M85,
Your last paragraph isn't exactly correct. You need +1500 hours in command (not P1 U/S) on 30 tonne + aircraft in primarily international or similar operations to get out of doing the 14 exams. Note, you'll only get a UK CAA ATPL valid on G- reg aircraft only.
If you have 500 hours on multi pilot operations then you can get away with some stuff. Still need the exams though.