Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31002023-04-01falseNo description of principal activity0falsefalsefalse OC429993 2023-04-01 2024-03-31 OC429993 2022-04-01 2023-03-31 OC429993 2024-03-31 OC429993 2023-03-31 OC429993 c:Buildings c:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC429993 c:MotorVehicles 2023-04-01 2024-03-31 OC429993 c:FurnitureFittings 2023-04-01 2024-03-31 OC429993 c:FurnitureFittings 2024-03-31 OC429993 c:FurnitureFittings 2023-03-31 OC429993 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC429993 c:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 OC429993 c:CurrentFinancialInstruments 2024-03-31 OC429993 c:CurrentFinancialInstruments 2023-03-31 OC429993 c:CurrentFinancialInstruments 2 2024-03-31 OC429993 c:CurrentFinancialInstruments 2 2023-03-31 OC429993 c:Non-currentFinancialInstruments 2024-03-31 OC429993 c:Non-currentFinancialInstruments 2023-03-31 OC429993 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC429993 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC429993 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC429993 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC429993 e:FRS102 2023-04-01 2024-03-31 OC429993 e:Audited 2023-04-01 2024-03-31 OC429993 e:FullAccounts 2023-04-01 2024-03-31 OC429993 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC429993 c:Subsidiary1 2023-04-01 2024-03-31 OC429993 c:Subsidiary1 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary2 2023-04-01 2024-03-31 OC429993 c:Subsidiary2 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary3 2023-04-01 2024-03-31 OC429993 c:Subsidiary3 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary4 2023-04-01 2024-03-31 OC429993 c:Subsidiary4 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary5 2023-04-01 2024-03-31 OC429993 c:Subsidiary5 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary6 2023-04-01 2024-03-31 OC429993 c:Subsidiary6 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary7 2023-04-01 2024-03-31 OC429993 c:Subsidiary7 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary8 2023-04-01 2024-03-31 OC429993 c:Subsidiary8 1 2023-04-01 2024-03-31 OC429993 c:Subsidiary11 2023-04-01 2024-03-31 OC429993 c:Subsidiary11 1 2023-04-01 2024-03-31 OC429993 e:Consolidated 2024-03-31 OC429993 e:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 OC429993 2 2023-04-01 2024-03-31 OC429993 6 2023-04-01 2024-03-31 OC429993 e:PartnerLLP1 2023-04-01 2024-03-31 OC429993 e:PartnerLLP2 2023-04-01 2024-03-31 OC429993 e:PartnerLLP3 2023-04-01 2024-03-31 OC429993 e:PartnerLLP4 2023-04-01 2024-03-31 OC429993 e:PartnerLLP5 2023-04-01 2024-03-31 OC429993 e:PartnerLLP6 2023-04-01 2024-03-31 OC429993 e:PartnerLLP7 2023-04-01 2024-03-31 OC429993 e:PartnerLLP8 2023-04-01 2024-03-31 OC429993 e:PartnerLLP9 2023-04-01 2024-03-31 OC429993 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC429993 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC429993 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC429993 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC429993 c:Non-controllingInterests 2024-03-31 OC429993 c:Non-controllingInterests 2023-03-31 OC429993 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: OC429993







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PRP GROUP LLP






































img544c.png                        

 


PRP GROUP LLP
 



INFORMATION




Designated Members

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

OC429993

Registered office

10 Lindsey Street
London
EC1A 9HP

Independent auditors

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


 


PRP GROUP LLP
 



CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 5
Consolidated Statement of Comprehensive Income
6
Consolidated Statement of Financial Position
7 - 8
LLP Statement of Financial Position
9 - 10
Consolidated Reconciliation of Members' Interests
11 - 12
LLP Reconciliation of Members' Interests
13
Consolidated Statement of Cash Flows
14
Notes to the Financial Statements
15 - 33


 


PRP GROUP LLP
 


  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Members present their annual report together with the audited financial statements of PRP Group LLP (the "LLP and the Group") 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.
                                                                                                                                                                                              PRP is an interdisciplinary design with 60 years’ experience in housing design and urban planning. This expertise has
expanded in recent years into the design of commercial and industrial buildings as well as the management of project
delivery through our development consultancy team.
                                                                                                                                                                                                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 the 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 the built
environment. We believe that all buildings should be uplifting, efficient, sustainable and capable of creating lasting
communities.
                                                                                                                                                                                                    PRP has over 250 personnel, including members, 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:
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.
 

