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Regents Park Securities Limited
























Annual report and financial statements



for the year ended 31 March 2022



Registered number: 10094274

 
Regents Park Securities Limited


Company Information


Directors
M T Hocker 
A W Wilson 




Registered number
10094274



Registered office
77 New Cavendish Street

London

E14 5NR




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL





 
Regents Park Securities Limited


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 24


 
Regents Park Securities Limited

 
Directors' report
for the year ended 31 March 2022

The directors present their report together with the Strategic report and the financial statements of Regents Park Securities Limited ('the Company') for the year ended 31 March 2022.

Results and dividends

The loss for the year, after taxation, amounted to £28,649 (2021 - profit £204,294).
 
The directors did not recommend payment of any dividends in the year (2020 - £nil).
 
Directors

The directors who served during the year were:

M T Hocker 
A W Wilson 

Directors' responsibilities statement

The directors are responsible for preparing the Director's report, the Strategic report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Pillar 3 disclosures

The company's pillar 3 disclosures are made publicly available at the company's website www.rpsec.co.uk.

Page 1

 
Regents Park Securities Limited
 
Directors' report (continued)
for the year ended 31 March 2022

Matters covered in the strategic report

The Company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the Strategic
report information required by Schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers, customers and others.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board on 7 July 2022 and signed on its behalf.
 





M T Hocker
Director

Page 2

 
Regents Park Securities Limited


Strategic report
for the year ended 31 March 2022

The directors present their Strategic report of the Company for the year ended 31 March 2022.

Introduction
 
Our relentless focus continues to be on providing personal service to our clients while using the latest portfolio
management and direct market access trading technologies. We have global software and services partners
who are aligned with our vision and are helping us build a new kind of stock brokerage.
Regents Park Securities Ltd is authorised by the United Kingdom Financial Conduct Authority ('the FCA') to provide
brokerage services and to hold client money.

Principal activity

The Company's principal activity is the provision of brokerage services to private and institutional clients. The Company is FCA regulated.

Business review
 
The directors are of the opinion that the Company is in a good position to progress into the next financial year
and believe that their expertise should help ensure that the Company is successful.

Principal risks and uncertainties
 
The principal risk for the Company is its exposure to the volatility of economic conditions and possible economic
downturns. Such downturns will likely have an impact on investor confidence, which will likely impact the
frequency and value of trades undertaken by customers.

Impact of the Investment Firms Prudential Regime ('IFPR')

With the implementation of IFPR and the regime covering key areas of the firm, including capital, liquidity, reporting and the new internal capital and risk assessment process (the ICARA). The firm has assessed and reviewed all aspects of the regime including the robustness of systems and controls, governance leadership, adequacy of financial resources to be held. Based on the assessment, the firm continues meet regulatory rules including sufficient capital and liquidity.
The directors have always held surplus company funds on account, so there has been minimal impact with the increase in IFPR capital requirements and the firm continues to have sufficient financial resources. The firm will continue to monitor and assess the key areas as defined in the regime to ensure there is no impact to our business or clients.

Financial key performance indicators
 
Company turnover: £1,434,432 (2021 - £1,543,608)
Operating loss: £-36,308 (2021 - profit £252,553) 

