LEMC dormant accounts
LEMC is a non profit company. It was incorporated solely to collect service charge money and use it to provide maintenance and administrative services to our 180 shareholders. LEMC does not 'own' the service charge money we collect (it belongs to the shareholders and is held in trust), nor does LEMC trade in its own right. Therefore, we submit 'dormant' accounts to Companies House each year. The dormant accounts simply declare that we have 180 x £1 shareholders.
LEMC service charge accounts
In addition to producing dormant accounts, LEMC also has to produce certified service charge accounts. These are quite distinct and are signed off by local chartered accountants, Libra Wealth.
LEMC was incorporated to collect service charge money to provide services but the money collected belongs to the shareholders. The service charge accounts detail how it is spent. Your solicitor will supply the latest certified copy of the service charge accounts when you purchase your property; thereafter, we send them out by email each Spring.
Anticipated budget performance for the current year, along with the preliminary budget for the following year, are shared at the October AGM. If you are unable to attend, AGM reports can be found on the 'About Us' page of this website.
Service charge invoices and budgets for the upcoming year are sent out by email at the beginning of January.
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