Donations
 
 
During the year, the LLP made charitable donations of £14,760 (2023: £12,205).
Page 1

 


PRP GROUP LLP
 


 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
 
 
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 the Group and of the profit or loss of the Group 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 Group will continue in business.
 

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group 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 the Group 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 Group'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 Group'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 GROUP LLP
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRP GROUP LLP

Opinion
 

We have audited the financial statements of PRP Group LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the LLP Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated  Reconciliation of Members' Interests, the LLP 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 Group's and of the parent LLP's affairs as at 31 March 2024 and of the Group's 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, 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 Group 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 Group's or the parent 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 GROUP LLP


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRP GROUP 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 by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP 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 Group's and the parent 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 Group or the parent 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 Group 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 Group 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 Group 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. The assessment did not identify any issues in this area.  






Page 4

 


PRP GROUP LLP


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

Auditors' responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the Group’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 GROUP LLP
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,246,843
31,664,388

Cost of sales
  
(16,739,788)
(16,829,022)

Gross profit
  
 
15,507,055
 
14,835,366

Administrative expenses
  
(9,849,063)
(11,461,624)

Other operating income
 5 
-
3,850,000

Operating profit
 6 
 
5,657,992
 
7,223,742

Share of profit/(loss) of joint venture
  
(383)
(4,042)

Total operating profit
  
 
5,657,609
 
7,219,700

Interest receivable and similar income
  
6,074
-

Interest payable and similar expenses
 10 
(90,251)
(46,067)

Profit before tax
  
 
5,573,432
 
7,173,633

Tax on profit
 11 
(15,903)
59,349

Profit before members' remuneration and profit shares
  
 
5,557,529
 
7,232,982

Profit for the year before members' remuneration and profit shares
  
5,557,529
7,232,982

Members' remuneration charged as an expense
  
(3,515,029)
(3,089,527)

Profit for the financial year available for discretionary division among members
  
 
2,042,500
 
4,143,455

Profit for the year attributable to:
  

Owners of the parent LLP
  
2,042,500
4,143,455

  
 
2,042,500
 
4,143,455

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

The notes on pages 15 to 33 form part of these financial statements.

Page 6

 


PRP GROUP LLP
REGISTERED NUMBER:OC429993



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
473,319
591,402

Investments
 14 
-
383

  
473,319
591,785

Current assets
  

Debtors: amounts falling due within one year
 15 
12,791,486
14,749,710

Cash at bank and in hand
 16 
3,101,157
5,843,752

  
15,892,643
20,593,462

Creditors: amounts falling due within one year
 17 
(9,183,029)
(8,709,656)

Net current assets
  
 
 
6,709,614
 
 
11,883,806

Total assets less current liabilities
  
7,182,933
12,475,591

  

Creditors: amounts falling due after more than one year
  
(134,880)
(142,225)

Provisions for liabilities
  

Deferred taxation
 19 
(13,341)
-

Other provisions
 20 
(2,050,000)
(5,472,578)

  
 
 
(2,063,341)
 
 
(5,472,578)

  

Net assets
  
4,984,712
6,860,788

Page 7

 


PRP GROUP LLP
REGISTERED NUMBER:OC429993


    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
2,282,005
2,142,005

  
2,282,005
2,142,005

Members' other interests
  

Other reserves classified as equity
  
2,702,707
4,718,783

  
 
2,702,707
 
4,718,783

  
4,984,712
6,860,788


Total members' interests
  

Amounts due from members (included in debtors)
 15 
(107,034)
(68,522)

Loans and other debts due to members
 21 
2,282,005
2,142,005

Members' other interests
  
2,702,707
4,718,783

  
4,877,678
6,792,266


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 15 to 33 form part of these financial statements.

