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REGISTERED NUMBER: 07101147 (England and Wales)













Strategic Report,

Report of the Director and

Audited Financial Statements

for the Year Ended 31 December 2024

for

Red Rock Partnership Ltd

Red Rock Partnership Ltd (Registered number: 07101147)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Statement of Cash Flows 15

Notes to the Statement of Cash Flows 16

Notes to the Financial Statements 17


Red Rock Partnership Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: C Buckingham


REGISTERED OFFICE: 138 Head Office
Upper Floor
High Street
LINCOLN
Lincolnshire
LN5 7PJ


REGISTERED NUMBER: 07101147 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Steve Robinson


AUDITORS: Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN


BANKERS: NatWest Bank Plc
5 Market Place
CHESTERFIELD
S40 1TW

Red Rock Partnership Ltd (Registered number: 07101147)

Strategic Report
for the Year Ended 31 December 2024

Business Review

The Directors present their report and the financial statements for the year ended 31 December 2024. Red Rock Partnership Limited is a specialist supplier of Blue-Collar Staff (Temporary) to industry throughout the UK. It operates through a 4-branch network and its 14 On Site Services Division (workers provided directly at a client's premises).

The Blue-Collar Food Sector focus ensures Red Rock Partnership are experts in the field with niche offerings, over 85% of Sales are in the Food Sector. There is no reliance on permanent revenues or client concentration.

The Red Rock Partnership brand is established, proven and is acknowledged as a market leader in the Food Manufacturing and Processing Sector demonstrating high standards of customer service, compliance and added value services.

Our focus on Compliance was reinforced by a successful Gangmasters and Labour Abuse Authroity Audit in July 2024.

There is an effective Board Structure supported by a productive Senior Management Team with no reliance on the founding Director. The Senior Team are incentivised through profit share opportunities.

Financial Highlights

- Sales rose to £43.7M an increase of 34%
- Gross Profit and Net Profit were ahead of expectations amidst some business restructuring.

The effects of the shrinking economy have had no impact on the company in 2024, this is due to the sales in our main sector, Food Manufacturing holding up very strongly and during the year we have implemented significant new On-Site Business and yet again has demonstrated the business to be robust in difficult trading conditions for many.

2025 Plans

Sales are forecast to grow considerably again in 2025 as we see the full year benefits of 2024 new On-Site Client wins.

In addition, we have already secured a further new On-Site win in 2025 with the prospect of more to follow.

We shall also be investigating potential new Branch Openings in 2025.

We would expect to deliver significantly increased levels of profitability in 2025.


Red Rock Partnership Ltd (Registered number: 07101147)

Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management
Red Rock Partnership is exposed to a variety of financial risks resulting from its operational activities. Its risk management is coordinated in close cooperation with the Board of Directors, focusing on actively securing the group's short to medium-term cash flows. Focus on reduction of debtor payment terms continues to significantly reduce credit risk and improve short-term cash flow.

Credit Risk
Red Rock Partnership principal credit risk is trade debtors and has in place, credit insurance on all our Debtors and has a rigorous credit control. We do not trade with clients on whom we cannot get Credit Insurance on.

Liquidity Risk
Red Rock Partnership finances its operations through a mixture of retained profits and an invoice discounting facility. Red Rock Partnership's present discounting facility provides sufficient headroom, taking account of possible changes in performance and forecasted turnover for the foreseeable future.

Legislative risk
In order to operate in the UK recruitment market, Red Rock Partnership must comply with many areas of UK legislation. Compliance imposes costs and failure to comply with the law could materially affect Red Rock Partnership's ability to operate. Red Rock Partnership is regularly audited by its financial providers, clients and trade bodies, including GLAA. All new legislative developments are closely monitored, and Red Rock Partnership has its own compliance department, which conducts regular reviews to ensure compliance with existing legislation to minimise legislative risk.

Red Rock Partnership take compliance with legislation and industry standards extremely seriously, offering a total commitment to all our clients to ensure all our workers, whether covered by the legislation, are recruited and supplied to the standards required by the Gangmaster Licence Act. This total commitment gives our clients the assurance that all UK ethical and legal standards are fully met.


Red Rock Partnership Ltd (Registered number: 07101147)

Strategic Report
for the Year Ended 31 December 2024


Future Developments
Over the past 2 years there has been considerable investment in developing the quality, experience and integrity of the Senior Management Team.

We have continued to invest selectively in line with our strategy, whilst maintaining control on costs and cash. We intend to build on the significant investment to our front and back-office IT infrastructure during the financial year to respond to evolving demands of clients and deliver efficient solutions.

