Statutory Company Accounts

Your obligations taken care of.

 

Residents Management Companies (RMC) and Right to manage Companies (RTM) are obligated to file statutory accounts each year to Companies house under current company law.  This is the case for all limited companies.

OBMS Ltd offer the facility to file company accounts on your behalf, avoiding the associated stresses and possible fines for late filing.  Monies held on Trust by either RMC or RTM on behalf of their residents are likely to be service charge monies only, however this still requires a return annually despite service charge not forming part of a companies statutory accounts.

Acting for you as Company Secretary, we will ensure the correct allocation of shares that form the equity in your own management company.  We maintain records with companies house to ensure issues do not arise at point of sale or inclusion in any general meeting.

Measurement

Effective and timely Budgeting, Continuous Review.

 

Our financial teams are targeted and measured on their ability to set, agree and issue service charge demands and approved budgets at least a month prior to the relevant  due date, to protect a scheme’s individual funding.

Scheme expenditure on all developments is regularly reviewed against budget. All predicted variances are reported as part of their regular update meetings and the causes and remedies are considered and agreed.

Trust Accounts

Your Money Secure and Separate, ARMA Compliant.

 

All funds are held in trust in separate interest bearing accounts in accordance with the ARMA requirements and relevant trust legislation and sinking funds are held separately from day to day funds.

Credit Control

Cash Flow, Debt Recovery, Proportionality.

 

OBMS understands that adequate cash flow is of paramount importance in ensuring the smooth running of any scheme. We have a robust credit control system and in house credit control team in place.

OBMS also understands that on occasions our credit control team are not always going to be in a position where an amicable solution is achievable. In rare cases such as these, our team draw on the supported of a specialist ‘no win no fee’ debt recovery companies and solicitors whose focus is solely on service charge litigation in order to bring recovery cases to both a swift and cost effective solution. In this way the fair proportions are recovered so that those funds to be reinvested in the maintenance, upkeep and improvement of your property.

Reporting

Reporting, Transparency and accuracy.

 

We have developed a clear format for financial reporting. Our commitment accounting process allows us to create reports to include recommendations and actions taken. These can be produced to encompass bank reconciliation, creditors, debtors, cash held, financial tendering, purchase orders and reserves.

Service Charge Budgets

Accurate service charge budgeting is essential

 

OBMS Ltd work with the client to set a forecasted budget. We then monitor ongoing expenditure, issuing regular reports to the client on the impact on the budget forecast.

We can advise on payment plans, expenditure control, budget forecasting and invoicing. This allows the Property Managers and the Client to stay in control of their budget particularly important when it comes to funding future expenditure.

We work on the principle of budgeting for expenditure based on both costs incurred in previous years, and known forthcoming expenditure, Block Management UK is able to accurately advise on options for future budgets in a fully transparent and adaptable fashion to allow clients to retain overall control of the process so they can achieve a budget with which they are happy and at the same time provides best value-for-money and reflects the provisions of the leases.