GRAND_CENTRAL_MANAGEMENT_ - Accounts
GRAND_CENTRAL_MANAGEMENT_ - Accounts
The average number of persons, including directors, employed by the company during the year was as follows:
Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987 and the company acts as a trustee in this capacity. Information relating to service charges is dealt with as a separate statement of account.
The trust bank balance is not included in these accounts. The balance at 31 May 2023 was £496,059 (2022: £539,304).
The company acts as principal when transacting with third party suppliers in the management and arrangement of maintenance of the property.
The company recognises the service charge expenses arising from the maintenance of the property in its income and expenditure account.
Turnover represents the amount the company is entitled to draw from service charge monies to meet the service charge expenses arising from its management and arrangement of maintenance of the property.
The statutory accounts and service charge statement complies with changes in past years as required by Accounting for Service Charges Technical Release 03/11 issued by the Institute of Chartered Accountants in England & Wales in October 2011 and FRED 50 Residential Management Companies' Financial Statements issued by the Financial Reporting Council in August 2013.
Grand Central Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Portland House, Westfield Road, Pitstone, Leighton Buzzard, LU7 9GU.