Final Results







                                Annual report and

    Consolidated Financial Statements for the Year Ended 31 December 2015
 
                                       for

                         Secured Property Developments plc







Secured Property Developments plc





Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2015




Page

Company Information                                     1
                                                         
Notice of Meeting                                       2
                                                         
Chairman's Statement                                    3
                                                         
Strategic Report                                        4
                                                         
Report of the Directors                                 6
                                                         
Report of the Independent Auditor to the members of     8
Secured Property Developments plc                        
                                                         
Consolidated Income Statement                          10
                                                         
Consolidated Balance Sheet                             11
                                                         
Company Balance Sheet                                  12
                                                         
Consolidated Statement of Changes in Equity            13
                                                         
Company Statement of Changes in Equity                 14
                                                         
Consolidated Cash Flow Statement                       15
                                                         
Notes to the Consolidated Cash Flow Statement          16
                                                         
Notes to the Consolidated Financial Statements         17
                                                         
Consolidated Reconciliation of Equity                  28
                                                         
Company Reconciliation of Equity                       30
                                                         
Consolidated Reconciliation of Profit                  32




Secured Property Developments plc

Company Information
for the Year Ended 31 December 2015

DIRECTORS:           J Townsend                              
                     R France                                
                     R Shane                                 
                     P Stansfield                            
                     J Soper                                 
                                                             
SECRETARY:           I Cobden                                
                                                             
REGISTERED OFFICE:   Unit 6                                  
                     42 Orchard Road                         
                     London                                  
                     N6 5TR                                  
                                                             
REGISTERED NUMBER:   02055395 (England and Wales)            
                                                             
AUDITOR:             KPMG LLP                                
                     8 Princes Parade                        
                     Liverpool                               
                     L3 1QH                                  
                                                             
SHARE DEALING:       The Company's Ordinary shares are quoted
                     on the ICAP Security and Derivative Exchange   
                     (ISDX) and persons can buy or sell shares through  
                     their stockbroker.                      
                                                             
REGISTRARS:          Avenir Registrars Ltd                   
                     Suite A, 6 Honduras Street,             
                     London                                  
                     EC1Y 0TH                                
                     ylva.baeckstrom@avenir-registrars.co.uk 
                     www.avenir-registrars.co.uk             
                     Telephone 020 7692 5500                 
                                                             
SHARE PRICE:         The middle market price of the Ordinary 
                     shares were quoted at 31 December 2015 on the ISDX         
                     (previously the PLUS Market) at 18.5p pence per share (2014: 
                     20.5 pence per share)                   




Notice of meeting

NOTICE IS HEREBY GIVEN that the twenty fifth Annual General Meeting of Secured
Property Developments plc will be held at The Small Mall Room, The Royal
Automobile Club, 89 Pall Mall, London, SW1Y 5HS on Wednesday 6 July 2016 at
11am for the following purposes:

  * To receive and adopt the financial statement for the year ended 31 December
    2015 together with the reports of the Directors and the Auditor thereon.
   
  * To re-elect J Townsend as a director (retired by rotation)
   
  * To re-elect R France as a director (retired by rotation)
   
  * To authorise, by special resolution in accordance with s701 of the
    Companies Act 2006, the Board to purchase up to 5% of the Company's own
    shares in the open market at a minimum price of 20p per share and a maximum
    price of 60p per share, such powers to expire at the AGM to be held in
    2017, or on 6 July 2017 if earlier.
   
  * To appoint as Auditor KPMG LLP, and to authorise the Directors to agree
    their remuneration, such powers to expire at the AGM held in 2017
   
By order of the board


I H Cobden                   Date: 6 May 2016                
Secretary                                                     
                                                              

Notes:

1. Enclosed with these accounts is a letter concerning the supply of documents
and information by e-mail. Please read this letter and, if you would like to
receive documents and information in this way, please complete and return the
enclosed form.

2. A member entitled to attend and vote at this meeting is entitled to appoint
a proxy to attend and vote in his stead. A proxy need not be a member of the
Company. Proxy forms must be lodged at the Registered Office not later than
forty-eight hours before the time fixed for the meeting.

3. We would draw the attention of members proposing to attend the meeting to
the RAC Club dress code, which requires men to wear a tailored jacket and
trousers, collared shirt and tie at all times and women to dress with
commensurate formality.





Secured Property Developments plc

Chairman's statement

The UK property market remains challenging with strong competition in all
sectors and in the areas previously identified as potential targets for
investment.

The Board continues to seek the right opportunity to acquire either an existing
residential property for conversion or a potential development site in the
South or South East.

Due to the lack of available sites at sensible prices and following a Board
Meeting held in December 2015, the decision was taken to widen the search area
outside the M25 and to also consider acquiring a former commercial building
with a view to converting it to residential, whether it be from former offices
or public houses.

Residential investments are also being considered as well as new build
apartments which might benefit from Crossrail in 2018 and properties have so
far been appraised in Romford, Woolwich and Acton.

In order to add further firepower to our available resources, the Company's
final property in Newborough in Scarborough was offered at Allsop's February
2016 auction and I am pleased to report that it successfully sold for a price
in excess of the reserve at £327,500.

We will continue to search over the forthcoming year for the right product and
may well consider a joint venture if the right development opportunity should
arise.

Finally, I would like to thank my predecessor, David Duffield, for all his
efforts for the Company up until his retirement.



