,830

102,357
145,394



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
18,812
16,884

Other taxation and social security
-
2,785

Accruals and deferred income
4,725
4,400

23,537
24,069


Page 4

 


PRP TECHNICAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
91,947
295,604

91,947
295,604

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.




7.


Controlling party

The smallest group for which consolidated accounts, which includes this LLP, are prepared is PRP Group LLP, a limited liability partnership based in the UK. The consolidated accounts for this group can be found at their registered address, 10 Lindsey Street, London, United Kingdom, EC1A 9HP.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 3 December 2024 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 5