If you make the minimum hours and have done a skills test since getting them (LPC) then send your logbook, a photocopy of your licence signing page, a photocopy of your medical and the required form with the payment off to the CAA. It takes about 10 days, during which you can still operate as you are still in physical posession of your licence. Log your flights temporarily somewhere different while they have your logbook.
I you call the CAA they are very helpful. If you look as LASORS (avail on the website) you will find all the requirements.
Application form:
http://www.caa.co.uk/docs/33/FORSRG1137.PDF
Scheme of charges
http://www.caa.co.uk/docs/175/srg_fc...es_prof_05.pdf
LASORS
http://www.caa.co.uk/docs/33/LASORS2005.PDF
Currently it is £194 unless it has changed in the past couple of months.
The 250 hours P1 (of which 150 can be PICUS) sometimes trips people up (lack of P1), but the thing to remember is that SPIC (student pilot in command, ie not solo which is P1) counts towards the P1 time and if you have a CPL you have made those minimum requirements already.