AGM

The Annual General Meeting will take place at the Royal Automobile Club, 89
Pall Mall, London SW1Y 5HS on Wednesday 6th July 2016 at 11:00 am and the
Directors look forward to meeting those shareholders who can attend.



J P Townsend
Chairman






Secured Property Developments plc

Strategic report

Principal Activities

The principal activity of Secured Property Developments plc is investment in
commercial property. The Group comprises the holding company, a finance company
and a second property company.

Business Model

At Secured Property Developments, we focus on maximising the return from our
portfolio of properties whilst looking for new acquisitions where we can, by
development, increase value and thereby create value for shareholders.

We create value by:-

Acquiring Properties

  * We seek to acquire properties and unlock value.
   
Optimise Income

  * Optimising income by development and carrying out improvements and good
    estate management.
   
  * Employ our knowledge of occupiers' needs to let to high quality tenants
    from a wide range of businesses and to minimise the level of voids in our
    portfolio and
   
  * Collecting our rental income on due date.
   
Recycle Capital

  * Identify properties for disposal where value has been optimised and dispose
    of those which do not fit the Group's long-term plans.
   
Maintain robust and flexible financing

  * Negotiate flexible financing and retain a healthy level of interest cover
    and gearing
   
Business Review

The results for the year are set out on page 10 of these consolidated financial
statements.

The Group's investment properties have now all been sold and all borrowings
have been repaid. A review of the business is included in the Chairman's
Statement set out on page 3.

Principal Risks and Uncertainties

Going Concern

The directors have prepared the financial statements on a going concern basis
for the reasons set out in note 1 to the financial statements.



Strategic report (Continued)

Principal Risks and Uncertainties (continued)

The main risks arising from the Group's financial instruments are interest rate
risk and liquidity risk. The Board reviews and agrees policies for managing
each of these risks and they are summarised below.

Interest rate risk

The Group has no exposure at the present time to interest rate risk however the
Group's policy is to borrow at the lowest rates for periods that do not carry
excessive time premiums.

Liquidity risk

As regards liquidity, the Group's policy has throughout the year been to ensure
that the group is able at all times to meet its financial commitments as and
when they fall due.

Future Developments

Following the sale of the last of the investment properties and repayment of
bank debt the Directors are now able to actively consider investment and
development opportunities that arise.

Signed on behalf of the Board

R Shane Dated: 6 May 2016
Director

Secured Property Developments plc

Report of the Directors
for the Year Ended 31 December 2015

The directors present their report with the financial statements of the Company
and the Group for the year ended 31 December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from
1 January 2015 to the date of this report (except as detailed below).

J Townsend (appointed 1st October 2015)
R France
G Green (resigned 29st July 2015)
R Shane
P Stansfield
J Soper
D Duffield (resigned 31st July 2015)

The directors who held office at the end of the financial year had the
following interests in the shares and loan stock of the group companies as
recorded in the register of directors' share and debenture interests.

Director        Company         Class            Interest   Interest
                                                    at 31         at
                                                 December  1 January
                                                     2015       2015
                                                   Number     Number           
                                                                
J Townsend      SPD plc*        Ordinary shares         -          -
R France        SPD plc*        Ordinary shares    88,888     88,888
R Shane         SPD plc*        Ordinary shares   574,456    574,456
                                Deferred shares   154,666    154,666
P Stansfield    SPD plc*        Ordinary shares     6,250      6,250
J Soper         SPD plc*        Ordinary shares         -          -         

* SPD plc is used above as an abbreviation for Secured Property Developments
plc.

According to the register of directors' interests, no rights to subscribe for
shares in or debentures of the Company or any other group company was granted
to any of the directors or their immediate families, or exercised by them,
during the financial year.

Substantial shareholding of ordinary shares of 20p each as at 31 December 2015
R France 4.51%
G Green 4.57%
R Shane 29.15%

Proposed dividend and transfer to reserves

The directors do not recommend the payment of a dividend (2014: £nil).

The profit for the year retained in the group is £23,517 (2014: £359,524).

Report of the Directors
for the Year Ended 31 December 2015 (continued)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law),
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 the group
and of the profit or loss of the group for that period. In preparing these
financial statements, the directors are required to:

    * select suitable accounting policies and then apply them       
      consistently;                                                 
                                                                    
    * make judgements and accounting estimates that are reasonable  
      and prudent;                                                  
                                                                    
    * ensure applicable UK accounting standards are followed subject
      to any material departures disclosed and explained in the     
      financial statements; and                                     
                                                                    
    * 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 and the Group's transactions and
disclose with reasonable accuracy at any time the financial position of the
Company and the Group and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR
So far as the directors are aware, there is no relevant audit information (as
defined by Section 418 of the Companies Act 2006) of which the Group's auditor
is unaware, and each director has taken all the steps that he ought to have
taken as a director in order to make himself aware of any relevant audit
information and to establish that the Group's auditor is aware of that
information.

AUDITOR
The auditor, KPMG LLP, will be proposed for re-appointment at the forthcoming
Annual General Meeting.



ON BEHALF OF THE BOARD:

....................................................................

I Cobden - Secretary

Date: 6 May 2016




Report of the Independent Auditor to the Members of Secured Property
Developments plc

We have audited the financial statements of Secured Property Developments plc
for the year ended 31 December 2015 set out on pages 10 to 32. The financial
reporting framework that has been applied in their preparation is applicable
law and UK Accounting Standards (UK Generally Accepted Accounting Practice),
including FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland.

