LS V +4621 is the DAO-type central star of the planetary nebula Sh 2-216. We perform a comprehensive spectral analysis of high-resolution, high-S/N ultraviolet observations obtained with FUSE and STIS aboard the HST as well as the optical spectrum of LS V +4621 by means of state-of-the-art NLTE model-atmosphere techniques in order to compare its photospheric properties to theoretical predictions from stellar evolution theory as well as from diffusion calculations. From the N IV - NV, O IV - O VI, Si IV - Si V, and Fe V - Fe VII ionization equilibria, we determined an effective temperature of 95 +/- 2 kK with high precision. The surface gravity is log g = 6.9 +/- 0.2. An unexplained discrepancy appears between the spectroscopic distance d = 224 +46/-58 pc and the parallax distance d = 129 +6/-5 pc of LS V +4621. For the first time, we have identified Mg IV and Ar VI absorption lines in the spectrum of a hydrogen-rich central star and determined the Mg and Ar abundances as well as the individual abundances of iron-group elements (Cr, Mn, Fe, Co, and Ni). With the realistic treatment of metal opacities up to the iron group in the model-atmosphere calculations, the so-called Balmer-line problem (found in models that neglect metal-line blanketing) vanishes. Spectral analysis by means of NLTE model atmospheres has presently arrived at a high level of sophistication, which is now hampered largely by the lack of reliable atomic data and accurate line-broadening tables. Strong efforts should be made to improve upon this situation.