Page 3

 
Regents Park Securities Limited


Strategic report (continued)
for the year ended 31 March 2022

Section 172 statement

This section serves as our section 172 statement and should be read in conjunction with the rest of the Strategic report. Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. 
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to: 
• the likely consequences of any decision in the long term; 
• the interests of the Company’s employees; 
• the need to foster the Company’s business relationships with suppliers, customers and others; 
• the impact of the Company’s operations on the community and the environment; 
• the desirability of the Company maintaining a reputation for high standards of business conduct; and 
• the need to act fairly as between members of the Company.
To ensure the Company is operating in line with good corporate practice, the directors have been trained in relation to the scope and application of s.172. This focused activity allowed the Board to reflect on how the Company engages with its stakeholders and opportunities for enhancement in the future. 
We acknowledge that, in order to progress to the next phase in the Company’s future, we will need to continue to form strategic partnerships with other companies and groups in the sectors within which we operate. We continue to explore possibilities along these lines. In doing so, our twin aims are to maximise the Company’s ability to grow profits and market share whilst returning the highest possible value to the shareholders. 
The Board reviews our principal stakeholders and how we engage with them. The stakeholder voice is brought into the boardroom throughout the annual cycle through information provided by the directors, and also by direct engagement with stakeholders themselves. 
Our principal stakeholders are the owners of the Company, our employees, our counterparties and our clients. By providing timely updates to all of these stakeholders and by the relatively small size and fully transparent operating model, we believe that we have endeavoured to foster good relationships and communication with all of these interested parties.
The Board continues to enhance its methods of engagement with employees. 
We aim to work responsibly with our suppliers and customers and are committed to supporting and respecting human rights in the workplace and in the wider community. 


This report was approved by the board on 7 July 2022 and signed on its behalf.



M T Hocker
Director

Page 4

 
 
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Independent auditor's report to the members of Regents Park Securities Limited
for the year ended 31 March 2022

Opinion


We have audited the financial statements of Regents Park Securities Limited (the 'Company') for the year ended 31 March 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 March 2022 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and
our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report.
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.
 
Page 5

 
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Independent auditor's report to the members of Regents Park Securities Limited (continued)
for the year ended 31 March 2022


Other information (continued)
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 course of 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.


Opinion 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 Directors' report and the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report and the Strategic report 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 Directors' report and the Strategic report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

 
Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
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Independent auditor's report to the members of Regents Park Securities Limited (continued)
for the year ended 31 March 2022

Auditor's 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 an Auditor's report 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing FCA-regulated investment brokerage firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the Company through discussions with directors and other management at the planning stage, and
from our knowledge and experience of FCA-regulated investment brokerage firms;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the Company including the Companies Act 2006, The Financial
Services and Markets Act 2000, employment legislation, and taxation legislation. 

We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
reviewing legal expenditure throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.
 
Page 7

 
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Independent auditor's report to the members of Regents Park Securities Limited (continued)
for the year ended 31 March 2022

Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls, we:
 
determined the susceptibility of the Company to management override of controls by checking the implementation
of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions,
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period;
tested the completeness of revenue by reviewing reports generated by the trading platform to entries in the nominal ledger; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
 
agreeing financial statement disclosures to underlying supporting documentation; and 
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or
collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and
regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence,
if any.


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 Auditor's report.


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 2006Our 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 an Auditor's report 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.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

7 July 2022
Page 8

 
Regents Park Securities Limited


Statement of comprehensive income
for the year ended 31 March 2022

2022
2021
Note
£
£

  

Revenue
 6 
1,897,247
2,218,572

Cost of sales
  
(955,975)
(998,675)

Gross profit
  
941,272
1,219,897

Administrative expenses
  
(977,578)
(967,344)

Operating (loss)/profit
 4 
(36,306)
252,553

Tax on (loss)/profit
 9 
7,657
(48,259)

(Loss)/profit for the financial year
  
(28,649)
204,294

All amounts relate to continuing operations.
There was no other comprehensive income for 2022 or 2021.

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
Regents Park Securities Limited - Registered number: 10094274

Statement of financial position
as at 31 March 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,392
1,315

Investments
 11 
3,026
21,918

  
4,418
23,233

Current assets
  

Debtors
 12 
51,948
53,829

Cash at bank and in hand
 13 
952,814
1,002,290

  
1,004,762
1,056,119

Creditors: amounts falling due within one year
 14 
(38,497)
(80,020)

Net current assets
  
 
 
966,265
 
 
976,099

Total assets less current liabilities
  
970,683
999,332

  

Net assets
  
970,683
999,332


Capital and reserves
  

Called up share capital 
 16 
387,643
387,643

Profit and loss account
 17 
583,040
611,689

  
970,683
999,332


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2022.