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 2006. Our 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.

Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on
page 7, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit, and express an opinion on, the financial statements
in accordance with applicable law and International Standards on Auditing (UK
and Ireland). Those standards require us to comply with the Auditing Practices
Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on
the Financial Reporting Council's website at www.frc.org.uk/
auditscopeukprivate.

Opinion on financial statements
In our opinion the financial statements:

    * give a true and fair view of the state of the group's and of the 
      parent company's affairs as at 31 December 2015 and of the       
      group's profit for the year then ended;                          
                                                                       
    * have been properly prepared in accordance with United Kingdom    
      Generally Accepted Accounting Practice, including Financial      
      Reporting Standard 102 'The Financial Reporting Standard         
      applicable in the UK and Republic of Ireland; and                
                                                                       
    * have been prepared in accordance with the requirements of the    
      Companies Act 2006.                                              

Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic report and Report of the
Directors for the financial year for which the financial statements are
prepared is consistent with the strategic report and the financial statements.

Report of the Independent Auditors to the Members of Secured Property
Developments plc (continued)

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:

    * adequate accounting records have not been kept by the parent   
      company, or returns adequate for our audit have not been       
      received from branches not visited by us; or                   
                                                                     
    * the parent company 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.                                         



Hywel Jones (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
8 Princes Parade
Liverpool
L3 1QH

Date: 10 May 2016





Consolidated Income Statement
for the Year Ended 31 December 2015

                                               31.12.15          31.12.14
                                        Notes    £                 £

TURNOVER                                       71,062            148,437

Cost of sales                                  (3,432)            (3,991)
                                              _______            _______

GROSS PROFIT                                   67,630            144,446

Administrative expenses                      (122,534)          (109,435)
                                              _______            _______


OPERATING (LOSS)/PROFIT                  3    (54,904)            35,011

Exceptional Item                         4     35,303            431,976

Profit on sale of tangible fixed assets        51,601                  -
                                              _______            _______



PROFIT ON ORDINARY ACTIVITIES BEFORE
INTEREST AND TAXATION                          32,000            466,987

Interest receivable and similar                 2,617              2,728        
income                                                           
                                                                 

Interest payable and          
similar charges                          5    (11,100)           (65,671)
                                              _______            _______  

PROFIT ON ORDINARY                                                     
ACTIVITIES BEFORE                              23,517            404,044          
TAXATION                                                               

Tax on profit       
on ordinary                                                           
activities                               6          -            (44,520)
                                              _______            _______  

PROFIT FOR THE FINANCIAL                                              
YEAR FOR THE GROUP                             23,517            359,524       
                                             ========           ========   

Profit attributable to:
Owners of the parent                           23,517            359,524
                                             ========           ========

Earnings per share expressed
in pence per share:                      8
Basic                                            1.19              18.24
Diluted                                          1.19              18.24
                                               ======             ======


The Company has no recognised gains or losses other than those disclosed in the
Income Statement above. Consequently, no Other Comprehensive Income statement
is presented.

               The notes form part of these financial statements               



Consolidated Balance Sheet
31 December 2015

                                                 31.12.15               31.12.14
                                  Notes      £            £          £           £

FIXED ASSETS

Tangible assets                      9                   300,000                1,550,000


CURRENT ASSETS

Debtors                             11      56,671                   26,806
Cash in hand                               442,048                  859,284
                                        __________               __________

                                           498,719                  886,090

CREDITORS

Amounts falling due
within one year                     12     (41,022)              (1,701,910)      
                                        __________               __________
                      
NET CURRENT ASSETS/(LIABILITIES)                         457,697                (815,820)
                                                      __________              __________

NET ASSETS                                               757,697                 734,180
                                                      ==========              ==========

CAPITAL AND RESERVES
Called up share capital             14                   418,861                 418,861
Share premium                                              3,473                   3,473
Profit and Loss Account                                  335,363                 311,846
                                                      __________              __________

SHAREHOLDERS' FUNDS                                      757,697                 734,180
                                                      ==========              ==========



The financial statements were approved by the Board of Directors on 6 May 2016
and were signed on its behalf by:

..................................................
J Townsend - Director

..................................................
R Shane - Director

Registered number: 02055395


               The notes form part of these financial statements               




Company Balance Sheet
31 December 2015

                                                 31.12.15                 31.12.14
                                  Notes      £            £           £           £

FIXED ASSETS

Tangible assets                    9                           -                 500,000
Investments                       10                     947,263                 947,263
                                                      __________              __________

                                                         947,263               1,447,263

CURRENT ASSETS
Debtors                           11         50,231                    4,504
Cash in hand                                427,921                  845,157
                                         __________               __________

                                            478,152                  849,661

CREDITORS
Amounts falling due
within one year                   12       (921,475)              (1,782,638)            
                                         __________               __________
                                                           
NET CURRENT LIABILITIES                                 (443,323)               (932,977)
                                                      __________              __________

NET ASSETS                                               503,940                 514,286
                                                      ==========              ==========
                           

CAPITAL AND RESERVES
Called up share capital           14                     418,861                 418,861
Share premium                                              3,473                   3,473
Retained earnings                                         81,606                  91,952
                                                      __________              __________

SHAREHOLDERS' FUNDS                                      503,940                 514,286
                                                      ==========              ==========



The financial statements were approved by the Board of Directors on 6 May 2016
and were signed on its behalf by:

