Park Securities Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02974777 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PARK SECURITIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H G Wilson

SECRETARY:

F E Townley

REGISTERED OFFICE:

15 Park Avenue South

Harpenden

Hertfordshire

AL5 2DZ

REGISTERED NUMBER:

02974777 (England and Wales)

ACCOUNTANTS:

Nagler Simmons

Chartered Accountants

5 Beaumont Gate

Shenley Hill

Radlett

WD7 7AR

BANKERS:

Barclays Bank Plc

St Albans

Hertfordshire

AL1 3AN

FIXED ASSETS

Tangible assets

4

3,626

7,322

Investments

5

212,512

219,438

Investment property

6

6,833,117

6,736,646

7,049,255

6,963,406

CURRENT ASSETS

Stocks

2,004,335

2,022,727

Debtors

7

1,895,699

1,983,150

Cash at bank

992,843

869,885

4,892,877

4,875,762

CREDITORS

Amounts falling due within one year

8

5,025,336

6,569,380

NET CURRENT LIABILITIES

(132,459

)

(1,693,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,916,796

5,269,788

CREDITORS

Amounts falling due after more than one year

9

(909,000

)

(572,654

)

PROVISIONS FOR LIABILITIES

(488,939

)

(269,068

)

NET ASSETS

5,518,857

4,428,066

CAPITAL AND RESERVES

Called up share capital

99

99

Fair value reserve

11

1,466,820

1,147,081

Retained earnings

11

4,051,938

3,280,886

SHAREHOLDERS' FUNDS

5,518,857

4,428,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 July 2023 and were signed by:

H G Wilson - Director

1.	STATUTORY INFORMATION

Park Securities 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income receivable and sales of stocks and shares, 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 provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial lnstruments' and Section 12 'Other Financial lnstruments lssues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. if not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits

Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are shown at cost subject to any provision for impairment since fair value cannot be measured reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

218,379

Disposals

(18,515

)

At 31 December 2022

199,864

DEPRECIATION

At 1 January 2022

211,057

Charge for year

3,696

Eliminated on disposal

(18,515

)

At 31 December 2022

196,238

NET BOOK VALUE

At 31 December 2022

3,626

At 31 December 2021

7,322

5.	FIXED ASSET INVESTMENTS

31.12.22

31.12.21

£

£

Participating interests

64,015

70,941

Other investments not loans

148,497

148,497

212,512

219,438

Additional information is as follows:

Interest

in other

participating

interests

£

COST

At 1 January 2022

70,941

Disposals

(6,926

)

At 31 December 2022

64,015

NET BOOK VALUE

At 31 December 2022

64,015

At 31 December 2021

70,941

Investments (neither listed nor unlisted) were as follows:

31.12.22

31.12.21

£

£

Non financial assets

148,497

148,497

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

6,736,646

Disposals

(600,001

)

Revaluations

696,472

At 31 December 2022

6,833,117

NET BOOK VALUE

At 31 December 2022

6,833,117

At 31 December 2021

6,736,646

Fair value at 31 December 2022 is represented by:

£

Valuation in 2022

1,955,758

Cost

4,877,359

6,833,117

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.22

31.12.21

£

£

Cost

4,877,359

5,320,499

The investment properties have been valued on an open market basis on 31 December 2022 by the director, Mr H. G. Wilson .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

8,307

2,757

Other debtors

1,887,392

1,980,393

1,895,699

1,983,150

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

-

73,385

Trade creditors

5,729

5,817

Taxation and social security

111,806

74,301

Other creditors

4,907,801

6,415,877

5,025,336

6,569,380

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

909,000

572,654

31.12.22

31.12.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

909,000

176,485

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

909,000

646,039

The bank loans are secured by fixed and floating charges over the assets of the company.

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2022

3,280,886

1,147,081

4,427,967

Profit for the year

394,319

-

394,319

Transfer revaluation in year

-

696,472

696,472

Transfer deferred tax

219,872

(219,872

)

-

Transfer realised gains to

retained earnings

156,861

(156,861

)

-

At 31 December 2022

4,051,938

1,466,820

5,518,758

12.	RELATED PARTY DISCLOSURES

Mr H G Wilson, the director, has control of the company by way of his directorship and family shareholdings. Included within other creditors due within one year is an unsecured loan of £941,194 (2021: £2,378,082) from H.G. Wilson and close family.

The company is a minority member of the following LLP's. The company's share of profits/(losses) for the year and net balances due (to)/from the LLP's were as follows:-

Entity

Profit/(loss)

Balances due

for the year

from/(to)

Abercromby Developments LLP

£190,836

£611,579

Park Securities Developments LLP

£100,628

£844,887

Henderson Place LLP

(£3,023

)

£393,951

Columba Developments LLP

-

£25,168

Howard Property Developments LLP

£7,434

-

Channings Developments LLP

£12,891

-

Randolph Crescent Developments LLP

£41,850

-

Forres Street Developments LLP

-

£253

Rothesay Holdings LLP

-

£53

During the year, the company charged Park Securities Developments LLP £5,350 in respect of property management services, administration and bookkeeping fees.

During the year, the company let one of its properties to Ms. C. Wilson, one of the shareholders at a market rent of £13,775 (2021: £17,400).