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REGISTERED NUMBER: 02974777 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PARK SECURITIES LIMITED

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARK SECURITIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







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

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 3,626
Investments 5 273,676 212,512
Investment property 6 7,328,554 6,833,117
7,602,230 7,049,255

CURRENT ASSETS
Stocks 2,551,266 2,004,335
Debtors 7 1,379,832 1,895,699
Cash at bank 779,022 992,843
4,710,120 4,892,877
CREDITORS
Amounts falling due within one year 8 4,777,029 5,025,336
NET CURRENT LIABILITIES (66,909 ) (132,459 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,535,321

6,916,796

CREDITORS
Amounts falling due after more than
one year

9

(824,711

)

(909,000

)

PROVISIONS FOR LIABILITIES (612,799 ) (488,939 )
NET ASSETS 6,097,811 5,518,857

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

BALANCE SHEET - continued
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 99 99
Fair value reserve 11 1,838,397 1,466,820
Retained earnings 11 4,259,315 4,051,938
SHAREHOLDERS' FUNDS 6,097,811 5,518,857

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 16 September 2024 and were signed by:





H G Wilson - Director


PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.


PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 199,864
DEPRECIATION
At 1 January 2023 196,238
Charge for year 3,626
At 31 December 2023 199,864
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 3,626

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Participating interests 59,016 64,015
Other investments not loans 214,660 148,497
273,676 212,512

Additional information is as follows:
Interest
in other
participating
interests
£   
COST
At 1 January 2023 64,015
Disposals (4,999 )
At 31 December 2023 59,016
NET BOOK VALUE
At 31 December 2023 59,016
At 31 December 2022 64,015

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Non financial assets 214,660 148,497

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 6,833,117
Revaluations 495,437
At 31 December 2023 7,328,554
NET BOOK VALUE
At 31 December 2023 7,328,554
At 31 December 2022 6,833,117

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 2,451,195
Cost 4,877,359
7,328,554

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

31.12.23 31.12.22
£    £   
Cost 4,877,359 4,877,359

The investment properties have been valued on an open market basis on 31 December 2023 by the director, Mr H. G. Wilson .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 26,835 8,307
Other debtors 1,352,997 1,887,392
1,379,832 1,895,699

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 12,574 5,729
Taxation and social security 41,427 111,806
Other creditors 4,723,028 4,907,801
4,777,029 5,025,336

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 824,711 909,000

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years 824,711 909,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 824,711 909,000

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 2023 4,051,938 1,466,820 5,518,758
Profit for the year 578,954 - 578,954
Transfer revaluation in year (495,436 ) 495,436 -
Transfer deferred tax 123,859 (123,859 ) -
At 31 December 2023 4,259,315 1,838,397 6,097,712

PARK SECURITIES LIMITED (REGISTERED NUMBER: 02974777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £1,200,836 (2022: £941,194) 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 £63,837 £138,852
Park Securities Developments LLP £101,505 £691,392
Henderson Place LLP (£6,009 ) £484,342
Columba Developments LLP - £26,478
Forres Street Developments LLP - £366
Rothesay Holdings LLP - £66

During the year, the company charged Park Securities Developments LLP £4,500 (2022: £5,350) in respect of property management services, administration and bookkeeping fees.