Would make the assumption they are referring to the theorectical knowledge required i.e. your CPL or ATPL exams being passed. The CAA lay down specifics in terms of how much classroom instruction is required for CPL and ATPL courses, however, I am not sure what they are now. For the ATPL's I seem to recall it being in the 600 - 700 ball park for a full time course.
The 200 hour flight time requirement is for licence issue. From memory you need 150TT including 100 PIC and CPL or ATPL exams passed to attempt the CPL skill test. Once you have passed the skill test you have to satisfy the 200 hours requirement in your logbook including the above, then you can get your CPL issued by the CAA. Someone please correct me if I am wrong!