.........................................
J Townsend - Director

.........................................
R Shane - Director


               The notes form part of these financial statements               




Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2015

                                Called up    Profit
                                  share      & Loss     Share       Total
                                 capital    Account    premium     equity
                                   £          £          £           £

Balance at 1 January 2014        418,861    (47,678)      3,473    374,656

Changes in equity
Total comprehensive income             -     359,524          -    359,524
                               _________   _________  _________  _________
Balance at 31 December 2014      418,861     311,846      3,473    734,180
                               _________   _________  _________  _________

Changes in equity
Total comprehensive income             -      23,517          -     23,517
                               _________   _________  _________  _________

Balance at 31 December 2015      418,861     335,363      3,473    757,697
                               =========   =========  =========  =========



               The notes form part of these financial statements               



Company Statement of Changes in Equity
for the Year Ended 31 December 2015

                                Called up    Profit
                                  share      & Loss     Share       Total
                                 capital    Account    premium     equity
                                   £          £          £           £

Balance at 1 January 2014        418,861    (91,262)      3,473    331,072

Changes in equity
Total comprehensive income             -    183,214           -    183,214
                               _________   _________  _________  _________

Balance at 31 December 2014      418,861     91,952       3,473    514,286
                               _________   _________  _________  _________


Changes in equity
Total comprehensive income             -    (10,346)          -    (10,346)
                               _________   _________  _________  _________

Balance at 31 December 2015      418,861      81,606      3,473    503,940
                               =========   =========  =========  =========



               The notes form part of these financial statements               

Consolidated Cash Flow Statement
for the Year Ended 31 December 2015

                                                 31.12.15             31.12.14
                                        Notes       £                    £
Cash flows from operating activities
Cash generated from operations             1    (1,658,753)            542,528
Interest paid                                      (11,100)            (65,671)
Profit on sale of fixed assets                     (51,601)                  -
                                                __________          __________
Net cash from operating activities              (1,721,454)            476,857
                                                __________          __________

Cash flows from investing activities
Sale of tangible fixed assets                    1,301,601                   -
Interest received                                    2,617               2,728
                                                __________          __________

Net cash from investing activities               1,304,218               2,728

Cash flows from financing activities
                                                         -                   -
                                                __________          __________
Net cash from financing activities                       -                   -
                                                __________          __________
                                                 __________          __________

Increase in cash                                  (417,236)            479,585
and cash                          
equivalents                       
                                  
Cash and           
cash equivalents at                                
beginning of year                          2        859,284             379,698 
                                                 __________          __________  

Cash and     
equivalents                   
at end of                     
year                                       2        442,048             859,284 
                                                 ==========          ==========  


               The notes form part of these financial statements               





Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2015

1.   RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

                                                                31.12.15     31.12.14
                                                                  £             £

Profit before taxation                                           23,517       404,044
Finance costs                                                    11,100        65,671
Finance income                                                   (2,617)       (2,728)
                                                              _________     _________
                                                                 32,000       466,987
Decrease/(increase) in trade and other debtors                  (29,865)       43,001
(Decrease)/increase in trade and other creditors             (1,660,888)       32,540
                                                              _________     _________

   Cash generated from operations                            (1,658,753)      542,528      
                                                              =========     ========= 


2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Consolidated Cash Flow Statement in respect of
cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2015
                                                         31.12.15       1.1.15
                                                           £             £

Cash and cash equivalents                                 442,048       859,284
                                                        =========     =========

Year ended 31 December 2014
                                                         31.12.14       1.1.14
                                                           £             £

Cash and cash equivalents                                 859,284       379,698
                                                        =========     =========





Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2015

1. ACCOUNTING POLICIES

Secured Property Developments plc (the "Company") is a company limited by
shares and incorporated and domiciled in the UK.

These Group and parent company financial statements were prepared in accordance
with Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland ("FRS 102") as issued in August
2014.  The amendments to FRS 102 issued in July 2015 and effective immediately
have been applied.  The presentation currency of these financial statements is
sterling.  All amounts in the financial statements have been rounded to the
nearest £1.

In the transition to FRS 102 from old UK GAAP, the Group has made measurement
and recognition adjustments. An explanation of how the transition to FRS 102
has affected financial position and financial performance of the Group is
provided on page 28 to 29.

In the transition to FRS 102 from old UK GAAP, the Company has made measurement
and recognition adjustments. An explanation of how the transition to FRS 102
has affected financial position and financial performance of the Company is
provided on page 30 to 32.

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" and the Companies Act 2006. The financial statements
have been prepared under the historical cost convention, except for tangible
fixed assets measured in accordance with the revaluation model.

Turnover

Turnover is measured at the fair value of the consideration received or
receivable, excluding discounts, rebates, value added tax and other sales
taxes.

Going Concern Basis

These financial statements have been prepared on the going concern basis of
accounting notwithstanding that the Parent Company had net current liabilities
of £443,323 as at 31 December 2015. The net current liability position in the
Parent Company arises as a result of inter-company indebtedness within the
Group which is eliminated on consolidation leaving positive Group net current
assets as shown in the Group Consolidated Balance Sheet.

The directors have prepared cash flow forecasts for a period of 12 months
following the approval of these financial statements and consider the Group to
have sufficient cash to be able to meet its financial obligations for at least
the next 12 months, based on these cash flow forecasts.

For these reasons, they continue to adopt the going concern basis in preparing
the annual financial statements. Accordingly, the financial statements do not
include the adjustments that would result if the Group and Company were unable
to continue as a going concern.


Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

Basis of consolidation

The consolidated financial statements include the financial statements of the
Company and its subsidiary undertakings made up to 31 December 2015. A
subsidiary is an entity that is controlled by the parent.  The results of
subsidiary undertakings are included in the consolidated profit and loss
account from the date that control commences until the date that control
ceases. Control is established when the Company has the power to govern the
operating and financial policies of an entity so as to obtain benefits from its
activities.  In assessing control, the Group takes into consideration potential
voting rights that are currently exercisable.

Under Section 408 of the Companies Act 2006 the Company is exempt from the
requirement to present its own profit and loss account.

In the parent financial statements, investments in subsidiaries are carried at
cost less impairment.

Classification of financial instruments issued by the group

In accordance with FRS 102.22, financial instruments issued by the group are
treated as equity only to the extent that they meet the following two
conditions:

(a)  they include no contractual obligations upon the group to deliver cash or
other financial assets or to exchange financial assets or financial liabilities
with another party under conditions that are potentially unfavourable to the
group; and

(b)             where the instrument will or may be settled in the entity's own
equity instruments, it is either a non-derivative that includes no obligation
to deliver a variable number of the entity's own equity instruments or is a
derivative that will be settled by the entity exchanging a fixed amount of cash
or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are
classified as a financial liability.  Where the instrument so classified takes
the legal form of the entity's own shares, the amounts presented in these
financial statements for called up share capital and share premium account
exclude amounts in relation to those shares. 

Investment properties

Investment properties are properties which are held either to earn rental
income or for capital appreciation or for both. Investment properties are
recognised initially at cost. 

Subsequent to initial recognition

i. investment properties whose fair value can be measured reliably without
undue cost or effort are held at fair value. Any gains or losses arising from
changes in the fair value are recognised in profit or loss in the period that
they arise; and

ii. no depreciation is provided in respect of investment properties applying
the fair value model.

If a reliable measure is not available without undue cost or effort for an item
of investment property, this item is thereafter accounted for as tangible fixed
assets in accordance with section 17 until a reliable measure of fair value
becomes available.


Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax
is recognised in the profit and loss account except to the extent that it
relates to items recognised directly in equity or other comprehensive income,
in which case it is recognised directly in equity or other comprehensive
income.

Current tax is the expected tax payable or receivable on the taxable income or
loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous
years.

Deferred tax is provided on timing differences which arise from the inclusion
of income and expenses in tax assessments in periods different from those in
which they are recognised in the financial statements.

Deferred tax is measured at the tax rate that is expected to apply to the
reversal of the related difference, using tax rates enacted or substantively
enacted at the balance sheet date. For investment property that is measured at
fair value, deferred tax is provided at the rates and allowances applicable to
the sale of the asset/property Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the
extent that is it probable that they will be recovered against the reversal of
deferred tax liabilities or other future taxable profits.



Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

2. STAFF COSTS

There were no staff costs for the year ended 31 December 2015 nor for the year
ended 31 December 2014.

3. OPERATING (LOSS)/PROFIT

The operating loss (2014: operating profit) is stated after charging:

                                           31.12.15     31.12.14
                                              £            £

Auditor's remuneration                       11,500       11,000
                                          =========    =========


Directors' remuneration                           -            -
                                            =======      =======
                                            =======      =======

Details of the fees charged by the Chairman and other Directors are shown in
note 15 to these financial statements.


4. EXCEPTIONAL ITEM

This represents compensation received (less related expenses incurred in the
year) in respect of the claim for mis-selling by RBS of its financial products.

5.   INTEREST PAYABLE AND SIMILAR CHARGES                               

                                           31.12.15     31.12.14
                                              £            £

Bank loan interest                           11,100       65,671
                                          =========    =========


6. TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as
follows:

                                           31.12.15     31.12.14
                                              £            £
Current tax:
UK corporation tax                                -       44,520
                                          _________    _________
Tax on profit on ordinary activities              -       44,520
                                          =========    =========



 

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015
 

6. TAXATION (continued)

Reconciliation of effective tax rate

                                                    31.12.15      31.12.14     
                                                       £             £         
                                                                               
Profit for the year                                     23,517     359,524     
                                                                               
Total tax expense                                            -      44,520     
                                                     _________   _________                                                                               
Profit for the year excluding taxation                  23,517     404,044     
                                                                               
Tax using the UK corporation tax rate of 20.25%          4,762      86,870     
(2014: 21.5%)                                                                  
                                                                               
Non-deductible expenses                                     -            -     
                                                                               
Current year losses for which no deferred tax                           
asset was recognised                                    (4,762)    (42,350)
                                                     _________   _________     
                                                                               
Total tax expense included in profit or loss                 -      44,520  
                                                     =========   =========   
                                                                               
                                                                               

Factors that may affect future current and total tax charges

 

Reductions in the UK corporation tax rate from 23% to 21% (effective from 1
April 2014) and 20% (effective from 1 April 2015) were substantively enacted on
2 July 2013. Further reductions to 19% (effective from 1 April 2017) and to 18%
(effective 1 April 2020) were substantively enacted on 26 October 2015. This
will reduce the company's future current tax charge accordingly.


Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

7. PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss
account of the parent company is not presented as part of these financial
statements. The parent company's loss for the financial year was £10,346 (2014
- £183,214 profit).

8. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.

Diluted earnings per share is calculated using the weighted average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares.

Reconciliations are set out below.

