UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 333-119127

ALLIED SECURITY HOLDINGS LLC
(Exact name of Registrant as specified in its charter)

Delaware				20-1379003
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
3606 Horizon Drive King of Prussia, PA (Address of principal executive offices)				19406 (Zip Code)

Registrant's telephone number, including area code: (610) 239-1100

Not Applicable
Former name, former address and former fiscal year, if changed since last report.

Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes     No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of March 31, 2005, there were 1,098,862 vested and unvested Class A, Class B and Class C units outstanding.

PART I: FINANCIAL INFORMATION
Item 1: Financial Statements

Allied Security Holdings LLC
Consolidated Balance Sheets
(Dollars in thousands, except unit data)

				March 31, 2005				December 31, 2004
				(Unaudited)
Assets
Current assets:
Cash and cash equivalents				$	26,229			$	11,008
Restricted cash					6,090				7,951
Accounts receivable, net of allowance for doubtful accounts of $1,381 and $1,393 as of March 31, 2005, and December 31, 2004, respectively					121,504				129,729
Prepaid expenses and other current assets					3,287				3,797
Prepaid insurance premiums					4,118				7,206
Total current assets					161,228				159,691
Property and equipment, net					20,592				20,838
Goodwill					346,472				347,766
Other intangible assets, net					94,354				99,683
Deferred financing fees, net					12,398				12,897
Other assets					487				489
Total assets				$	635,531			$	641,364
Liabilities and members' equity
Current liabilities:
Current maturities of long-term debt				$	18,250			$	16,000
Insurance premium financing					2,498				6,246
Accounts payable					4,253				4,046
Accrued expenses					29,701				35,791
Accrued claims reserves					26,764				25,511
Accrued payroll and related payroll taxes					51,211				40,227
Accrued termination costs					4,118				6,110
Advance payments					15,707				13,460
Total current liabilities					152,502				147,391
Senior term loan					183,750				190,000
Senior subordinated notes					178,019				177,966
Due to affiliates					13,643				13,323
Other long-term liability					1,413				1,473
Class A units subject to put rights: 22,317 units authorized, issued and outstanding					2,710				2,710
Members' equity:
Units:
Class A, 9,500,000 units authorized, 868,668 units issued and outstanding					131,618				131,618
Class B, 200,000 units authorized, 77,627 units issued and outstanding					50				50
Class C, 300,000 units authorized, 130,250 units and 122,750 units issued and outstanding as of March 31, 2005, and December 31, 2004, respectively					49				44
Additional paid-in capital					393				393
Accumulated deficit					(28,631	)			(23,641	)
Accumulated other comprehensive income					15				37
Total members' equity					103,494				108,501
Total liabilities and members' equity				$	635,531			$	641,364

See Accompanying Notes to Unaudited Consolidated Financial Statements

1

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Allied Security Holdings LLC
Consolidated Statements of Operations
(Dollars in thousands)
(Unaudited)

				Three months ended
				March 31, 2005				March 31, 2004
Revenues				$	274,183			$	171,023
Cost of revenues					237,066				146,600
					37,117				24,423
Branch and corporate overhead expenses					23,918				16,432
Depreciation and amortization					8,344				5,172
Operating income					4,855				2,819
Interest expense, net					9,845				5,822
Net loss				$	(4,990	)		$	(3,003	)

See Accompanying Notes to Unaudited Consolidated Financial Statements

2

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Allied Security Holdings LLC
Consolidated Statement of Cash Flows
(Dollars in thousands)
(Unaudited)

				Three months ended
				March 31, 2005				March 31, 2004
Cash flows from operating activities
Net loss				$	(4,990	)		$	(3,003	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization					8,344				5,172
Noncash interest expense					994				1,377