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Registered number: 10463462










PRIOR + PARTNERS LIMITED








AUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
PRIOR + PARTNERS LIMITED
 

COMPANY INFORMATION


Directors
G M Goymour 
J M B Prior 
E Baudon 
S Mattinson 
T Venables 
A Mneimneh (appointed 1 May 2025)




Company secretary
K Brewer



Registered number
10463462



Registered office
70 Cowcross Street

London

EC1M 6EJ




Accountants
James Cowper Kreston Audit

201 Cumnor Hill

Oxford

OX2 9PJ





 
PRIOR + PARTNERS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 29


 
PRIOR + PARTNERS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
Prior and Partners continues to develop its reputation as a global Planning and Masterplanning Practice. The hire of key staff has strengthened our offer.

Business review
 
2024 was marked by strong revenue growth and a corresponding growth in technical staff numbers of 93 (FY23: 80). We made significant investment in the Practice’s support staff, systems and supporting infrastructure.
Market conditions in the UK remain difficult while overseas markets remained strong  UK Revenue £3.9m (FY23: £4.3m) ROW Revenue £17.5m (FY23: £15.1m).
We have diversified our UK and international client base and increased our market presence in key areas. 
Investment in additional support infrastructure has been an important stage in preparing the Practice for future growth and resilience. 
We have strengthened our financial reporting, project management capabilities and have increased capacity in our business development team.
We started in 2024 the process of establishing subsidiaries in United Arab Emirates and Saudi Arabia, and post year end, in April 2025 our United Arab Emirates subsidiary was registered, employees hired and an office opened in Dubai.
We believe the above investments are important moves in underpinning the future resilience of P+P for the future. 

Principal risks and uncertainties
 
We identify 3 areas of risk and uncertainties:
While international revenue is growing at a satisfactory rate, (FY24: £17.5m, FY23: £15.1m), the poor state of the UK market and low returns from UK work continue to challenge our desire to maintain our position as a significant player in the UK. Challenges with poor public finances and the poorly performing planning system continue to challenge the UK development scene.
Our ultimate revenue recovery is good and our cash position remains strong.
Potential growth is hampered by skills shortages, the need to secure visas for many of our staff as the talent pool is increasingly international.

Financial key performance indicators
 
Gross Revenue turnover increased from:
2023: £19,338,303
2024: £21,429,755 

Other key performance indicators
 
Average employee numbers grew from:
2023: 80
2024: 93

Page 1

 
PRIOR + PARTNERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


This report was approved by the board and signed on its behalf.





G M Goymour
Director

Date: 7 August 2025

Page 2

 
PRIOR + PARTNERS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

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

Directors

The directors who served during the year were:

G M Goymour 
J M B Prior 
E Baudon 
S Mattinson 
T Venables 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,545,851 (2023 - £1,948,573).

Dividends of £nil (2023 - £351,108) were paid during the year.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Page 3

 
PRIOR + PARTNERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Post balance sheet events

In 2025 a subsidiary, Prior Middle East Urban Planning Engineering Services LLC, was registered in United Arab Emirates, employees hired and an office opened. Prior Middle East Urban Planning Engineering Services LLC is 100% owned by Prior+Partners Limited.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





G M Goymour
Director

Date: 7 August 2025

Page 4

 
PRIOR + PARTNERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIOR + PARTNERS LIMITED
 

Opinion


We have audited the financial statements of Prior + Partners Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 Company's affairs as at 30 November 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
PRIOR + PARTNERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIOR + PARTNERS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
PRIOR + PARTNERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIOR + PARTNERS LIMITED (CONTINUED)


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.


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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and       claims;
Enquiry of management and those charged with governance to identify any material instances of
noncompliance with laws and regulation;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including
testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates for
evidence of bias.


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.


Page 7

 
PRIOR + PARTNERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIOR + PARTNERS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pitt BA (Hons) BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
201 Cumnor Hill
Oxford
OX2 9PJ

 
Date: 
7 August 2025
Page 8

 
PRIOR + PARTNERS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

As restated
2024
2023
£
£

Turnover
 4 
21,429,755
19,338,303

Cost of sales
  
(14,878,319)
(12,882,193)

Gross profit
  
6,551,436
6,456,110

Administrative expenses
  
(4,285,686)
(3,865,733)

Operating profit
 5 
2,265,750
2,590,377

Interest receivable and similar income
 9 
560
647

Interest payable and similar expenses
 10 
(2,673)
(9,541)

Profit before tax
  
2,263,637
2,581,483

Tax on profit
 11 
(717,786)
(632,910)

Profit for the financial year
  
1,545,851
1,948,573

The notes on pages 14 to 29 form part of these financial statements.
Page 9

 
PRIOR + PARTNERS LIMITED
REGISTERED NUMBER: 10463462

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
315,969
307,017

  
315,969
307,017

Current assets
  

Debtors: amounts falling due within one year
 14 
9,796,990
10,425,385

Cash at bank and in hand
 15 
2,187,738
1,498,481

  
11,984,728
11,923,866

Creditors: amounts falling due within one year
 16 
(5,218,809)
(5,685,616)