Corporate Governance Arrangements
Red Rock Partnership is committed to maintaining the highest standards of corporate governance throughout its operations and ensuring that all its practices are conducted transparently, ethically and efficiently. The company believes that scrutinising all aspects of its business and reflecting, analysing and improving its procedures will result in the continued success of the company.

Business relationships
With a highly committed and dedicated team of consultants, Red Rock Partnership take pride in listening to what clients want and continue to provide the level of service they have come to expect, leading to continued increases in the company's market share.

Our people
The company's key asset is its people, employing circa 50 core staff and engaging approximately 2,500 agency workers. The company provides employees with information on matters of concern to them, consulting them regularly so that their views can be taken into account when making decisions that are likely to affect their interests. The company encourages the involvement of employees by means of regular employee meetings and engagement in the decision-making process for items that impact directly upon the employees.

Disabled employees
Red Rock Partnership believe that the success of the company is a direct result of the experience and quality of its employees and are therefore committed to focusing employment procedures and practices on maximising the potential of each unique individual. This is best achieved by developing employees' talents, whilst recognising their differences.

The company gives full and fair consideration to applications for employment by disabled persons. In the event of employees becoming disabled whilst in the service of the company, every effort is made to continue their employment by transfer to alternative duties, if required, and by provision of such retraining if necessary.


Red Rock Partnership Ltd (Registered number: 07101147)

Strategic Report
for the Year Ended 31 December 2024


Employee involvement
The company encourages employee involvement and believes that achieving a common awareness on the part of all employees of the financial and economic factors affecting the performance of their employing company plays a major role in maintaining the success of the company. The health and safety at work of all employees is constantly reviewed by the director to ensure the high standards set in previous years are maintained.

Community, charity and environment
In order to meet its strategic aim to be a responsible and ethical supplier Red Rock Partnership is a SEDEX member, GLAA licensed audited and accredited. Red Rock Partnership is also a supporting partner in the Stronger Together programme; a multi stakeholder initiative to reduce modern day slavery, particularly hidden forced labour.

During 2024 staff supported by Red Rock Partnership raised over £15,000 through charitable fundraising for its designated local and national charities including over £2,000 to a local Dementia support charity.

Red Rock Partnership is committed to contributing towards combating the threat of global warming by lobbying landlords to introduce Energy Efficiency Measures to reduce CO2 emissions in their buildings. To achieve a comprehensive overall Energy Strategy the Company is looking at all aspects of Energy Consumption. This includes all assets of Red Rock Partnership which consume Energy. A Policy to combine all aspects of Energy Management has been approved by the Board of Directors.

Culture and values
Red Rock Partnership endeavours to maintain the highest levels of confidentiality and good business ethics at all times. We employ fair and honest methodologies and ensure that our staff are aware of and comply with all relevant legislation, statutory codes and internal quality systems.

Shareholders
The Shareholders have an understanding of our strategy, culture and people through regular updates or presentation of this annual report.

Political donations
The company does not make any donations to any political party or organisation.

ON BEHALF OF THE BOARD:





C Buckingham - Director


25 April 2025

Red Rock Partnership Ltd (Registered number: 07101147)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR
C Buckingham held office during the whole of the period from 1 January 2024 to the date of this report.

FINANCIAL INSTRUMENTS
The company uses a debt factoring facility with recourse to provide short-term finance. The company negotiates new terms annually so interest rate exposure is kept to a minimum. The company feels this arrangement best suits its requirements at present.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Para 1A of Sch 7 to the Large & Medium-sized Companies and Groups (Accounts and Reports) Regs. 2008 certain matters have been included in the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Red Rock Partnership Ltd (Registered number: 07101147)

Report of the Director
for the Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C Buckingham - Director


25 April 2025

Report of the Independent Auditors to the Members of
Red Rock Partnership Ltd

Opinion
We have audited the financial statements of Red Rock Partnership Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Red Rock Partnership Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Red Rock Partnership Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and gangmasters and labour authority regulations.

To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and where appropriate those charged with governance as to whether the company is in compliance with laws and regulations;
- Inspecting correspondence, if any, with relevant licensing authorities;
- Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit; and
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework (FRS102).

Further to this, we evaluated the Directors' and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected, or alleged fraud;
- Gaining an understanding of internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud;
- Addressing the risks of fraud through management override of controls by performing journal entry testing;
- Testing of assumptions and reperforming calculations; and
- Sensitivity analysis around assumptions used.


