Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31002024-03-31falsetrueNo description of principal activitytruetruetruetrue2023-04-011156truefalsefalse OC361169 2023-04-01 2024-03-31 OC361169 2022-04-01 2023-03-31 OC361169 2024-03-31 OC361169 2023-03-31 OC361169 3 2023-04-01 2024-03-31 OC361169 3 2022-04-01 2023-03-31 OC361169 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC361169 d:Buildings d:ShortLeaseholdAssets 2024-03-31 OC361169 d:Buildings d:ShortLeaseholdAssets 2023-03-31 OC361169 d:ComputerSoftware 2024-03-31 OC361169 d:ComputerSoftware 2023-03-31 OC361169 d:CurrentFinancialInstruments 2024-03-31 OC361169 d:CurrentFinancialInstruments 2023-03-31 OC361169 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC361169 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC361169 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 OC361169 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 OC361169 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC361169 e:FRS102 2023-04-01 2024-03-31 OC361169 e:Audited 2023-04-01 2024-03-31 OC361169 e:FullAccounts 2023-04-01 2024-03-31 OC361169 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC361169 d:Subsidiary1 2023-04-01 2024-03-31 OC361169 d:Subsidiary1 1 2023-04-01 2024-03-31 OC361169 d:Subsidiary2 2023-04-01 2024-03-31 OC361169 d:Subsidiary2 1 2023-04-01 2024-03-31 OC361169 d:Subsidiary3 2023-04-01 2024-03-31 OC361169 d:Subsidiary3 1 2023-04-01 2024-03-31 OC361169 d:WithinOneYear 2024-03-31 OC361169 d:WithinOneYear 2023-03-31 OC361169 d:BetweenOneFiveYears 2024-03-31 OC361169 d:BetweenOneFiveYears 2023-03-31 OC361169 2 2023-04-01 2024-03-31 OC361169 6 2023-04-01 2024-03-31 OC361169 d:JointVenture1 2023-04-01 2024-03-31 OC361169 d:JointVenture1 1 2023-04-01 2024-03-31 OC361169 e:PartnerLLP1 2023-04-01 2024-03-31 OC361169 e:PartnerLLP2 2023-04-01 2024-03-31 OC361169 e:PartnerLLP3 2023-04-01 2024-03-31 OC361169 e:PartnerLLP4 2023-04-01 2024-03-31 OC361169 e:PartnerLLP5 2023-04-01 2024-03-31 OC361169 e:PartnerLLP6 2023-04-01 2024-03-31 OC361169 e:PartnerLLP7 2023-04-01 2024-03-31 OC361169 e:PartnerLLP8 2023-04-01 2024-03-31 OC361169 e:PartnerLLP9 2023-04-01 2024-03-31 OC361169 e:PartnerLLP10 2023-04-01 2024-03-31 OC361169 d:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC361169 d:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC361169 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: OC361169







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PRP ARCHITECTS LLP






































img3f37.png                        

 


PRP ARCHITECTS 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

OC361169

Registered office

10 Lindsey Street
London
EC1A 9HP

Independent auditors

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


 


PRP ARCHITECTS LLP
 



CONTENTS



Page
Members' report
1 - 2
Independent auditors' report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Reconciliation of Members' interests
8
Notes to the financial statements
9 - 20


 


PRP ARCHITECTS LLP
 


  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Members present their annual report together with the audited financial statements of PRP Architects LLP (the "LLP") for the ended 31 March 2024
 

Principal activities
 
 
The principal activity of the group during the year was the provision of architectural and other related consultancy services.
The PRP group is an interdisciplinary design led practice with over 60 years’ experience in housing design and urban planning. We deliver responsive, intelligent and enduring design solutions through a collaborative and knowledge based approach. With our extensive team of architects and range of professional services we create places of distinction and purpose.
We deliver responsive, intelligence and enduring design solutions through a collaborative and knowledge-based approach. With our extensive team of architects and range of professional services we create places of distinction and purpose.
Our approach focuses on communication and understanding. With thought, experience and innovation PRP ensures to meet the needs of the client and wider community. Through internal review, integrated specialist teams and commercial awareness we are able to fully understand the brief and guide its development and direction.
We have a diverse and award winning portfolio that demonstrates our ability within the various sectors of housing. We believe that all housing should be uplifting efficient and capable of creating lasting communities.
PRP employs over 250 staff with studios in London, Surrey and Manchester. Our work is primarily UK based with experience internationally.
 
 
Designated Members
 
 
The following were designated members of the LLP throughout the period:
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) 
* - Member to Designated Member on 12 September 2023
 

 
Members' capital and interests
 
 
Each Member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in Members' capital in the ended 31 March 2024 are set out in the Reconciliation of Members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

 
 
Page 1

 


PRP ARCHITECTS LLP
 


 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Donations
 
 
During the year, the LLP made charitable donations of £3,235 (2023: £7,011)
 
 
Members' responsibilities statement
 
 
The Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the Members to prepare financial statements for each financial year. Under that law the Members 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, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the Members 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the Members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgements and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are Members at the time when this Members' report is approved has confirmed that:

so far as that Member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditors, Menzies LLP, have indicated their willingness to continue in office. In accordance with section 487 (2) of the Companies Act 2006 as applied to limited liability partnerships, the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, Menzies LLP are deemed to be reappointed.
 

