Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 2025-03-31 0 false 2024-04-01 No description of principal activity 0 0 false false false OC429993 2024-04-01 2025-03-31 OC429993 2023-04-01 2024-03-31 OC429993 2025-03-31 OC429993 2024-03-31 OC429993 c:Buildings c:ShortLeaseholdAssets 2024-04-01 2025-03-31 OC429993 c:Buildings c:ShortLeaseholdAssets 2025-03-31 OC429993 c:Buildings c:ShortLeaseholdAssets 2024-03-31 OC429993 c:MotorVehicles 2024-04-01 2025-03-31 OC429993 c:FurnitureFittings 2024-04-01 2025-03-31 OC429993 c:FurnitureFittings 2025-03-31 OC429993 c:FurnitureFittings 2024-03-31 OC429993 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC429993 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC429993 c:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 OC429993 c:CurrentFinancialInstruments 2025-03-31 OC429993 c:CurrentFinancialInstruments 2024-03-31 OC429993 c:CurrentFinancialInstruments 2 2025-03-31 OC429993 c:CurrentFinancialInstruments 2 2024-03-31 OC429993 c:Non-currentFinancialInstruments 2025-03-31 OC429993 c:Non-currentFinancialInstruments 2024-03-31 OC429993 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC429993 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC429993 c:Non-currentFinancialInstruments c:AfterOneYear 2025-03-31 OC429993 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC429993 e:FRS102 2024-04-01 2025-03-31 OC429993 e:Audited 2024-04-01 2025-03-31 OC429993 e:FullAccounts 2024-04-01 2025-03-31 OC429993 e:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC429993 c:Subsidiary1 2024-04-01 2025-03-31 OC429993 c:Subsidiary1 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary2 2024-04-01 2025-03-31 OC429993 c:Subsidiary2 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary3 2024-04-01 2025-03-31 OC429993 c:Subsidiary3 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary4 2024-04-01 2025-03-31 OC429993 c:Subsidiary4 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary5 2024-04-01 2025-03-31 OC429993 c:Subsidiary5 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary6 2024-04-01 2025-03-31 OC429993 c:Subsidiary6 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary7 2024-04-01 2025-03-31 OC429993 c:Subsidiary7 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary8 2024-04-01 2025-03-31 OC429993 c:Subsidiary8 1 2024-04-01 2025-03-31 OC429993 c:Subsidiary11 2024-04-01 2025-03-31 OC429993 c:Subsidiary11 1 2024-04-01 2025-03-31 OC429993 c:WithinOneYear 2025-03-31 OC429993 c:WithinOneYear 2024-03-31 OC429993 c:BetweenOneFiveYears 2025-03-31 OC429993 c:BetweenOneFiveYears 2024-03-31 OC429993 e:Consolidated 2025-03-31 OC429993 e:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 OC429993 2 2024-04-01 2025-03-31 OC429993 6 2024-04-01 2025-03-31 OC429993 e:PartnerLLP1 2024-04-01 2025-03-31 OC429993 e:PartnerLLP2 2024-04-01 2025-03-31 OC429993 e:PartnerLLP3 2024-04-01 2025-03-31 OC429993 e:PartnerLLP4 2024-04-01 2025-03-31 OC429993 e:PartnerLLP5 2024-04-01 2025-03-31 OC429993 e:PartnerLLP6 2024-04-01 2025-03-31 OC429993 e:PartnerLLP7 2024-04-01 2025-03-31 OC429993 c:FurtherSpecificReserve2ComponentTotalEquity 2025-03-31 OC429993 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC429993 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC429993 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC429993 c:Non-controllingInterests 2025-03-31 OC429993 c:Non-controllingInterests 2024-03-31 OC429993 f:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Company registration number: OC429993
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2025
| PRP GROUP LLP
PRP GROUP LLP |  |
INFORMATION
Designated Members J Buterchi
N T Griffiths
R Harvey
A J Mellor
S Sanderson
C Sheach
A J Weir
LLP registered number OC429993
Registered office 10 Lindsey Street London EC1A 9HP
Independent auditor Menzies LLP Chartered Accountants 4th Floor 95 Gresham Street London EC2V 7AB
PRP GROUP LLP |  |
CONTENTS
| Page
Members' Report | 1 - 2
Independent Auditor's 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
LLP Reconciliation of Members' Interests | 12
Consolidated Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 30
PRP GROUP LLP |  |
MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 2025. 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) 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 2025 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 £8,662 (2024: £14,760). Page 1
PRP GROUP LLP |  |
MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 auditor 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 auditor is 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 auditor is aware of that information. Auditor 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: 24 November 2025 | 24 November 2025
Page 2
PRP GROUP LLP |  |
