SUMMARY OF ACCOUNTS EXERCISESEPTEMBER-2018/AUGUST-2019.

RESIDENCIAL PLAYA FLAMENCA X:

 

RESERVES at 01/09/2018…………….…………………………….26.716,55 €

-Bank..…………………………………..14.481,19 €

-Debtors……………………………………15.593,93 €

-Owner’s advances……………..… -2.095,09 €

-Creditors (Sociedad Europ)………. –1.263,48 €

+ INCOMES SEPTEMBER-18/AUGUST-19………………..+39.150,08 €

Budgeted fees………….……………48.644,60 €

Discounts..………………………. -9.854,04 €

Reimburse electricity garages…..……359,52 €

-EXPENSES EXERCISE 2018/2019………………………………… –35.204,30 €

(See detail attached)

=RESERVES at 31/08/2019……………………………………………… =30.662,33 €

-Bank.……………………………….9.694,13 €

-President’s Petty cash….………..215,00 €

-Debtors………………………………22.653,09 €

-Owner’s advances……………. –1.816,93 €

-Creditors (Hacienda)…………….… -82,96 €

 

COMMENTS:

 

-We finish the year with a surplus of about 4.000 € in the reserves, although we must observe that it is not a positive data at all because in fact the balance in bank reduces and what increases is the debtors.

 

-The positive data is that from the list of debtors attached we have already 3 houses who paid or were collected by direct debit, and there is other property with large debt repossessed by the bank and they have now paid their debt, therefore the list of debtors reduces considerably.

 

-The other positive data is that the sundry expenses this year was about the half of previous year, even including that we did the regrouting and works for both pools.

 

From the list of expenses attached where you can observe the detail, we must expain several items:

 

-Sundry expenses were about half compared with last year even including the total refurbishment of both pools.

 

-We changed the maintenance contractors, but the price is very similar.

 

-The administration fees reduce in about a 30% with the new administration, therefore if owners estimate convenient to include any German translation for the Meetings we would still be under the Budget. This is something that must be decided at the AGM.

 

-Bear in mind that this year as changing the community insurance and we now pay anual, in the accounts of this year appears a year and a half payment.

 

-Water and electricity consumption are in normal parameters.

 

-Judicial expenses are charged to the correspondent debtors, but in the case of houses nº65 & nº48 the processes finished, they paid their fees, and now there are new owners, therefore we cannot input the judicial expenses.