Report of the Independent Auditors to the Members of
Red Rock Partnership Ltd

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steve Robinson (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

2 May 2025

Red Rock Partnership Ltd (Registered number: 07101147)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 43,669,071 32,642,393

Cost of sales 39,503,835 28,881,603
GROSS PROFIT 4,165,236 3,760,790

Administrative expenses 3,642,954 2,957,853
OPERATING PROFIT 5 522,282 802,937


Interest payable and similar
expenses

6

203,718

192,966
PROFIT BEFORE TAXATION 318,564 609,971

Tax on profit 7 72,545 141,299
PROFIT FOR THE FINANCIAL YEAR 246,019 468,672

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

246,019
Prior year adjustment (1,094,152 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(625,480

)

Red Rock Partnership Ltd (Registered number: 07101147)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 246,926 221,863
246,926 221,863

CURRENT ASSETS
Debtors 10 6,552,061 5,325,351
Cash at bank and in hand 606,717 21,346
7,158,778 5,346,697
CREDITORS
Amounts falling due within one year 11 9,018,067 5,960,930
NET CURRENT LIABILITIES (1,859,289 ) (614,233 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,612,363

)

(392,370

)

CREDITORS
Amounts falling due after more than
one year

12

(53,318

)

(1,519,330

)

PROVISIONS FOR LIABILITIES 15 (24,000 ) (24,000 )
NET LIABILITIES (1,689,681 ) (1,935,700 )

CAPITAL AND RESERVES
Called up share capital 16 204 204
Retained earnings 17 (1,689,885 ) (1,935,904 )
SHAREHOLDERS' DEFICIT (1,689,681 ) (1,935,700 )

The financial statements were approved by the director and authorised for issue on 25 April 2025 and were signed by:





C Buckingham - Director


Red Rock Partnership Ltd (Registered number: 07101147)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 204 (1,310,424 ) (1,310,220 )
Prior year adjustment - (1,094,152 ) (1,094,152 )
As restated 204 (2,404,576 ) (2,404,372 )

Changes in equity
Total comprehensive income - 468,672 468,672
Balance at 31 December 2023 204 (1,935,904 ) (1,935,700 )

Changes in equity
Total comprehensive income - 246,019 246,019
Balance at 31 December 2024 204 (1,689,885 ) (1,689,681 )

Red Rock Partnership Ltd (Registered number: 07101147)

Statement of Cash Flows
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,139,746 ) (1,300,226 )
Interest paid (198,137 ) (184,791 )
Interest element of finance lease
payments paid

(5,581

)

(8,175

)
Tax paid (141,299 ) (61,095 )
Net cash from operating activities (1,484,763 ) (1,554,287 )

Cash flows from investing activities
Purchase of tangible fixed assets (104,531 ) (64,538 )
Sale of tangible fixed assets - 19,700
Net cash from investing activities (104,531 ) (44,838 )

Cash flows from financing activities
Factored debts 1,195,757 1,081,501
Inter co loan 1,029,696 545,948
Capital repayments in year (50,788 ) (74,156 )
Net cash from financing activities 2,174,665 1,553,293

Increase/(decrease) in cash and cash equivalents 585,371 (45,832 )
Cash and cash equivalents at
beginning of year

2

21,346

67,178

Cash and cash equivalents at end
of year

2

606,717

21,346

Red Rock Partnership Ltd (Registered number: 07101147)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 318,564 609,971
Depreciation charges 79,468 92,218
Profit on disposal of fixed assets - (5,681 )
Finance costs 203,718 192,966
601,750 889,474
Increase in trade and other debtors (2,256,406 ) (1,207,938 )
Increase/(decrease) in trade and other creditors 514,910 (981,762 )
Cash generated from operations (1,139,746 ) (1,300,226 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 606,717 21,346
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 21,346 67,178


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 21,346 585,371 606,717
21,346 585,371 606,717
Debt
Finance leases (155,614 ) 50,788 (104,826 )
(155,614 ) 50,788 (104,826 )
Total (134,268 ) 636,159 501,891

Red Rock Partnership Ltd (Registered number: 07101147)

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

1. STATUTORY INFORMATION

Red Rock Partnership Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" as amended by the Periodic Review 2024 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Red Rock Partnership Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as their inclusion is not material for the purpose of giving a true and fair view.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed 10 years.