INDEPENDENT AUDITOR'S 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 2025, 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 policies. The 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 2025 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 Auditor's 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 Auditor's Report thereon. The Members are responsible for the other information contained within the Annual Report. Our 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 |  |
INDEPENDENT AUDITOR'S 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 Auditor's 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 |  |
INDEPENDENT AUDITOR'S 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 Auditor's 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 2008. Our 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 Auditor's 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 4th Floor 95 Gresham Street London EC2V 7AB 25 November 2025 Page 5
PRP GROUP LLP |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 35,281,615 | 32,246,843
Cost of sales |  | (18,630,470) | (16,739,788)
Gross profit |  | 16,651,145 | 15,507,055
Administrative expenses |  | (8,945,482) | (9,849,063)
Operating profit | 5 | 7,705,663 | 5,657,992
Share of profit/(loss) of joint venture |  | - | (383)
Total operating profit |  | 7,705,663 | 5,657,609
Interest receivable and similar income |  | 5,397 | 6,074
Interest payable and similar expenses | 9 | (73,969) | (90,251)
Profit before tax |  | 7,637,091 | 5,573,432
Tax on profit | 10 | (16,200) | (15,903)
Profit before members' remuneration and profit shares |  | 7,620,891 | 5,557,529
Profit for the year before members' remuneration and profit shares |  | 7,620,891 | 5,557,529
Members' remuneration charged as an expense |  | (3,702,933) | (3,515,029)
Profit for the financial year available for discretionary division among members |  | 3,917,958 | 2,042,500
Profit for the year attributable to: |  |  |
Owners of the parent LLP |  | 3,917,958 | 2,042,500
|  | 3,917,958 | 2,042,500
There was no other comprehensive income for 2025(2024:£NIL).
The notes on pages 14 to 30 form part of these financial statements.
Page 6
PRP GROUP LLP REGISTERED NUMBER:OC429993 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 430,822 |  | 473,319
|  |  | 430,822 |  | 473,319
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 18,510,811 |  | 12,791,486 |
Cash at bank and in hand | 15 | 7,310,460 |  | 3,101,157 |
|  | 25,821,271 |  | 15,892,643 |
Creditors: amounts falling due within one year | 16 | (9,261,843) |  | (9,183,029) |
Net current assets |  |  | 16,559,428 |  | 6,709,614
Total assets less current liabilities |  |  | 16,990,250 |  | 7,182,933
Creditors: amounts falling due after more than one year | 17 |  | (39,407) |  | (134,880)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 18 | (17,828) |  | (13,341) |
Other provisions | 19 | (9,505,833) |  | (2,050,000) |
|  |  | (9,523,661) |  | (2,063,341)
Net assets |  |  | 7,427,182 |  | 4,984,712
Page 7
PRP GROUP LLP REGISTERED NUMBER:OC429993 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability | 20 |  | 2,827,006 |  | 2,282,005
|  |  | 2,827,006 |  | 2,282,005
Members' other interests |  |  |  |  |
Other reserves classified as equity |  | 4,600,176 |  | 2,702,707 |
|  |  | 4,600,176 |  | 2,702,707
|  |  | 7,427,182 |  | 4,984,712
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 14 |  | (122,446) |  | (107,034)
Loans and other debts due to members | 20 |  | 2,827,006 |  | 2,282,005
Members' other interests |  |  | 4,600,176 |  | 2,702,707
|  |  | 7,304,736 |  | 4,877,678
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: 24 November 2025
The notes on pages 14 to 30 form part of these financial statements. Page 8
PRP GROUP LLP REGISTERED NUMBER:OC429993 |  |
LLP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 309,311 |  | 340,871
Investments | 13 |  | 100,189 |  | 100,189
|  |  | 409,500 |  | 441,060
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 5,234,861 |  | 3,706,134 |
Cash at bank and in hand | 15 | 4,086,865 |  | 1,369,851 |
|  | 9,321,726 |  | 5,075,985 |
Creditors: amounts falling due within one year | 16 | (3,038,690) |  | (1,079,671) |
Net current assets |  |  | 6,283,036 |  | 3,996,314
Total assets less current liabilities |  |  | 6,692,536 |  | 4,437,374
Creditors: amounts falling due after more than one year | 17 |  | (39,407) |  | (134,880)
Net assets |  |  | 6,653,129 |  | 4,302,494
Page 9
PRP GROUP LLP REGISTERED NUMBER:OC429993 |  |
LLP STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | 2,827,006 |  | 2,282,005
| 20 |  | 2,827,006 |  | 2,282,005
Members' other interests |  |  |  |  |
Other reserves classified as equity brought forward |  | 2,020,489 |  | 4,058,576 |
Profit for the year available for discretionary division among members |  | 3,826,123 |  | 2,020,489 |
Other movements in other reserves |  | (2,020,489) |  | (4,058,576) |
Other reserves classified as equity carried forward |  |  | 3,826,123 |  | 2,020,489
|  |  | 3,826,123 |  | 2,020,489
