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REGISTERED NUMBER: 05374912 (England and Wales)















Red Recruitment Partnership Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Red Recruitment Partnership Limited (Registered number: 05374912)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Red Recruitment Partnership Limited

Company Information
for the Year Ended 31 March 2024







Directors: Katy Forsyth
Simon Penn
Craig Powis
Jessica Taylor



Registered office: Unit 3 Aztec Business Centre
Aztec West
Almondsbury
Bristol
BS32 4TD



Registered number: 05374912 (England and Wales)



Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ



Bankers: Barclays Bank Plc
42 Wellfield Road
Cardiff
CF24 3YR

Red Recruitment Partnership Limited (Registered number: 05374912)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 4 355,605 391,480
Tangible assets 5 9,906 13,207
365,511 404,687

Current assets
Debtors 6 315,389 407,743
Cash at bank 39,886 47,784
355,275 455,527
Creditors
Amounts falling due within one year 7 (474,751 ) (651,634 )
Net current liabilities (119,476 ) (196,107 )
Total assets less current liabilities 246,035 208,580

Creditors
Amounts falling due after more than one
year

8

(198,503

)

(167,315

)

Provisions for liabilities (1,573 ) (2,133 )
Net assets 45,959 39,132

Capital and reserves
Called up share capital 660 660
Capital redemption reserve 340 340
Retained earnings 44,959 38,132
Shareholders' funds 45,959 39,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:



Craig Powis - Director


Red Recruitment Partnership Limited (Registered number: 05374912)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Red Recruitment Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the accounts.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the provision of recruitment services.

Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website amortisation method and rate - 15% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Office equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Red Recruitment Partnership Limited (Registered number: 05374912)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 70 (2023 - 121 ) .

4. Intangible fixed assets
Goodwill Website Totals
£    £    £   
Cost
At 1 April 2023
and 31 March 2024 1,435,000 38,842 1,473,842
Amortisation
At 1 April 2023 1,043,520 38,842 1,082,362
Amortisation for year 35,875 - 35,875
At 31 March 2024 1,079,395 38,842 1,118,237
Net book value
At 31 March 2024 355,605 - 355,605
At 31 March 2023 391,480 - 391,480

5. Tangible fixed assets
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 April 2023 21,221 7,588 44,900 73,709
Reclassification/transfer - (6,253 ) 6,253 -
At 31 March 2024 21,221 1,335 51,153 73,709
Depreciation
At 1 April 2023 15,211 1,102 44,189 60,502
Charge for year 1,502 58 1,741 3,301
At 31 March 2024 16,713 1,160 45,930 63,803
Net book value
At 31 March 2024 4,508 175 5,223 9,906
At 31 March 2023 6,010 6,486 711 13,207


Red Recruitment Partnership Limited (Registered number: 05374912)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 146,033 372,841
Other debtors 34,401 -
Directors' current accounts 90,733 -
Tax 3,414 -
Prepayments and accrued income 40,808 34,902
315,389 407,743

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 107,132 143,415
Other loans 108,764 52,800
Trade creditors 37,365 26,579
Tax 60,947 96,092
Social security and other taxes 15,054 47,208
VAT 118,716 207,655
Other creditors 14,770 28,503
Accrued expenses 12,003 49,382
474,751 651,634

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years - 44,115
Other loans - 1-2 years 108,764 52,800
Other loans - 2-5 years 89,739 70,400
198,503 167,315

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 60,690 93,484
Bank loans 46,442 94,046
107,132 187,530

Loans are secured by fixed and floating charges over all property and undertakings of the company.

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Simon Penn
Balance outstanding at start of year - -
Amounts advanced 36,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 36,000 -

Red Recruitment Partnership Limited (Registered number: 05374912)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. Directors' advances, credits and guarantees - continued

Katy Forsyth
Balance outstanding at start of year - -
Amounts advanced 54,733 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 54,733 -