Statutory Accounts
The requirement for Right to Manage and Residents Management Companies to file statutory accounts each year is an obligation on the Directors of the company in order to ensure compliance with current company law as it is for all limited companies.
This requirement is regardless of the fact that service charge monies are often the only monies collected by these companies, and are in themselves defined as monies held on Trust by the RTM or RMC on behalf of the residents which it serves and therefore does not belong to the Company and should not be disclosed as part of its statutory accounts. This leads to a case where more often than not there is very little to be disclosed as part of the statutory accounts, but this still does not circumvent the requirement to ensure that a return is filed each year.
As an addition to the management service, Block Management UK Ltd can arrange for statutory accounts to be filed for your company in order to avoid undue stress and costly fines which can accompany late filing of a statutory accounts.