Page 8

 


PRP GROUP LLP
REGISTERED NUMBER:OC429993



LLP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
340,871
396,112

Investments
 14 
100,189
100,100

  
441,060
496,212

Current assets
  

Debtors: amounts falling due within one year
 15 
3,706,134
4,533,247

Cash at bank and in hand
 16 
1,369,851
2,260,389

  
5,075,985
6,793,636

Creditors: amounts falling due within one year
 17 
(1,079,671)
(947,042)

Net current assets
  
 
 
3,996,314
 
 
5,846,594

Total assets less current liabilities
  
4,437,374
6,342,806

  

Creditors: amounts falling due after more than one year
  
(134,880)
(142,225)

  

  

Net assets
  
4,302,494
6,200,581

Page 9

 


PRP GROUP LLP
REGISTERED NUMBER:OC429993


    
LLP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
2,282,005
2,142,005

  
2,282,005
2,142,005

Members' other interests
  

Other reserves classified as equity brought forward
  
4,058,576
4,910,613

Profit for the year available for discretionary division among members
  
2,020,489
4,058,576

Other movements in other reserves
  
(4,058,576)
(4,910,613)

Other reserves classified as equity carried forward
  
2,020,489
4,058,576

  
2,020,489
4,058,576

  
4,302,494
6,200,581


Total members' interests
  

Amounts due from members (included in debtors)
 15 
(107,034)
(68,522)

Loans and other debts due to members
  
2,282,005
2,142,005

Members' other interests
  
2,020,489
4,058,576

  
4,195,460
6,132,059


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 15 to 33 form part of these financial statements.

Page 10

 


PRP GROUP LLP
 



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







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

£
£
£
£
£
£

Amounts due to members 
2,460,444
-
2,460,444


Amounts due from members 

(362,850)
(362,850)


Balance at 1 April 2022 
5,485,941
5,485,941
2,460,444
(362,850)
2,097,594
7,583,535

Members' remuneration charged as an expense
-
-
-
3,089,527
3,089,527
3,089,527

Profit for the year available for discretionary division among members
 
4,143,455
4,143,455
-
-
-
4,143,455

Members' interests after profit for the year
9,629,396
9,629,396
2,460,444
2,726,677
5,187,121
14,816,517

Other division of profits
(4,910,613)
(4,910,613)
-
4,910,613
4,910,613
-

Amounts introduced by members
-
-
290,000
-
290,000
290,000

Repayment of capital
-
-
(608,439)
-
(608,439)
(608,439)

Drawings
 
-
-
-
(7,705,812)
(7,705,812)
(7,705,812)

Amounts due to members
2,142,005
-
2,142,005

Amounts due from members
 



(68,522)
(68,522)


Balance at 31 March 2023
4,718,783
4,718,783
2,142,005
(68,522)
2,073,483
6,792,266

Members' remuneration charged as an expense
-
-
-
3,515,029
3,515,029
3,515,029

Profit for the year available for discretionary division among members
 
2,042,500
2,042,500
-
-
-
2,042,500

Members' interests after profit for the year
6,761,283
6,761,283
2,142,005
3,446,507
5,588,512
12,349,795

Other division of profits
(4,058,576)
(4,058,576)
-
4,058,576
4,058,576
-

Amounts introduced by members
-
-
220,000
-
220,000
220,000

Repayment of capital
-
-
(80,000)
-
(80,000)
(80,000)

Drawings
 
-
-
-
(7,612,117)
(7,612,117)
(7,612,117)

Amounts due to members
2,282,005
-
2,282,005

Amounts due from members
 



(107,034)
(107,034)


Balance at 31 March 2024 
2,702,707
2,702,707
2,282,005
(107,034)
2,174,971
4,877,678

Page 11

 


PRP GROUP LLP
 



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








EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests

Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members 


2,460,444
-
2,460,444


Amounts due from members 




(362,850)
(362,850)


Balance at 1 April 2022 
4,910,613
4,910,613
2,460,444
(362,850)
2,097,594
7,008,207

Members' remuneration charged as an expense 
-
-
-
3,089,527
3,089,527
3,089,527

Profit for the year available for discretionary division among members 

4,058,576
4,058,576
-
-
-
4,058,576

Members' interests after profit for the year 
8,969,189
8,969,189
2,460,444
2,726,677
5,187,121
14,156,310