|  |  | 6,653,129 |  | 4,302,494
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 14 |  | (122,446) |  | (107,034)
Loans and other debts due to members | 20 |  | 2,827,006 |  | 2,282,005
Members' other interests |  |  | 3,826,123 |  | 2,020,489
|  |  | 6,530,683 |  | 4,195,460
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: 24 November 2025
The notes on pages 14 to 30 form part of these financial statements. Page 10
PRP GROUP LLP |  |
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| 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 |  |  | 2,142,005 | - | 2,142,005 |
Amounts due from members |  |  |  | (68,522) | (68,522) |
Balance at 1 April 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
Members' remuneration charged as an expense | - | - | - | 3,702,933 | 3,702,933 | 3,702,933
Profit for the year available for discretionary division among members | 3,917,958 | 3,917,958 | - | - | - | 3,917,958
Members' interests after profit for the year | 6,620,665 | 6,620,665 | 2,282,005 | 3,595,899 | 5,877,904 | 12,498,569
Other division of profits | (2,020,489) | (2,020,489) | - | 2,020,489 | 2,020,489 | -
Amounts introduced by members | - | - | 910,001 | - | 910,001 | 910,001
Repayment of capital | - | - | (365,000) | - | (365,000) | (365,000)
Drawings | - | - | - | (5,738,834) | (5,738,834) | (5,738,834)
Amounts due to members |  |  | 2,827,006 | - | 2,827,006 |
Amounts due from members |  |  |  | (122,446) | (122,446) |
Balance at 31 March 2025 | 4,600,176 | 4,600,176 | 2,827,006 | (122,446) | 2,704,560 | 7,304,736
Page 11
PRP GROUP LLP |  |
LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans & other debts due to members less 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 |  |  | 2,142,005 | - | 2,142,005 |
Amounts due from members |  |  |  | (68,522) | (68,522) |
Balance at 1 April 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
Members' remuneration charged as an expense | - | - | - | 3,702,933 | 3,702,933 | 3,702,933
Profit for the year available for discretionary division among members | 3,826,123 | 3,826,123 | - | - | - | 3,826,123
Members' interests after profit for the year | 5,846,612 | 5,846,612 | 2,282,005 | 3,595,899 | 5,877,904 | 11,724,516
Other division of profits | (2,020,489) | (2,020,489) | - | 2,020,489 | 2,020,489 | -
Amounts introduced by members | - | - | 910,001 | - | 910,001 | 910,001
Repayment of capital | - | - | (365,000) | - | (365,000) | (365,000)
Drawings | - | - | - | (5,738,834) | (5,738,834) | (5,738,834)
Amounts due to members |  |  | 2,827,006 | - | 2,827,006 |
Amounts due from members |  |  |  | (122,446) | (122,446) |
Balance at 31 March 2025 | 3,826,123 | 3,826,123 | 2,827,006 | (122,446) | 2,704,560 | 6,530,683
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 12
PRP GROUP LLP |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 3,917,958 | 2,042,500
Adjustments for: |  |
Members' remuneration charged as an expense | 3,702,933 | 3,515,029
Depreciation of tangible assets | 292,385 | 315,986
Interest payable | 73,969 | 90,251
Interest receivable | (5,397) | (6,074)
Taxation charge | 16,200 | 15,903
(Increase)/decrease in debtors | (5,703,913) | 1,967,557
Decrease in amounts owed by joint ventures | 516 | -
(Decrease)/increase in creditors | (19,987) | 324,961
Increase in amounts owed to joint ventures | - | 2,000
Increase/(decrease) in provisions | 7,455,833 | (3,422,578)
Share of operating profit in associates | - | 383
Corporation tax (paid)/received | (7,604) | 24,642
Interest received | 5,397 | 6,074
Net cash generated from operating activities before transactions with members | 9,728,290 | 4,876,634
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (249,888) | (197,903)
Net cash from investing activities | (249,888) | (197,903)
Cash flows from financing activities |  |
Other new loans | 1,758,694 | 1,863,384
Repayment of other loans | (1,759,991) | (1,722,342)
Interest paid | (73,969) | (90,251)
Members' capital contributed | 910,001 | 220,000
Members' capital repaid | (365,000) | (80,000)
Drawings paid to members | (5,738,834) | (7,612,117)
Net cash used in financing activities | (5,269,099) | (7,421,326)
Net increase/(decrease) in cash and cash equivalents | 4,209,303 | (2,742,595)
Cash and cash equivalents at beginning of year | 3,101,157 | 5,843,752
Cash and cash equivalents at the end of year | 7,310,460 | 3,101,157
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 7,310,460 | 3,101,157
| 7,310,460 | 3,101,157
Page 13
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 14
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 15
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 16
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 17
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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. Page 18
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | 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.
