Current legislation does not state how soon the annual statement of accounts for service charges should be produced and issued to leaseholders after the year-end but some leases may either contain a date or a statement that the information should be produced ‘as soon as practical’. If there is no such date or statement then ‘best practice’ is for them to be issued 6 months after the year-end which is the closing adjustment period of a company’s accounting year.

The Statement of Account will contain the Accountants Report (prepared in accordance with Technical Release 03/11 Residential Service Charge Accounts), the Income and Expenditure Sheet, the Balance Sheet and the Notes.

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