This report was approved by the Members and signed on their behalf by: 



N T Griffiths
Designated Member

Date: 3 December 2024
3 December 2024
Page 2

 


PRP ARCHITECTS LLP
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRP ARCHITECTS LLP

Opinion
 

We have audited the financial statements of PRP Architects LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Reconciliation of Members' interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 LLP's affairs as at 31 March 2024 and of its result 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Members' 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 LLP'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 Members 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 Auditors' report thereon. The Members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Page 3

 


PRP ARCHITECTS LLP


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRP ARCHITECTS LLP (CONTINUED)

Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement set out on page 1, the Members 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 Members 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 Members are responsible for assessing the LLP'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 Members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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.


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 LLP is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
General Data Protection Regulations; and
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the LLP is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. We did not identify any issues in this area.

 



Page 4

 


PRP ARCHITECTS LLP


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRP ARCHITECTS LLP (CONTINUED)

We assessed the susceptibility of the LLP’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions;
The posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Wooding FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

3 December 2024
Page 5

 


PRP ARCHITECTS LLP
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023
Note
£
£

  

Turnover
 4 
14,028,710
15,720,261

Cost of sales
  
(3,739,749)
(10,571,514)

Gross profit
  
 
10,288,961
 
5,148,747

Administrative expenses
  
(9,849,809)
(8,673,886)

Other operating income
 5 
-
3,850,000

Operating profit
 6 
 
439,152
 
324,861

Interest receivable and similar income
 10 
6,074
-

Profit before tax
  
 
445,226
 
324,861

Profit for the year before members' remuneration and profit shares
  
 
445,226
 
324,861

Profit for the year before members' remuneration and profit shares
  
445,226
324,861

Members' remuneration charged as an expense
  
(445,226)
(324,861)

Results for the year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 9 to 20 form part of these financial statements.

Page 6

 


PRP ARCHITECTS LLP
REGISTERED NUMBER:OC361169



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
13,606
42,468

Investments
 13 
1,086
1,086

  
14,692
43,554

Current assets
  

Debtors: amounts falling due within one year
 14 
5,666,306
8,445,424

Cash at bank and in hand
 15 
713,294
1,335,716

  
6,379,600
9,781,140

Creditors: amounts falling due within one year
 16 
(3,001,918)
(4,017,817)

Net current assets
  
 
 
3,377,682
 
 
5,763,323

Total assets less current liabilities
  
3,392,374
5,806,877

Provisions for liabilities
  

Other provisions
 17 
(2,050,000)
(5,472,578)

  
 
 
(2,050,000)
 
 
(5,472,578)

Net assets
  
1,342,374
334,299


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
100,000
100,000

Other amounts
 18 
1,242,374
234,299

  
1,342,374
334,299

  

  
1,342,374
334,299


Total members' interests
  

Loans and other debts due to members
 18 
1,342,374
334,299

  
1,342,374
334,299


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 9 to 20 form part of these financial statements.  PRP Architects 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 7

 


PRP ARCHITECTS LLP
 



RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024





DEBT
Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Amounts due to members 
100,000
1,732,157
1,832,157

Balance at 1 April 2022 
100,000
1,732,157
1,832,157

Members' remuneration charged as an expense
 
-
324,861
324,861

Members' interests after profit for the year
100,000
2,057,018
2,157,018

Drawings
 
-
(1,822,719)
(1,822,719)

Amounts due to members
 
100,000
234,299
334,299

Balance at 31 March 2023
100,000
234,299
334,299

Members' remuneration charged as an expense
 
-
445,226
445,226

Members' interests after profit for the year
100,000
679,525
779,525

Amounts adavanced from members
 
-
562,849
562,849

Amounts due to members
 
100,000
1,242,374
1,342,374

Balance at 31 March 2024 
100,000
1,242,374
1,342,374

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 8

 


PRP ARCHITECTS LLP
 


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

1.


General information

PRP Architects LLP is a limited liability partnership incorporated and domiciled in England & Wales. The address of the registered office is given on the LLP's 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of PRP Group LLP as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The LLP is a parent limited liability partnership that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 9

 


PRP ARCHITECTS LLP
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue

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. The following criteria must also be met before revenue is recognised:
                                                                                                                                                                           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.

 
2.6

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss 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 lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 10

 


PRP ARCHITECTS LLP
 


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

2.Accounting policies (continued)

 
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 profit or loss 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.

 
2.9

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 remaining term of the lease

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 profit or loss.

 
2.10

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 11

 


PRP ARCHITECTS LLP
 


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

2.Accounting policies (continued)

 
2.13

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 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.

  
2.14

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.

Page 12

 


PRP ARCHITECTS LLP
 


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

2.Accounting policies (continued)

  
2.15

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.

