Plas Panteidal Estate Management Limited (PPEML) is a 'not for profit' company run by a board of Directors and based in the UK. The company is registered at Companies House with number 13292974 and is VAT registered.
The Directors all own properties on the estate and work voluntarily. They do not receive any salary or 'perks' as Directors and they meet at least once a fortnight to discuss correspondence and issues needing attention.
The previous owner of the estate went into liquidation leaving it in the hands of a Liquidator to manage. Realising the poor condition of the estate infrastructure and huge costs to maintain it, the Liquidator agreed to sell it to a new management company at a price sufficient to cover their costs. At the time there were also several ongoing legal cases against the original owner for breaches of environmental laws which had to be passed on to PPEML. The essential repairs were undertaken as priority issues and the legal action has now been withdrawn.
PPEML are responsible for the infrastructure at Plas Panteidal but not the bungalows and chalets which are their owners responsibility. The infrastructure includes the roads, water, electricity and waste water disposal on behalf of owners and also the upkeep of shared areas such as fences and woodland. When maintenance is required, the Directors seek quotes from contractors and engage them to undertake work as necessary. Recycling and removal of dry waste in refuse bins is the responsibility of Gwynedd Council, not PPEML.
The Directors set the budget for works in the year ahead based on best estimates of anticipated costs. The total cost is then divided by the number of properties on the estate and an invoice for that amount is sent to the property owner. The anticpated costs include known works needing to be carried out and an amount to cover predicted inflation in costs over the year. The financial state of the company is discussed at all the meetings and if necessary, the priority of works is changed to minimise defecit. In the long term it is planned to build a reserve to cover unexpected expenses but at the moment the Directors concentrate on expediture for essential maintenance while keeping costs to property owners as low as possible.
The company finances are handled firstly by a book keeper and then by a professional accountancy company who audit the figures and submit them to Companies House. The 'profit and loss' accounts are available by looking at the Companies House web site and detail accounts are available upon request from property owners. Please note that detailed accounts may contain confidential information, for example negotiated prices with suppliers which if shared could jeopardise both the suppliers and PPEMLs negotiating powers. It is absolutely forbidden to disclose detailed accounts to any third party.