                                                                31.12.15
                                                                Weighted
                                                                 average
                                                                  number   Per-share
                                                   Earnings         of        amount
                                                     £           shares       pence
Basic EPS
Earnings attributable to ordinary shareholders       23,517     1,970,688       1.19
Effect of dilutive securities                             -             -          -
                                                 __________     _________  _________ 
Diluted EPS
Adjusted earnings                                    23,517     1,970,688       1.19
                                                 ==========     =========  =========




                                                                31.12.15
                                                                Weighted
                                                                 average
                                                                  number   Per-share
                                                   Earnings         of        amount
                                                      £          shares       pence
Basic EPS
Earnings attributable to ordinary shareholders      359,524    1,970,688       18.24
Effect of dilutive securities                             -            -           -
                                                 __________     _________  _________
Diluted EPS
Adjusted earnings                                   359,524    1,970,688       18.24
                                                 ==========     =========  =========





Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

9. TANGIBLE FIXED ASSETS

Group
                                                             Freehold
                                                             property 
                                                               £
VALUATION
At 1 January 2015                                           1,550,000
Disposals                                                  (1,250,000)
                                                          ___________

At 31 December 2015                                           300,000
                                                          ___________

NET BOOK VALUE
At 31 December 2015                                           300,000
                                                          ===========
At 31 December 2014                                         1,550,000
                                                          ===========


Company
                                                             Freehold
                                                             property 
                                                               £
VALUATION
At 1 January 2015                                             500,000
Disposals                                                    (500,000)
                                                          ___________
At 31 December 2015                                                 -
                                                          ___________
NET BOOK VALUE
At 31 December 2015                                                 -
                                                          ===========
At 31 December 2014                                           500,000
                                                          ===========



Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

10. FIXED ASSET INVESTMENTS

                                                   Company
                                           31.12.15        31.12.14
                                              £              £

Shares in group undertakings                      4               4
Loans to group undertakings                 947,259         947,259
                                            _______         _______

                                            947,263         947,263
                                            =======         =======


Additional information is as follows:

The following relates to shares held in and loans made to the subsidiary
companies, Secured Property Developments (Scarborough) Limited and SPD Discount
Limited, both companies registered in England and both companies being 100%
owned by the holding company throughout the period.

Company
                                                  Shares in
                                                    group
                                                 undertakings
                                                     £
COST
At 1 January 2015
and 31 December 2015                                    4
                                                  _______
NET BOOK VALUE
At 31 December 2015                                     4
                                                  =======
At 31 December 2014                                     4
                                                  =======



Company
                                                  Loans to
                                                    group
                                                 undertakings
                                                     £
At 1 January 2015
and 31 December 2015                               947,259
                                                   =======



11   . DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR                        
                                                                           
                          Group                Company
                   31.12.15   31.12.14   31.12.15   31.12.14
                      £          £          £          £

Trade debtors        51,742     24,477     46,278      2,157
Other debtors         4,929      2,329      3,953      2,347
                    _______    _______    _______    _______


                     56,671     26,806     50,231      4,504
                    =======    =======    =======    =======


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2015

12.  CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR                     
                                                                        
                                   Group                  Company
                           31.12.15    31.12.14    31.12.15    31.12.14
                              £          £          £           £
 
Bank loans and overdrafts
(see note 13)                     -   1,500,000           -   1,500,000                                          
Trade creditors               5,289       2,633       5,289       2,633
Amounts owed to group
undertakings                      -           -     889,025     158,475
Tax                           1,469      51,567       1,526       7,105
Other creditors               8,560      25,241       5,681      57,240
Accrued expenses             25,704     122,469      19,954      57,185
                            _______     _______     _______     _______

                             41,022   1,701,910     921,475   1,782,638
                            =======   =========    ========   =========  

13. LOANS

An analysis of the maturity of loans is given below:

                                   Group                  Company
                           31.12.15    31.12.14    31.12.15    31.12.14
                             £           £          £           £
Amounts falling due within
one year or on demand:
Bank loans                        -   1,500,000           -   1,500,000
                          =========   =========   =========   =========



14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number:       Class:                  Nominal      31.12.15       31.12.14
                                       value:        £             £

1,970,688     Ordinary                £0.20 p      394,138         394,138
1,236,154     Deferred                £0.02 p       24,723          24,723
                                                  ________        ________
                                                   418,861         418,861
                                                  ========        ========

The respective rights of the shareholders are as follows:

Ordinary shares

The ordinary shares have the right to all available capital and distributable
profits subject only to any right available to the deferred shares on winding
up.

Deferred shares

The deferred shares have no rights to vote, receive notices, or attend general
meetings, nor to any income. On the return of capital on a winding-up or
otherwise the deferred shares have no entitlement until the sum of £100,000 per
ordinary share shall have been distributed.


Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2015

15. RELATED PARTY DISCLOSURES

R Shane

Companies in which Mr Shane is a shareholder.

St James's Property Services Limited of which R Shane is a director and
shareholder has received £22,775 (2014: £30,930) from the holding company in
respect of management services, including directors' fees of £22,775 (2014: £
30,930). The amount outstanding at the year end is £8,000 (2014: £62,930).
Guildhall Brokers and Consultants Limited of which R A Shane is a director and
shareholder has received £3,694 (2014: £6,004) for insurance premiums. The
amount outstanding at the year end is £nil (2014: £nil).