Page 13

 


PRP ARCHITECTS LLP
 


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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key estimates and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows:
Long term contracts
Revenue is recognised progressively in line with the completion of projects, percentage completion is determined by the proportion of project cost incurred to date compared to total project cost to completion. Revenue, deferred income and amounts recoverable on contracts are sensitive to changes in those estimates.
Provisions for professional indemnity claims
In common with comparable professional service practices, the LLP is involved in a number of disputes in the ordinary course of business which may give rise to claims. The LLP defends such claims where appropriate and where costs are likely to be incurred in defending and concluding such matters and can be measured reliably they are provided for in the financial statements. Amounts provided for are based on management's assessment of the specific circumstances in each case. The LLP recognises expected reimbursements from professional indemnity insurance when it is virtually certain that the reimbursement will be received. No separate disclosure is made of the detail of such claims or proceedings, or the costs recovered by insurance, as to do so could seriously prejudice the position of the LLP.


4.


Turnover

The whole of the turnover is attributable to the provision of architectural and other related consultancy services.    

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
-
3,850,000

-
3,850,000



6.


Operating (loss)/profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
18,888
19,868

Other operating lease rentals
714,140
861,348

Page 14

 


PRP ARCHITECTS LLP
 


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

7.


Auditors' remuneration


2024
2023
£
£



Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements
21,000
21,500


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
-
6,812,096

Social security costs
2,082
796,340

Cost of defined contribution scheme
1,516
260,240

3,598
7,868,676


The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Direct staff
1
130



Administrative staff
-
26

1
156


9.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
11
11

 
2024
 
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
445,226
324,861


All remuneration is allocated to its parent, PRP Group LLP.

Page 15

 


PRP ARCHITECTS LLP
 


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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
6,074
-

6,074
-


11.


Intangible assets




Computer software

£



Cost


At 1 April 2023
382,890



At 31 March 2024

382,890



Amortisation


At 1 April 2023
382,890



At 31 March 2024

382,890



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 16

 


PRP ARCHITECTS LLP
 


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

12.


Tangible fixed assets





Short-term leasehold property

£



Cost or valuation


At 1 April 2023
225,243



At 31 March 2024

225,243



Depreciation


At 1 April 2023
182,775


Charge for the year on owned assets
28,862



At 31 March 2024

211,637



Net book value



At 31 March 2024
13,606



At 31 March 2023
42,468


13.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 April 2023
1,061
25
1,086



At 31 March 2024
1,061
25
1,086





Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

PRP Architects Group Limited
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
PRP Holdings Limited (*)
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
PRP Poland Sp. z. o. o.
Laciarska 4, 50-104 Wroclaw, Poland
Ordinary
100%

(*) Indirect subsidiaries

Page 17

 


PRP ARCHITECTS LLP
 


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

Joint venture


The following was a joint venture of the LLP:


Name

Registered office

Holding

PRP + Hamiltons Limited
Ferry Works, Summer Road, Thames Ditton, Surrey, KT7 0QJ
50%


14.


Debtors

2024
2023
£
£


Trade debtors
3,440,103
2,531,950

Amounts owed by group undertakings
148,877
37,210

Amounts owed by joint ventures and associated undertakings
-
1,975

Other debtors
404,291
4,144,881

Prepayments and accrued income
242,354
351,303

Amounts recoverable on long-term contracts
1,430,681
1,378,105

5,666,306
8,445,424



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
713,294
1,335,716

713,294
1,335,716



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
1,847,784
2,076,859

Trade creditors
426,542
359,304

Amounts owed to group undertakings
8,356
85,697

Amounts owed to joint ventures
25
-

Other taxation and social security
275,197
544,222

Other creditors
64,516
78,389

Accruals and deferred income
379,498
873,346

3,001,918
4,017,817


Included within other creditors is £Nil (2023: £30,703) in relation to defined contribution pensions.

Page 18

 


PRP ARCHITECTS LLP
 


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

17.


Provisions





Claims provision

£





At 1 April 2023
5,472,578


Charged to profit or loss
1,450,000


Utilised in year
(4,872,578)



At 31 March 2024
2,050,000

In common with comparable professional service practices, the LLP is involved in a number of disputes in the ordinary course of business which may give rise to claims. The LLP defends such claims where appropriate and where costs are likely to be incurred in defending and concluding such matters and can be measured reliably they are provided for in the financial statements. Amounts provided for are based on management's assessment of the specific circumstances in each case. The LLP recognises expected reimbursements from professional indemnity insurance when it is virtually certain that the reimbursement will be received. No separate disclosure is made of the detail of such claims or proceedings, or the costs recovered by insurance, as to do so could seriously prejudice the position of the LLP.


18.


Loans and other debts due to members


2024
2023
£
£



Members' capital treated as debt
100,000
100,000

Other amounts due to members
1,242,374
234,299

1,342,374
334,299

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




19.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
793,518
533,921

Later than 1 year and not later than 5 years
2,196,521
236,207

2,990,039
770,128

Page 19

 


PRP ARCHITECTS LLP
 


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

20.


Controlling party

The LLP's immediate and ultimate parent entity is PRP Group LLP, to which consolidated accounts include this LLP. The consolidated accounts are available from Companies House. Its registered address is 10 Lindsey Street, London, EC1A 9HP. There is not considered to be one ultimate controlling party.

 
Page 20