Net current assets
  
 
 
6,765,919
 
 
6,238,250

Total assets less current liabilities
  
7,081,888
6,545,267

Provisions for liabilities
  

Deferred tax
 18 
(65,875)
(37,723)

  
 
 
(65,875)
 
 
(37,723)

Net assets
  
7,016,013
6,507,544


Capital and reserves
  

Called up share capital 
 19 
750
750

Share premium account
  
2,800
2,800

Profit and loss account
  
7,012,463
6,503,994

  
7,016,013
6,507,544


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G M Goymour
Director

Date: 7 August 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
PRIOR + PARTNERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
750
2,800
6,018,258
6,021,808


Comprehensive income for the year

Profit for the year (as restated)
-
-
1,948,573
1,948,573

Contribution to Employee Ownership Trust
-
-
(1,400,000)
(1,400,000)

Share based payment charge (as restated) (see note 21)
-
-
288,271
288,271


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(351,108)
(351,108)



At 1 December 2023
750
2,800
6,503,994
6,507,544


Comprehensive income for the year

Profit for the year
-
-
1,545,851
1,545,851

Contribution to Employee Ownership Trust
-
-
(1,200,000)
(1,200,000)

Share based payment charge
-
-
162,618
162,618


At 30 November 2024
750
2,800
7,012,463
7,016,013


The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
PRIOR + PARTNERS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,545,851
1,948,573

Adjustments for:

Depreciation of tangible assets
159,015
153,355

Loss on disposal of tangible assets
-
1,836

Taxation charge
717,786
632,910

Decrease/(increase) in debtors
796,716
(4,754,289)

(Decrease)/increase in creditors
(378,942)
1,727,892

Corporation tax (paid)
(945,820)
(853,809)

Share-based payment charge
162,618
288,271

Net cash generated from operating activities

2,057,224
(855,261)


Cash flows from investing activities

Purchase of tangible fixed assets
(167,967)
(61,637)

Net cash from investing activities

(167,967)
(61,637)

Cash flows from financing activities

Dividends paid
-
(351,108)

Distribution paid to Employee Ownership Trust
(1,200,000)
(1,400,000)

Net cash used in financing activities
(1,200,000)
(1,751,108)

Net increase/(decrease) in cash and cash equivalents
689,257
(2,668,006)

Cash and cash equivalents at beginning of year
1,498,481
4,166,487

Cash and cash equivalents at the end of year
2,187,738
1,498,481


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,187,738
1,498,481

2,187,738
1,498,481


The notes on pages 14 to 29 form part of these financial statements.

The cash flow has been restated for the comparative tax charge and tax paid.

Page 12

 
PRIOR + PARTNERS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

1,498,481

689,257

2,187,738


1,498,481
689,257
2,187,738

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in England. The address of its registered office is: 70 Cowcross Street, London, EC1M 6EJ.

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress includes labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairement. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


Page 14

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company'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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

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

Page 15

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Current and deferred taxation

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 Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 16

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

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
-
10%
Straight line method
Plant and machinery
-
20%
Straight line method
Fixtures and fittings
-
20%
Straight line method
Office equipment
-
33%
Straight line method

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 18

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 19

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.17

Employee Ownership Trust

Contributions to the Employee Ownership Trust are presented as a deduction from shareholders' funds. 

Page 20

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The key judgements made in applying accounting policies are as follows:
Recognition of revenue
The Company has a number of long-term contracts with customers. This is based on performing estimates in relation to stage of completion of projects. Depending on the method used to determine project progress, significant estimates correspond to costs pending incurring in each contract.
Bad debt provision
Management provides for doubtful debts based on the perceived risk profile and payment history of the debtor. 
Share based payments
Estimating fair value for share based payment transactions requires determination of the most appropriate model, which depends on the terms and conditions of the grant. This estimate requires determination of the most appropriate inputs to the valuation model including the fair value of the instrument granted, expected life, volatility and making assumptions about them. The Company has used the Black-Scholes model.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Revenue
21,429,755
19,338,303

21,429,755
19,338,303


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,920,381
4,256,047

Rest of the world
17,509,374
15,082,256

21,429,755
19,338,303


Page 21

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

As restated
2024
2023
£
£

Depreciation
159,017
153,355

Exchange differences
258,665
259,849

Pension costs
271,124
193,288

Share-based payment
162,618
288,271


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,000
18,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


As restated
2024
2023
£
£

Wages and salaries
5,764,577
5,177,477

Social security costs
648,688
573,542

Cost of defined contribution scheme
271,124
193,288

6,684,389
5,944,307


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
93
80

Page 22

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
871,167
700,630

Company contributions to defined contribution pension schemes
75,070
35,190

946,237
735,820


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £308,090 (2023 - £307,165).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £29,990).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
560
647