M T Hocker
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
Regents Park Securities Limited


Statement of changes in equity
for the year ended 31 March 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2020
387,643
407,395
795,038


Comprehensive income for the year

Profit for the year
-
204,294
204,294



At 1 April 2021
387,643
611,689
999,332


Comprehensive income for the year

Loss for the year
-
(28,649)
(28,649)


At 31 March 2022
387,643
583,040
970,683


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
Regents Park Securities Limited


Statement of cash flows
for the year ended 31 March 2022

2022
2021
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(28,649)
204,294

Adjustments for:

Depreciation of tangible assets
821
1,987

Impairment of fixed asset investments
4,894
-

Taxation charge
(7,657)
48,259

Decrease in debtors
9,538
1,324

Increase/(decrease) in creditors
6,643
(15,665)

Corporation tax paid
(48,166)
(48,384)

Adjustment for shares received from excercising warrants
(3,026)
-

Profit on disposal of shares
(2,950)
-

Net cash from operating activities

(68,552)
191,815


Cash flows from investing activities

Purchase of tangible fixed assets
(898)
(1,094)

Sale of unlisted investments
19,974
-

Net cash from investing activities

19,076
(1,094)


Net (decrease)/increase in cash and cash equivalents
(49,476)
190,721

Cash and cash equivalents at beginning of year
1,002,290
811,569

Cash and cash equivalents at the end of year
952,814
1,002,290


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
952,814
1,002,290

952,814
1,002,290


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

1.


General information

Regents Park Securities Ltd is a private company, limited by shares, domiciled in England & Wales,
registration number 1009427 4. The registered office and principal place of business is 77 New Cavendish Street, London, W1W 6XB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has reported a loss for the year of £28,649 (2021 - profit £204,294) and at the year end the
Company had net assets of £970,683 (2021 - £999,332). The directors have prepared detailed forecasts for two years after the reporting date. 
The directors consider that the Company continues to have sufficient financial resources to continue for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the CompanyRevenue is measured as the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
Regents Park Securities Limited

Notes to the financial statements
for the year ended 31 March 2022

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
7.5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

  
2.6

Client monies

The Company holds money on behalf of clients in accordance with the client money rules of its regulator. Client monies held in segregated bank and settlement accounts in accordance with these rules and the corresponding liabilities to these clients are not recognised on the Statement of financial position.

 
2.7

Investments

Investments in unlisted shares are held at cost less impairment.

Page 14

 
Regents Park Securities Limited

Notes to the financial statements
for the year ended 31 March 2022

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 15

 
Regents Park Securities Limited

Notes to the financial statements
for the year ended 31 March 2022

2.Accounting policies (continued)

  
2.10

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
Regents Park Securities Limited

Notes to the financial statements
for the year ended 31 March 2022

2.Accounting policies (continued)

 
2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts
reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The directors do not consider there to be any significant judgements or key sources of estimation uncertainty
involved in the preparation of those financial statements, other than regarding the treatment of client money (see note 2.6).


4.


Operating (loss)/profit

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

2022
2021
£
£

Exchange differences
(32,004)
68,328

Other operating lease rentals
76,671
71,667


5.


Auditor's remuneration

2022
2021
£
£


Fees payable to the Company's auditor for the audit of the Company's annual financial statements
8,000
8,000


Fees payable to the Company's auditor and its associates in respect of:


Audit-related assurance services
8,000
8,000

Taxation compliance services
1,500
1,500

All other services
27,415
10,650

36,915
20,150

Page 17

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

6.


Revenue

The whole of the revenue is attributable to the Company's principal activity.
All revenue arose from activities performed within the United Kingdom.


7.