J Townsend

Since appointment as Chairman during the year, Mr Townsend has received £6,252
in respect of professional fees (2014:£nil). The amount outstanding as at the
year end was £2,084

J Soper

J Soper has received £7,301 (2014: £2,136) in respect of professional fees. The
amount outstanding at the year end is £nil (2014: £2,136).

16. POST BALANCE SHEET EVENTS

On 8 February 2016 the property at 12 Newborough, Scarborough was sold at
auction for an amount of £327,500. This is a non-adjusting post balance sheet
event.

Secured Property Developments plc

These Group and parent company financial statements were prepared in accordance
with Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland ("FRS 102") as issued in August
2014.  The amendments to FRS 102 issued in July 2015 and effective immediately
have been applied. 

Previously the financial statements were prepared in accordance with Generally
Accepted Accounting Practice as applied in the United Kingdom (UK GAAP).

An explanation of how the transition to FRS 102 has affected financial position
and financial performance of the Group and Company is shown on the following
pages.


Consolidated Reconciliation of Equity
1 January 2014
(Date of Transition to FRS 102)

                                                        Effect of
                                           UK          transition
                                          GAAP         to FRS 102        FRS 102
                          Notes            £             £               £
FIXED ASSETS
Tangible assets              9          1,550,000              -       1,550,000
                                        _________      _________       _________
CURRENT ASSETS
Debtors                     11             69,807              -          69,807
Cash in hand                              379,698              -         379,698
                                        _________      _________       _________
                                          449,505              -         449,505


CREDITORS
Amounts falling due
within one year             12         (1,624,849)             -      (1,624,849)
                                        _________      _________       _________ 

NET CURRENT LIABILITIES                (1,175,344)             -      (1,175,344)
                                        _________      _________       _________ 
TOTAL ASSETS LESS                         374,656              -         374,656 
CURRENT LIABILITIES                     _________      _________       _________ 

NET ASSETS                                374,656              -         374,656
                                        =========      =========       =========
CAPITAL AND RESERVES
Called up share capital     14            418,861              -         418,861
Share premium                               3,473              -           3,473
Revaluation reserve                       101,861       (101,861)              -
Profit and Loss Account                  (149,539)       101,861         (47,678)
                                        _________      _________       _________ 
SHAREHOLDERS' FUNDS                       374,656              -         374,656
                                        =========      =========       =========


               The notes form part of these financial statements               


Secured Property Developments plc

Consolidated Reconciliation of Equity - continued
31 December 2014

                                                        Effect of
                                           UK          transition
                                          GAAP         to FRS 102        FRS 102
                          Notes            £             £               £
FIXED ASSETS
Tangible assets             9           1,550,000              -       1,550,000
                                        _________      _________       _________
                                        1,550,000              -       1,550,000
                                        _________      _________       _________
 
CURRENT ASSETS
Debtors                    11              24,486              -          24,486
Prepayments and accrued
income                                      2,320              -           2,320
Cash in hand                              859,283              -         859,283
                                        _________      _________       _________
                                          886,090              -         886,090
                                        _________      _________       _________

CREDITORS

Amounts falling due
within one year            12         (1,701,910)              -      (1,701,910)      
                                        _________      _________       _________                                                                        

NET CURRENT LIABILITIES                 (815,820)              -        (815,820)
                                        _________      _________       _________
TOTAL ASSETS LESS                        734,180               -         734,180
CURRENT LIABILITIES                     _________      _________       _________        
                                 
NET ASSETS                               734,180               -         734,180
                                        =========      =========       =========
CAPITAL AND RESERVES
Called up share capital    14            418,861               -         418,861
Share premium                              3,473               -           3,473
Revaluation reserve                      101,861        (101,861)              -
Retained earnings                        209,985         101,861         311,846

SHAREHOLDERS' FUNDS                      734,180               -         734,180
                                        =========      =========       =========



               The notes form part of these financial statements               


Secured Property Developments plc

Company Reconciliation of Equity
1 January 2014
(Date of Transition to FRS 102)

                                                        Effect of
                                           UK          transition
                                          GAAP         to FRS 102        FRS 102
                          Notes            £             £               £
FIXED ASSETS
Tangible assets             9            500,000               -         500,000
Investments                10            947,263                         947,263
                                        _________      _________       _________ 
                                       1,447,263                       1,447,263

CURRENT ASSETS
Debtors                    11            125,889               -         125,889
Cash in hand                             365,571               -         365,571
                                        _________      _________       _________
                                         491,460               -         491,460
                                        _________      _________       _________

CREDITORS
Amounts falling due
within one year            12         (1,607,651)              -      (1,607,651)           
                                        _________      _________       _________     

NET CURRENT LIABILITIES               (1,116,191)              -      (1,116,191)
                                        _________      _________       _________
TOTAL ASSETS LESS                        331,072               -         331,072 
CURRENT LIABILITIES                     
                                        _________      _________       _________
NET ASSETS                               331,072               -         331,072
                                        =========      =========       =========
CAPITAL AND RESERVES
Called up share capital    14            418,861               -         418,861
Share premium                              3,473               -           3,473
Revaluation reserve                       88,763         (88,763)              -
Profit and Loss Account                 (180,025)         88,763         (91,262)
                                        _________      _________       _________
SHAREHOLDERS' FUNDS                      331,072               -         331,072
                                        =========      =========       =========