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.
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.
Page 19
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 27,945 | (13,595)
| Other operating lease rentals | 650,078 | 789,756
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor for the audit of the Group's annual financial statements | 3,600 | 3,300
7. | Employees
| Staff costs were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 12,469,907 | 11,456,856
| Social security costs | 1,493,390 | 1,334,763
| Cost of defined contribution scheme | 443,664 | 403,802
|  | 14,406,961 | 13,195,421
| The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Direct staff | 242 | 233
|  | Administrative staff | 39 | 36
|  |  | 281 | 269
| The LLP has no employees other than the Members, who did not receive any remuneration (2024 - £NIL)
Page 20
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Information in relation to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | Number | Number
| The average number of members during the year was | 43 | 40
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The amount of profit attributable to the member with the largest entitlement was | 341,820 | 525,801
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.
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 73,969 | 90,251
|  | 73,969 | 90,251
Page 21
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 4,109 | -
| Adjustments in respect of previous periods | - | (640)
|  | 4,109 | (640)
| Foreign tax |  |
| Foreign tax on income for the year | 7,604 | 2,103
|  | 7,604 | 2,103
| Total current tax | 11,713 | 1,463
| Deferred tax |  |
| Origination and reversal of timing differences | 4,487 | 14,440
| Total deferred tax | 4,487 | 14,440
| Tax on profit | 16,200 | 15,903
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 105,003 | 40,022
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 26,251 | 10,006
| Effects of: |  |
| Different rate taxes on overseas earnings | (8,754) | 6,537
| Adjustments to tax charge in respect of prior periods | - | (640)
| Other differences leading to an increase (decrease) in the tax charge | (1,297) | -
| Total tax charge for the year | 16,200 | 15,903
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Intangible assets
| Group
|  | Computer software
|  | £
| Cost |
| At 1 April 2024 | 382,890
| At 31 March 2025 | 382,890
| Amortisation |
| At 1 April 2024 | 382,890
| At 31 March 2025 | 382,890
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | -
| The LLP has no intangible fixed assets.
Page 23
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 225,243 | 105,206 | 2,233,337 | 2,563,786
| Additions | 186,253 | - | 63,635 | 249,888
| At 31 March 2025 | 411,496 | 105,206 | 2,296,972 | 2,813,674
| Depreciation |  |  |  |
| At 1 April 2024 | 211,637 | 20,252 | 1,858,578 | 2,090,467
| Charge for the year on owned assets | 27,686 | 13,414 | 251,285 | 292,385
| At 31 March 2025 | 239,323 | 33,666 | 2,109,863 | 2,382,852
| Net book value |  |  |  |
| At 31 March 2025 | 172,173 | 71,540 | 187,109 | 430,822
| At 31 March 2024 | 13,606 | 84,954 | 374,759 | 473,319
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Furniture, fittings and equipment | 138,112 | 296,828
|  | 138,112 | 296,828
Page 24
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Tangible fixed assets (continued)
| LLP
|  | Short-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | - | 1,071,639 | 1,071,639
| Additions | 142,274 | 51,862 | 194,136
| At 31 March 2025 | 142,274 | 1,123,501 | 1,265,775
| Depreciation |  |  |
| At 1 April 2024 | - | 730,768 | 730,768
| Charge for the year on owned assets | 8,299 | 217,397 | 225,696
| At 31 March 2025 | 8,299 | 948,165 | 956,464
| Net book value |  |  |
| At 31 March 2025 | 133,975 | 175,336 | 309,311
| At 31 March 2024 | - | 340,871 | 340,871
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Furniture, fittings and equipment | 138,112 | 296,828
|  | 138,112 | 296,828
Page 25
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| LLP
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 100,189
| At 31 March 2025 | 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.