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.
Short leasehold - Straight line over the life of the lease
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Red Rock Partnership Ltd (Registered number: 07101147)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Debtors -the company assigns its trade debtors to a factor and receives payments from the factor in respect of the assigned debts but retains all significant risks. Factored debts are included within the trade debtors figure per the accounts, and amounts received from the factor are separately disclosed within creditors. All interest and factoring costs are charged to income as they accrue.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Red Rock Partnership Ltd (Registered number: 07101147)

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

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date for all tangible assets. Where an indication of impairment exists, impairment testing is carried out. For the purposes of impairment testing the carrying amounts are are reviewed and an impairment loss is recognised where the carrying amount exceeds the asset's recoverable amount.
The recoverable amount is the higher of the asset's fair value less costs to sell and value in use. Value in use is determined by discounting an asset's estimated future cash flows to its present value using a discount rate which reflects current market assessments of the time value of money and asset specific risks.
Any impairment loss is recognised immediately in profit or loss.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Provisions for 'wear and tear' dilapidation costs at the Company's leased properties are capitalised as a Right of Use Asset and depreciated over the term of the lease.

Red Rock Partnership Ltd (Registered number: 07101147)

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

2. ACCOUNTING POLICIES - continued

Leases
The Company is not party to any material leases where it acts as a lessor, but the Company does have a number of material property leases, under which it is a lessee.

The Company considers whether a contract is, or contains a lease. A lease is defined as "a contract or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration". To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:

-The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company;
-The Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and
-The Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the right to direct "how and for what purpose" the asset is used throughout the period of use.

Measurement and recognition of leases as a lessee

At lease commencement date, the Company recognises a right-of-use-asset and a lease liability on the balance sheet. The right-of-use-asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Company depreciates the right-of-use-assets on a straight line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use-asset or the end of the lease term. The Company also assesses the right-of-use-asset for impairment when such indicators exist.

At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that is readily available or the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use-asset, or profit and loss if the right-of-use asset is already reduced to zero.

The Company has elected to account for short term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use-asset and lease liability, the payments in relation to these are recognised as an expense in profit and loss on a straight line basis over the lease term.


Red Rock Partnership Ltd (Registered number: 07101147)

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

2. ACCOUNTING POLICIES - continued
On the statement of financial position, right-of-use-assets are included in short leasehold and lease liabilities are disclosed separately.

3. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The Company makes estimates and assumptions regarding the future. The resulting estimates will, by definition, seldom equal the actual results. The directors do not consider there are any estimates and assumptions that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 38,597,931 28,369,826
Social security costs 2,818,241 1,941,489
Other pension costs 363,527 271,653
41,779,699 30,582,968

The average number of employees during the year was as follows:
2024 2023

Administrative staff 51 47

The company provides temporary workers to customers. These are employed directly by Red Rock Partnership Limited.

Defined contribution pension scheme
The company operates a defined contribution pension scheme for all employees within the company.

Contributions made into the scheme are paid by the company at rates specified by the rules of the scheme. The total amount recognised in profit or loss for the year are shown above. As at the reporting date, amounts payable of £130,832 (2023 £6,753) had not been paid over to the scheme and are included within Social Security and Other Taxes in Note 12 Creditors.

2024 2023
£    £   
Director's remuneration 90,500 83,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Red Rock Partnership Ltd (Registered number: 07101147)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 79,468 106,619
Profit on disposal of fixed assets - (5,681 )
Auditors' remuneration 16,000 16,000
Depreciation on dilapidation provisions not required - 14,400

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable on debt factoring 198,137 184,791
Interest on lease liability 5,581 8,175
203,718 192,966

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 72,545 141,299
Tax on profit 72,545 141,299

Red Rock Partnership Ltd (Registered number: 07101147)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 318,564 609,971
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 23.500%)

79,641

143,343

Effects of:
Depreciation added back 19,867 21,671
Entertainment added back 129 1,109
Capital allowances (17,009 ) (8,225 )
Allowable depreciation (13,178 ) (15,387 )

Profit on disposal - (1,212 )
Travelling 3,035 -
Sundry expenses 60 -
Total tax charge 72,545 141,299

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 7,297,541
AMORTISATION
At 1 January 2024
and 31 December 2024 7,297,541
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Red Rock Partnership Ltd (Registered number: 07101147)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 334,230 - 66,940
Additions - 24,533 -
Disposals (78,253 ) - -
At 31 December 2024 255,977 24,533 66,940
DEPRECIATION
At 1 January 2024 167,785 - 66,593
Charge for year 52,711 3,067 86
Eliminated on disposal (78,253 ) - -
At 31 December 2024 142,243 3,067 66,679
NET BOOK VALUE
At 31 December 2024 113,734 21,466 261
At 31 December 2023 166,445 - 347

