Accounting Policies
Valuation information and policy
BANK ACCOUNTS
At the balance sheet date, the Company held bank accounts under the title Westbeach Management Company Ltd. at National Westminster Bank plc, Direct Business Banking, PO Box 5479, 1 Spinningfields Square, Manchester, M61 0NH as trustee for the leaseholders under Section 42 of the Landlords and Tenant Act 1987
The balances at the year end were £7,369.15 (2023 - £9,293.67) and £6,698.70 (2023 - £10,394.44)
Other accounting policies
a. No material uncertainties that may cast significant doubt about the ability of the Company to continue as a going concern have been identified by the Directors.
b. Basis for non-inclusion of revenue and balances related to service charges.
The Company has no income or expenditure of its own right, all transactions in the year being related to the maintenance and servicing of the properties in accordance with the lease terms.
Service charges collected are held on trust for the purposes of meeting the relevant costs in relation to the properties in accordance with Section 42 of the Landlord and Tenant Act 1987.
In the light of the substance of the transactions as detailed above, transactions and balances relating to the service charge are not shown in the statutory accounts.
Service charge accounts
The Company provides detailed service charge statements to Members of the Company as required under its Articles and under Section 21 of the Landlord and Tenant ACt 1985.
Contractual commitments
The Company contracts with third parties in its own name for the obtaining of goods and services for the purpose only of itself providing to the tenants, such goods and services as are in accordance with lease terms for the properties.