Park Securities Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02974777 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

PARK SECURITIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

H G Wilson

SECRETARY:

C J Dangerfield

REGISTERED OFFICE:

61 Meadway

Harpenden

Hertfordshire

AL5 1JH

REGISTERED NUMBER:

02974777 (England and Wales)

ACCOUNTANTS:

Nagler Simmons

Chartered Accountants

5 Beaumont Gate

Shenley Hill

Radlett

Herts

WD7 7AR

BANKERS:

Barclays Bank Plc

St Albans

Hertfordshire

AL1 3AN

FIXED ASSETS

Tangible assets

2

6,602

6,265

Investments

3

186,450

386,400

Investment property

4

4,835,000

4,225,000

5,028,052

4,617,665

CURRENT ASSETS

Stocks

1,350,214

1,280,709

Debtors

5

218,631

560,118

Cash at bank

38,821

190,812

1,607,666

2,031,639

CREDITORS

Amounts falling due within one year

6

306,415

374,944

NET CURRENT ASSETS

1,301,251

1,656,695

TOTAL ASSETS LESS CURRENT LIABILITIES

6,329,303

6,274,360

CREDITORS

Amounts falling due after more than one year

6

5,445,983

5,387,200

NET ASSETS

883,320

887,160

CAPITAL AND RESERVES

Called up share capital

7

99

99

Revaluation reserve

449,482

344,971

Profit and loss account

433,739

542,090

SHAREHOLDERS' FUNDS

883,320

887,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 September 2015 and were signed by:

H G Wilson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents net trading, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.Depreciation is provided at rates calculated to write off

the cost of fixed assets,less their estimated residual value,over their expected useful lives on the following bases:

Fixtures and Fittings 20 % per annum straight line basis

Computer Equipment 33.33 % per annum straight line basis

Investment properties

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only

on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible

assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the

financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors

reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be

separately identified or quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Provision is made to reduce the carrying amount of investments to their realisable value, if, in the opinion of the

director their value has fallen below the cost stated in the balance sheet.

Fixed asset investments

Fixed asset investments are shown at cost subject to any provision for impairment.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

101,404

Additions

3,032

At 31 December 2014

104,436

DEPRECIATION

At 1 January 2014

95,139

Charge for year

2,695

At 31 December 2014

97,834

NET BOOK VALUE

At 31 December 2014

6,602

At 31 December 2013

6,265

3.	FIXED ASSET INVESTMENTS

Interest in other participating interests

£

COST

At 1 January 2014

386,400

Disposal

(199,950

)

186,450

NET BOOK VALUE

At 31 December 2014

186,450

At 31 December 2013

386,400

The company has an investment in Vertus Asset Management LLP, a trading partnership providing investment

management services. The company had a 23% share of the voting rights of the LLP. The overall profit for the

accounting period ended 31st March 2014 was £802 (2013: Loss-£25,441) and at the relevant balance sheet date

the reserves amounted to £353,456 (2013: £138,270).

The company had an investment costing £199,950 in New Town Property Developments LLP, a property trading

partnership. During this financial year, this entity ceased to trade and repaid the capital invested of £199,950.

The company's share of the voting rights of the LLP was 26.4% and its overall profit for the period ended 31st

March 2015 was £134,487 (2014: £254,779). At the relevant balance sheet date the reserves amounted to

£18,334 (2014: £997,091).

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

4,225,000

Additions

505,489

Revaluations

104,511

At 31 December 2014

4,835,000

NET BOOK VALUE

At 31 December 2014

4,835,000

At 31 December 2013

4,225,000

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (31.12.13 - £ 323,504 )

6.

CREDITORS

Creditors include an amount of £ 1,279,314 (31.12.13 - £ 1,356,167 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.12.14

31.12.13

£

£

Repayable by instalments

877,086

964,831

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

99

Ordinary

£1

99

99