Secured Property Developments plc
Company Reconciliation of Equity - continued

31 December 2014

                                                        Effect of
                                           UK          transition
                                          GAAP         to FRS 102        FRS 102
                          Notes            £             £               £
FIXED ASSETS
Tangible assets             9            500,000               -         500,000
Investments                10            947,263               -         947,263
                                        _________      _________       _________
                                       1,447,263               -       1,447,263


CURRENT ASSETS
Debtors                    11              4,504               -           4,504
Cash in hand                             845,157               -         845,157
                                        _________      _________       _________
                                         849,661               -         849,157
                                        _________      _________       _________

CREDITORS
Amounts falling due        12         (1,782,638)              -      (1,782,638)
within one year                                                         
                                        _________      _________       _________
NET CURRENT LIABILITIES                 (932,977)              -        (932,977)

TOTAL ASSETS LESS  
CURRENT LIABILITIES                      514,286               -         514,286   
                                        _________      _________       _________   
NET ASSETS                               514,286               -         514,286
                                        =========      =========       =========

CAPITAL AND RESERVES
Called up share capital    14            418,861               -         418,861
Share premium                              3,473               -           3,473
Revaluation reserve                       88,763         (88,763)              -
Retained earnings                          3,189          88,763          91,952
                                        _________      _________       _________
SHAREHOLDERS' FUNDS                      514,286               -         514,286
                                        =========      =========       =========




Secured Property Developments plc

Reconciliation of Profit
for the Year Ended 31 December 2014
                                                          Effect of
                                             UK          transition
                                            GAAP         to FRS 102        FRS 102
                                             £             £               £

TURNOVER                                   151,033               -         151,033
Cost of sales                               (6,587)              -          (6,587)
                                         _________       _________       _________
GROSS PROFIT                               144,446               -         144,446
Administrative expenses                   (182,907)              -        (182,907)
Other operating income                      69,054               -          69,054
                                         _________       _________       _________
OPERATING PROFIT                            30,593               -          30,593
Compensation received                      436,394               -         436,394
  Interest receivable and similar income     2,728               -           2,728   
  Interest payable and similar charges     (65,671)              -         (65,671)
                                         _________       _________       _________
                                                                       
PROFIT ON ORDINARY ACTIVITIES BEFORE       404,044               -         404,044 
TAXATION                                                                
  Tax on profit on                         (44,520)              -         (44,520)
  ordinary activities     
                                         _________       _________       _________    
PROFIT FOR THE FINANCIAL YEAR              359,524               -         359,524 
                                         =========       =========       =========

Profit attributable to:
Owners of the parent                       359,524               -         359,524
                                         =========       =========       =========







Form of proxy for use at the annual general meeting on Wednesday 6 July 2016

I/We
_______________________________________________________________________________

(Please insert full name in BLOCK CAPITALS)

of
_________________________________________________________________________________

(Please insert address in BLOCK CAPITALS)

being (a) member(s) of the above named Company HEREBY APPOINT the Chairman of
the meeting (see note 6)

___________________________________________________________________________________

to act as my/our proxy at the Annual General Meeting of the Company to be held
on Wednesday 6th July 2016 and at any adjournment thereof, and to vote on my/
our behalf as indicated below:

Resolution No.                                  For     Against  
                                                                 
1 To adopt the directors' report and                             
financial statements for the year ended 31                       
December 2015                                                    
                                                                 
2 To re-elect J Townsend as a director                           
                                                                 
3 To re-elect R France as a director                             
                                                                 
4 To authorise, by special resolution in                         
accordance with s701 of the Companies Act                        
2006, the Board to purchase up to 5% of the                      
Company's own shares in the open market at a                     
minimum price of 20p per share and a maximum                     
price of 60p per share, such powers to expire                    
at the AGM to be held in 2017, or on 6 July                      
2017 if earlier.                                                 
                                                                 
5 THAT KPMG LLP be and are hereby appointed                      
auditors of the Company and will hold office                     
from the conclusion of this meeting until the                    
conclusion of the next general meeting at                        
which accounts are laid before the company,                      
and that their remuneration be fixed by the                      
Directors.                                                       

Please indicate with an "X" in the space provided how you wish your votes to be
cast on a poll. Should this form be returned duly completed and signed, but
without a specific direction, the proxy will vote or abstain at his discretion.

Dated ______________________________ 2016 Signature__________________________________

Notes

 1. A proxy need not be a Member of the Company.
   
 2. In the case of joint holders the vote of the senior who tenders a vote,
    whether in person or by proxy, will be accepted to the exclusion of the
    votes of the other joint holders. For this purpose seniority is determined
    by the order in which the names stand in the Register of Members.
   
 3. In the case of a corporation this proxy must be given under its Common Seal
    or be signed on its behalf by an officer, attorney or other person duly
    authorised.
   
 4. To be valid this proxy must be deposited at the Company's Registered Office
    not later than 48 hours before the time appointed for holding the Meeting
    together, if appropriate, with the power of attorney or other authority
    under which is a signed or potentially certified copy of such power of
    authority.
   
 5. Any alterations made on this form should be initialled.
   
 6. If it is desired to appoint as a proxy any person other than the Chairman
    of the Meeting, his/her name and address should be inserted in the relevant
    place, reference to the Chairman deleted and the alteration initialled.
   



Second fold along this line
                                             Affix
                                             stamp
                                             here
Secured Property Developments plc.
Unit 6 Orchard Mews
42 Orchard Road
London
N6 5TR                                  First fold along
                                               this line
 

Finally fold along this line and tuck in
    
UK 100

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