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 36,999 323,218 761,387
Additions 45,833 34,165 104,531
Disposals - - (78,253 )
At 31 December 2024 82,832 357,383 787,665
DEPRECIATION
At 1 January 2024 6,527 298,619 539,524
Charge for year 14,302 9,302 79,468
Eliminated on disposal - - (78,253 )
At 31 December 2024 20,829 307,921 540,739
NET BOOK VALUE
At 31 December 2024 62,003 49,462 246,926
At 31 December 2023 30,472 24,599 221,863

Red Rock Partnership Ltd (Registered number: 07101147)

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

9. TANGIBLE FIXED ASSETS - continued

Assets subject to lease arrangements

Included in Short leasehold is property at various locations which are subject to lease arrangements. At the reporting date the carrying amount of these assets was £113,734 (2023 £166,445). The company's obligations under these lease arrangements are secured by the lessors' title to the properties.
These leases either end or have break clauses in 2025 and the company intentions are to renew for further short periods on the break clause dates.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,110,999 4,272,315
Amounts owed by group undertakings - 1,029,696
Other debtors 1,440,000 464
Prepayments 1,062 22,876
6,552,061 5,325,351

Trade and other receivables

Amounts owed by group undertakings are interest free, unsecured, have no fixed repayment date and are repayable on demand.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 13) 51,508 50,788
Proceeds of factored debts 4,346,272 3,150,515
Trade creditors 39,591 1,388,285
Tax 72,545 141,299
Social security and other taxes 898,394 61,011
VAT 1,802,879 88,113
Other creditors 579,803 291,336
Accrued expenses 1,227,075 789,583
9,018,067 5,960,930

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Finance leases (see note 13) 53,318 104,826
Trade creditors - 1,414,504
53,318 1,519,330

Red Rock Partnership Ltd (Registered number: 07101147)

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

13. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 51,508 50,788
Between one and five years 53,318 104,826
104,826 155,614

Lease liabilities relate to obligations under right-of-use assets capitalised as short leasehold property and shown on the Statement of Financial Position.

14. SECURED DEBTS

The proceeds of factored debts, included in Creditors falling due within one year, Note 12, are secured on a fixed and floating charge over the assets of the company.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions
Dilapidation provision 24,000 24,000

Dilapida-
tion
provisions
£   
Balance at 1 January 2024 24,000
Balance at 31 December 2024 24,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
104 Deferred £1 104 104
204 204

During April 2024 the ANAAPEX £1 shares were converted into £1 Deferred shares which carry no rights in the company as set out in the company Articles other than the return of capital on a winding up..

Red Rock Partnership Ltd (Registered number: 07101147)

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

17. RESERVES
Retained
earnings
£   

At 1 January 2024 (1,935,904 )
Profit for the year 246,019
At 31 December 2024 (1,689,885 )

18. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

During the 2023 the company resigned from the Aristotle group. This was accepted by the group and paperwork was filed early in 2024 to reflect this change. C Buckingham became the ultimate controlling party as at the end of 2023.

19. RELATED PARTY DISCLOSURES

The Company operates a loan account with Apex Managed Staffing Ltd. At the balance sheet date the balance included in debtors was £1,440,000 (2023: £1,029,696). The loan is unsecured, interest free with no set repayment date.

The company was recharged expenses by Aristotle Partnership Ltd, a former fellow subsidiary, of £Nil (2023: £59,494) and at the balance sheet date £Nil (2023: £33,240) was owed by the company.

Manor Farm Bloodstock Ltd, a company under the common control of the director C Buckingham, had loan balances included in creditors and debtors respectively of £60,000 and £Nil (2023: £180,000 and £23,970 respectively). These loans are unsecured, interest free with no set repayment date. Included within advertising costs are payments made to Manor Farm Bloodstock Ltd for sponsorship and advertising during 2024 amounting to £249,000 (2023: £150,000).

20. ULTIMATE CONTROLLING PARTY

The controlling party is C Buckingham.

Red Rock Partnership Ltd (Registered number: 07101147)

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

21. GOING CONCERN

The balance sheet of the company at the end of 2024 continues to be in a deficit position as a result of a historic group reorganisation. When considering unwinding the group structure, mechanisms were put in place to ensure that this did not have a detrimental impact on the company profitability, balance sheet or cash position. Despite this the company continues to trade profitably and has secured new contracts which has resulted in turnover, and in turn profit, to continue on an upward trajectory. To bolster the working capital position, the director has secured an additional factoring facility to support the business growth. Cash forecasts are run over 12 months ahead and the company is operating well within these with significant headroom for any unexpected costs. There are no unknown liabilities and the company has forecast settlement of debts within these forecasts.

The director, having considered the above and having made due enquiries, continues to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.