Other division of profits 
(4,910,613)
(4,910,613)
-
4,910,613
4,910,613
-

Amounts introduced by members 
-
-
290,000
-
290,000
290,000

Repayment of capital 
-
-
(608,439)
-
(608,439)
(608,439)

Drawings 

-
-
-
(7,705,812)
(7,705,812)
(7,705,812)

Amounts due to members 
2,142,005
-
2,142,005

Amounts due from members 




(68,522)
(68,522)


Balance at 31 March 2023
4,058,576
4,058,576
2,142,005
(68,522)
2,073,483
6,132,059

Members' remuneration charged as an expense 
-
-
-
3,515,029
3,515,029
3,515,029

Profit for the year available for discretionary division among members 

2,020,489
2,020,489
-
-
-
2,020,489

Members' interests after profit for the year 
6,079,065
6,079,065
2,142,005
3,446,507
5,588,512
11,667,577

Other division of profits 
(4,058,576)
(4,058,576)
-
4,058,576
4,058,576
-

Amounts introduced by members 
-
-
220,000
-
220,000
220,000

Repayment of capital 
-
-
(80,000)
-
(80,000)
(80,000)

Drawings 

-
-
-
(7,612,117)
(7,612,117)
(7,612,117)

Amounts due to members 
2,282,005
-
2,282,005

Amounts due from members 




(107,034)
(107,034)

Balance at 31 March 2024

2,020,489
2,020,489
2,282,005
(107,034)
2,174,971
4,195,460

Page 12

 


PRP GROUP LLP
 


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

LLP RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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 13

 


PRP GROUP LLP
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,042,500
4,143,455

Adjustments for:

Members' remuneration charged as an expense
3,515,029
3,089,527

Depreciation of tangible assets
315,986
244,784

Interest payable
90,251
46,067

Interest receivable
(6,074)
-

Taxation charge
15,903
(59,349)

Decrease/(increase) in debtors
1,967,557
(1,396,169)

Decrease in amounts owed by joint ventures
2,000
-

Increase in creditors
324,961
382,647

(Decrease)/increase in provisions
(3,422,578)
822,578

Share of operating profit in associates
383
4,042

Corporation tax received/(paid)
24,642
(12,527)

Interest received
6,074
-

Net cash generated from operating activities before transactions with members

4,876,634
7,265,055


Cash flows from investing activities

Purchase of tangible fixed assets
(197,903)
(536,377)

Net cash from investing activities

(197,903)
(536,377)

Cash flows from financing activities

Other new loans
1,863,384
1,617,493

Repayment of other loans
(1,722,342)
(1,372,207)

Interest paid
(90,251)
(46,067)

Members' capital contributed
220,000
290,000

Members' capital repaid
(80,000)
(608,439)

Drawings paid to members
(7,612,117)
(7,705,812)

Net cash used in financing activities
(7,421,326)
(7,825,032)

Net (decrease) in cash and cash equivalents
(2,742,595)
(1,096,354)

Cash and cash equivalents at beginning of year
5,843,752
6,940,106

Cash and cash equivalents at the end of year
3,101,157
5,843,752


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,101,157
5,843,752

3,101,157
5,843,752


Page 14

 


PRP GROUP LLP
 


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

1.


General information

PRP Group LLP is a limited liability partnership incorporated and domiciled in England & Wales. The LLP's
registered office and principal trading address is 10 Lindsey Street, London, United Kingdom, EC1A 9HP.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Financial reporting standard 102 - reduced disclosure exemptions

The parent LLP satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the LLP
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Page 15

 


PRP GROUP 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.

On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

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.

 
2.6

Operating leases: the Group 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 16

 


PRP GROUP LLP
 


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

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

Taxation for corporate subsidiaries

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the LLP and the Group operate and generate income.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   In accordance with the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ no taxation is required to be disclosed for the LLP. Tax is borne by the individual members on their attributable profit shares and not the LLP.

