Park Securities Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02974777 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

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

82,844

6,602

Investments

3

1,621,500

186,450

Investment property

4

5,190,588

4,835,000

6,894,932

5,028,052

CURRENT ASSETS

Stocks

1,378,083

1,350,214

Debtors

195,761

218,631

Cash at bank

129,244

38,821

1,703,088

1,607,666

CREDITORS

Amounts falling due within one year

5

6,269,091

4,547,388

NET CURRENT LIABILITIES

(4,566,003

)

(2,939,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,328,929

2,088,330

CREDITORS

Amounts falling due after more than one year

5

1,123,475

1,205,010

NET ASSETS

1,205,454

883,320

CAPITAL AND RESERVES

Called up share capital

6

99

99

Revaluation reserve

654,482

449,482

Profit and loss account

550,873

433,739

SHAREHOLDERS' FUNDS

1,205,454

883,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 27 September 2016 and were signed by:

H G Wilson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis which assumes that the company will

continue in operational existence for the foreseeable future having adequate funds to meet its liabilities as they

fall due. The validity of this assumption depends on the continued provision of adequate facilities by the

company's bankers, shareholders and other lenders.

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 January

2015).

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 January 2015), 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 2015

104,436

Additions

98,671

Disposals

(1,252

)

At 31 December 2015

201,855

DEPRECIATION

At 1 January 2015

97,834

Charge for year

22,429

Eliminated on disposal

(1,252

)

At 31 December 2015

119,011

NET BOOK VALUE

At 31 December 2015

82,844

At 31 December 2014

6,602

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 January 2015

186,450

Additions

860,750

Disposals

(174,950

)

At 31 December 2015

872,250

NET BOOK VALUE

At 31 December 2015

872,250

At 31 December 2014

186,450

Loans

£

Additions

749,250

At 31 December 2015

749,250

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2015

4,835,000

Additions

150,588

Revaluations

205,000

At 31 December 2015

5,190,588

NET BOOK VALUE

At 31 December 2015

5,190,588

At 31 December 2014

4,835,000

5.

CREDITORS

Creditors include an amount of £ 1,200,813 (31.12.14 - £ 1,279,314 ) for which security has been given.

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

31.12.15

31.12.14

£

£

Repayable by instalments

785,517

877,086

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

99

Ordinary

£1

99

99