Staff costs and average number of employees

Staff costs, including directors' remuneration, during the year were as follows:


2022
2021
£
£

Wages and salaries
296,010
292,122

Social security costs
35,763
34,212

Company contributions to defined contribution scheme
4,413
3,956

336,186
330,290


The average monthly number of employees, including directors on employment contracts, during the year was as follows:


        2022
        2021
            No.
            No.







Director
1
1



Compliance officer
1
1



Trader
2
2

4
4


8.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
43,500
36,000

43,500
36,000


Page 18

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

9.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
-
48,165

Adjustments in respect of previous periods
-
94

Total current tax
-
48,259

Deferred tax


Fixed asset timing differences
(51)
-

Changes to tax rates
(1,838)
-

Tax on loss
(6,898)
-

Other deductions
1,130
-

Total deferred tax
(7,657)
-


Taxation on (loss)/profit on ordinary activities
(7,657)
48,259

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


(Loss)/profit on ordinary activities before tax
(36,306)
252,553


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 -19%)
(6,898)
47,985

Effects of:


Expenses not deductible for tax purposes
1,467
27

Income not taxable
(561)
-

Remeasurement of deferred tax
(1,838)
94

Deferred tax not recognised
173
153

Total tax charge for the year
(7,657)
48,259

Page 19

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022
 
9.Taxation (continued)


Factors that may affect future tax charges

On 10 June 2021, the Finance Bill 2021 received Royal Assent. The Bill confirms an increase in the corporation tax rate from 1 April 2023. From this date, the rate will taper from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000.


10.


Tangible fixed assets





Computer software

£



Cost or valuation


At 1 April 2021
7,010


Additions
898



At 31 March 2022

7,908



Depreciation


At 1 April 2021
5,695


Charge for the year
821



At 31 March 2022

6,516



Net book value



At 31 March 2022
1,392



At 31 March 2021
1,315

Page 20

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

11.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2021
21,918


Additions
3,026


Disposals
(17,024)



At 31 March 2022

7,920



Impairment


Charge for the period
4,894



At 31 March 2022

4,894



Net book value



At 31 March 2022
3,026



At 31 March 2021
21,918

Page 21

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

12.


Debtors

2022
2021
£
£


Trade debtors
18,519
28,007

Other debtors
12,593
12,593

Prepayments and accrued income
13,179
13,229

Deferred taxation
7,657
-

51,948
53,829



13.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
952,814
1,002,290

952,814
1,002,290



14.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
28,508
21,919

Corporation tax
-
48,166

Other taxation and social security
9,989
9,935

38,497
80,020



15.


Deferred taxation



2022


£






At beginning of year
-


Charged to profit or loss
7,657



At end of year
7,657

Page 22

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022
 
15.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2022
£


Accelerated capital allowances
(80)

Tax losses carried forward
7,737

7,657


16.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



38,764,346 (2021 - 38,764,346) Ordinary shares of £0.01 each
387,643
387,643


17.


Reserves

Profit and loss account
The profit and loss account includes all current and previous years' retained earnings.


18.


Contingent liabilities

There were no contingent liabilities at 31 March 2022 or 31 March 2021.


19.


Capital commitments

The Company had no capital commitments at 31 March 2022 or 31 March 2021.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £ 4,413 (2021 - £ 3,956). Contributions totalling £1,078 (2021 - £403) were payable to the fund at the reporting date and are included in creditors.

Page 23

 
Regents Park Securities Limited

 
Notes to the financial statements
for the year ended 31 March 2022

21.


Commitments under operating leases

At 31 March 2022, the Company was committed to make future minimum lease payments under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
6,179
74,148

Later than 1 year and not later than 5 years
-
6,179

6,179
80,327


22.


Related party transactions

A related party by virtue of common control provided consultancy services to the Company during the year totalling £426,028 (2021 - £373,683) of which £11,573 (2020 - £10,523) was payable by the Company to the related party at the year-end.
Key management personnel
There are no members of key management personnel other than the directors.

Page 24