Page 17

 


PRP GROUP LLP
 


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

2.Accounting policies (continued)

  
2.11

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.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
33% straight line

Page 18

 


PRP GROUP LLP
 


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

2.Accounting policies (continued)

 
2.13

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
Motor vehicles
-
5 years
Fixtures and fittings
-
3 to 5 years

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 19

 


PRP GROUP LLP
 


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

2.Accounting policies (continued)

 
2.16

Financial instruments

The Group 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 Group's Statement of Financial Position when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


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 Group is involved in a number of disputes in the ordinary course of business which may give rise to claims. The Group 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 Group 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 Group.

Page 20

 


PRP GROUP LLP
 


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

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 profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(13,595)
11,978

Other operating lease rentals
789,756
926,795


7.


Auditors' remuneration


2024
2023
£
£



Fees payable to the Group's auditor for the audit of the Group's annual financial statements
3,300
3,000

Page 21

 


PRP GROUP LLP
 


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

8.


Employees

Staff costs were as follows:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Wages and salaries
11,456,856
10,452,237
-
-

Social security costs
1,334,763
1,249,368
-
-

Cost of defined contribution scheme
403,802
361,791
-
-

13,195,421
12,063,396
-
-


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
233
226



Administrative staff
36
39

269
265

The LLP has no employees other than the Members, who did not receive any remuneration (2023 - £NIL)

9.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
40
36

 
2024
 
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
525,801
1,056,075


The above is calculated from the prior year profit available for discretionary division, being allocated in the current year, plus the members' remuneration charged as an expense in the current year.

Page 22

 


PRP GROUP LLP
 


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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
90,251
46,067

90,251
46,067


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(640)
(59,925)


(640)
(59,925)

Foreign tax


Foreign tax on income for the year
2,103
1,675

2,103
1,675

Total current tax
1,463
(58,250)

Deferred tax


Origination and reversal of timing differences
14,440
(1,099)

Total deferred tax
14,440
(1,099)


Taxation on profit/(loss) on ordinary activities
15,903
(59,349)
Page 23

 


PRP GROUP LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
40,022
29,569


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
10,006
5,618

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
(89)

Capital allowances for year in excess of depreciation
-
5,997

Higher rate taxes on overseas earnings
6,537
(4,702)

Adjustments to tax charge in respect of prior periods
(640)
(59,925)

Unrelieved tax losses carried forward
-
(6,248)

Total tax (credit)/charge for the year
15,903
(59,349)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 


PRP GROUP LLP
 


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

12.


Intangible assets

Group





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
-



The LLP has no intangible fixed assets.

Page 25

 


PRP GROUP LLP
 


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

13.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
225,243
105,206
2,035,434
2,365,883


Additions
-
-
197,903
197,903



At 31 March 2024

225,243
105,206
2,233,337
2,563,786



Depreciation


At 1 April 2023
182,775
5,260
1,586,446
1,774,481


Charge for the year on owned assets
28,862
14,992
272,132
315,986



At 31 March 2024

211,637
20,252
1,858,578
2,090,467



Net book value



At 31 March 2024
13,606
84,954
374,759
473,319



At 31 March 2023
42,468
99,946
448,988
591,402

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Furniture, fittings and equipment
296,828
286,085

296,828
286,085

Page 26

 


PRP GROUP LLP
 


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

           13.Tangible fixed assets (continued)


LLP






Fixtures and fittings

£

Cost or valuation


At 1 April 2023
893,866


Additions
177,773



At 31 March 2024

1,071,639



Depreciation


At 1 April 2023
497,754


Charge for the year on owned assets
233,014



At 31 March 2024

730,768



Net book value



At 31 March 2024
340,871



At 31 March 2023
396,112






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Furniture, fittings and equipment
296,828
286,085

296,828
286,085

Page 27

 


PRP GROUP LLP
 


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

14.


