Company registration number: OC431032
INFORMATION
CONTENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 2 to 5 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PRP Technical LLP is a limited liability partnership incorporated and domiciled in England & Wales. The address of the registered office is given on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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.
Members are personally liable for taxation on their share of the profits of the limited liability partnership in the relevant tax jurisdictions. Consequently, no reserve for the tax liabilities arising on such profits is made in the financial statements in respect of members' tax liabilities, and the profits are shown within members' interests or as 'Loans and other debts due from members' without any deduction for tax.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The audit report was signed on 25 November 2025 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP .
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