Page 26
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Debtors
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 8,046,327 | 8,482,322 | - | -
| Amounts owed by group undertakings | - | - | 4,240,822 | 2,805,715
| Other debtors | 6,262,928 | 474,902 | 20,976 | 27,556
| Prepayments and accrued income | 1,019,478 | 1,022,262 | 850,617 | 765,829
| Amounts recoverable on long-term contracts | 3,059,632 | 2,704,966 | - | -
| Amounts due from members | 122,446 | 107,034 | 122,446 | 107,034
|  | 18,510,811 | 12,791,486 | 5,234,861 | 3,706,134
15. | Cash and cash equivalents
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 7,310,460 | 3,101,157 | 4,086,865 | 1,369,851
|  | 7,310,460 | 3,101,157 | 4,086,865 | 1,369,851
16. | Creditors: Amounts falling due within one year
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other loans | 632,104 | 581,479 | 632,104 | 581,479
| Payments received on account | 4,216,384 | 4,075,594 | - | -
| Trade creditors | 698,436 | 956,762 | 69,675 | 135,056
| Amounts owed to group undertakings | - | - | 1,646,558 | 89
| Amounts owed to joint ventures | - | 25 | - | -
| Corporation tax | 4,109 | - | - | -
| Other taxation and social security | 1,575,679 | 1,705,912 | 375,149 | 129,123
| Obligations under finance lease and hire purchase contracts | 221,085 | 177,534 | 221,085 | 177,534
| Other creditors | 171,030 | 253,286 | 16,911 | 38,648
| Accruals and deferred income | 1,743,016 | 1,432,437 | 77,208 | 17,742
|  | 9,261,843 | 9,183,029 | 3,038,690 | 1,079,671
| The obligations under finance leases are secured over the assets of the LLP to which they relate. Included within other creditors is £90,628 (2024: £105,612) in relation to defined contribution pensions.
Page 27
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Creditors: Amounts falling due after more than one year
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Net obligations under finance leases and hire purchase contracts | 39,407 | 134,880 | 39,407 | 134,880
|  | 39,407 | 134,880 | 39,407 | 134,880
The other loans are secured over the assets of the LLP to which they relate.
18. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (13,341)
| Charged to profit or loss | (4,487)
| At end of year | (17,828)
| LLP
|  | 2025
| At beginning of year | -
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (17,885) | (21,239)
| Tax losses carried forward | - | 7,842
| Other timing differences | 57 | 56
|  | (17,828) | (13,341)
Page 28
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Provisions
| Group
|  | Claims provision
|  | £
| At 1 April 2024 | 2,050,000
| Charged to profit or loss | 7,505,833
| Utilised in year | (50,000)
| At 31 March 2025 | 9,505,833
| 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.
20. | Loans and other debts due to members
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Members' capital treated as debt | 2,827,006 | 2,282,005 | 2,827,006 | 2,282,005
|  | 2,827,006 | 2,282,005 | 2,827,006 | 2,282,005
| Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Page 29
PRP GROUP LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 21. | Analysis of net debt (Group)
|  |  | At 1 April 2024 | Arising from cash flows | At 31 March 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 3,101,157 | 4,209,303 | 7,310,460
| Borrowings due within 1 year | (581,479) | (50,625) | (632,104)
| Finance leases | (312,414) | 51,922 | (260,492)
| Net debt (before members' debt) | 2,207,264 | 4,210,600 | 6,417,864
| Loans and other debts due to members |  |  |
| Members' capital | (2,282,005) | (545,001) | (2,827,006)
| Net debt | (74,741) | 3,665,599 | 3,590,858
22. | Commitments under operating leases
| At 31 March 2025 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 469,849 | 421,997 | 57,247 | -
| Later than 1 year and not later than 5 years | 899,207 | 1,004,051 | 191,459 | -
|  | 1,369,056 | 1,426,048 | 248,706 | -
Page 30