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
2,673
9,541

Page 23

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(52,891)
269,356

Adjustments in respect of previous periods
235,749
-

Foreign tax
506,776
405,318


689,634
674,674


Total current tax
689,634
674,674

Deferred tax


Origination and reversal of timing differences
33,996
(41,764)

Adjustments in respect of prior period
(5,844)
-

Total deferred tax
28,152
(41,764)


Tax on profit
717,786
632,910

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
2,263,637
2,581,483


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
565,909
660,358

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
44,872
3,772

Capital allowances for year in excess of depreciation
-
(760)

Adjustments to tax charge in respect of prior periods
83,984
(29,481)

Remeasurement of deferred tax for changes in tax rates
-
(979)

Other timing differences leading to an increase (decrease) in taxation
23,021
-

Total tax charge for the year
717,786
632,910

Page 24

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividend paid
-
351,108

-
351,108


13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
122,442
65,287
11,738
509,230
708,697


Additions
24,622
-
-
143,345
167,967



At 30 November 2024

147,064
65,287
11,738
652,575
876,664



Depreciation


At 1 December 2023
30,361
39,173
7,043
325,103
401,680


Charge for the year
12,912
13,057
2,347
130,699
159,015



At 30 November 2024

43,273
52,230
9,390
455,802
560,695



Net book value



At 30 November 2024
103,791
13,057
2,348
196,773
315,969



At 30 November 2023
92,081
26,114
4,695
184,127
307,017

Page 25

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Debtors

2024
2023
£
£

Trade debtors
6,394,528
3,909,716

Other debtors
49,915
65,028

Prepayments and accrued income
3,184,226
6,450,641

Tax recoverable
168,321
-

9,796,990
10,425,385



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,187,738
1,498,481



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,076,100
838,002

Corporation tax
-
87,865

Other taxation and social security
287,104
200,649

Other creditors
21,047
54,805

Accruals and deferred income
1,834,558
4,504,295

5,218,809
5,685,616


Page 26

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

17.


Financial instruments

2024
2023
£
£

Financial assets


Cash and cash equivalents
2,187,738
1,498,481

Financial instruments measured at amortised cost
9,305,584
10,060,609

11,493,322
11,559,090


Financial liabilities


Financial liabilities held at amortised cost
(4,804,831)
(5,342,297)


Financial assets measured at amortised cost comprise of trade debtors, accrued income and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals. 


18.


Deferred taxation




2024


£



At beginning of year
(37,723)


Charged to profit or loss
(28,152)



At end of year
(65,875)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(37,723)
(40,686)

Short term timing differences
(28,152)
2,963

(65,875)
(37,723)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,500 (2023 - 7,500) Ordinary shares of £0.10 each
750
750


Page 27

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

20.


Share-based payments

The Company operates an EMI share option scheme. A charge of £162,618 (2023: £288,271) has been recognised within the profit and loss account for the year ended 30 November 2024.
All of the share options in issue have an exercise price of £113. The share options are exercisable after a three year vesting period or on an exit event defined as; a business sale, a change of control, a compromise or arrangement, a compulsory share purchase, a listing, and the winding up of the Company. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

149,612

1,324

149,612
 
1,324
 
Granted during the year

-

-

-
 
-
 
Forfeited during the year

(23,165)

(205)

-
 
-
 
Outstanding at the end of the year
126,447

1,119

149,612
 
1,324
 

As restated
2024
2023

Option pricing model used


Black-scholes

Black-scholes
 
Weighted average share price (£)


751.36

751.36
 
Exercise price (£)


113

113
 
Weighted average contractual life (years)


3

3
 
Expected volatility


31.01%

31.01%
 
Risk-free interest rate


1.29%

1.29%
 



21.


Prior year adjustment

The Company has made the following adjustment in respect of the year ended 30 November 2023:
A prior year adjustment of £288,271 has been made to increase cost of sales and wages and salaries and has had a £nil impact on the profit and loss reserve. The correct of the error relates to an incorrect accounting of share-based payment charge in the year ended 30 November 2022.

Page 28

 
PRIOR + PARTNERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £271,124 (2023 - £193,288).
Contributions totalling £4,489 (2023 - £24,143) were payable to the fund at the balance sheet date and are included in creditors.


23.


Related party transactions

Directors remuneration is disclosed in note 8.
The Company received £149,268 of revenue through a contract being paid directly to a Director in the year (2023 - £159,337), at the year end there was a £7,427 directors loan outstanding (2023 - £30,000). This balance was repaid in full post year end.


24.


Controlling party

The Company is controlled by Prior + Partners Trustee Limited by virtue of its shareholding. The shares are held in trust on behalf of Prior + Partners Ownership Trust (EOT). Contributions paid to the EOT during the year were £1,200,000 (2023: £1,400,000). 

Page 29