Fixed asset investments

Group





Investment in joint ventures

£





At 1 April 2023
383


Share of profit/(loss)
(383)



At 31 March 2024
-




LLP





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
100,100


Additions
89



At 31 March 2024
100,189





Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

PRP Architects LLP
10 Lindsey Street, London, EC1A 9HP
N/A
100%
PRP Architecture LLP
10 Lindsey Street, London, EC1A 9HP
N/A
100%
PRP Technical LLP
10 Lindsey Street, London, EC1A 9HP
N/A
100%
Innovate at PRP Limited
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
PRP Architects Group Limited (*)
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
PRP Holdings Limited (*)
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
The Digital Record Limited (**)
10 Lindsey Street, London, EC1A 9HP
Ordinary
100%
PRP Poland Sp. z. o. o. (*)
Laciarska 4, 50-104 Wroclaw, Poland
Ordinary
100%
PRP Design Ireland Limited
81 Amiens Street, Dublin 1, D01 N2F5, Ireland
Ordinary
100%

(*) Indirect subsidiaries
(**) Dormant and unaudited
All entities are included within these consolidated financial statements.
The Group also held a joint venture as at the year end (PRP + Hamiltons Limited), which ceased to trade during the year and was disolved post year end.

Page 28

 


PRP GROUP LLP
 


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

15.


Debtors

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Trade debtors
8,482,322
6,687,183
-
-

Amounts owed by group undertakings
-
-
2,805,715
3,755,292

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

Other debtors
474,902
4,203,553
27,556
522

Prepayments and accrued income
1,022,262
1,060,562
765,829
708,911

Amounts recoverable on long-term contracts
2,704,966
2,726,816
-
-

Deferred taxation
-
1,099
-
-

Amounts due from members
107,034
68,522
107,034
68,522

12,791,486
14,749,710
3,706,134
4,533,247



16.


Cash and cash equivalents

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,101,157
5,843,752
1,369,851
2,260,389

3,101,157
5,843,752
1,369,851
2,260,389


Page 29

 


PRP GROUP LLP
 


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

17.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Other loans
581,479
460,795
581,479
460,795

Payments received on account
4,075,594
4,671,769
-
-

Trade creditors
956,762
534,787
135,056
65,196

Amounts owed to group undertakings
-
-
89
90,562

Amounts owed to joint ventures
25
-
-
-

Other taxation and social security
1,705,912
1,234,155
129,123
150,884

Obligations under finance lease and hire purchase contracts
177,534
149,831
177,534
149,831

Other creditors
253,286
171,133
38,648
12,182

Accruals and deferred income
1,432,437
1,487,186
17,742
17,592

9,183,029
8,709,656
1,079,671
947,042


The obligations under finance leases are secured over the assets of the LLP to which they relate.
Included within other creditors is £105,612 (2023: £71,317) in relation to defined contribution pensions.


18.


Creditors: Amounts falling due after more than one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
134,880
142,225
134,880
142,225

134,880
142,225
134,880
142,225


The other loans are secured over the assets of the LLP to which they relate.

Page 30

 


PRP GROUP LLP
 


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

19.


Deferred taxation


Group



2024


£






At beginning of year
1,099


Charged to profit or loss
(14,440)



At end of year
(13,341)

LLP


2024





At beginning of year
-



At end of year
-



The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(21,239)
(24,987)

Tax losses carried forward
7,842
26,033

Other timing differences
56
53

(13,341)
1,099

Page 31

 


PRP GROUP LLP
 


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

20.


Provisions


Group



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 Group is involved in a number of disputes in the ordinary course of business which may give rise to claims. The Group 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 Group 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 Group.


21.


Loans and other debts due to members


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Members' capital treated as debt
2,282,005
2,142,005
2,282,005
2,142,005

2,282,005
2,142,005
2,282,005
2,142,005

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



Page 32

 


PRP GROUP LLP
 


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

22.


Analysis of net debt (Group)




At 1 April 2023
Arising from cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

5,843,752

(2,742,595)

3,101,157

Borrowings due within 1 year

(460,795)

(120,684)

(581,479)

Finance leases

(292,056)

(20,358)

(312,414)

Net debt (before members' debt)
5,090,901
(2,883,637)
2,207,264

Loans and other debts due to members




Members' capital

(2,142,005)

(140,000)

(2,282,005)

Net debt


2,948,896
(3,023,637)
(74,741)


23.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
421,997
548,848

Later than 1 year and not later than 5 years
1,004,051
248,607

1,426,048
797,455
 
Page 33