sandyport 2015 q1 statements
DESCRIPTION
Unaudited financial statements for the 3 months to March 31, 2015TRANSCRIPT
FINANCIAL STATEMENTS2015 Q1 unaudited
Serving our community
www.sandyportmanagement.com
S
ASSETS As atMar 31, 2015
As atMar 31, 2014
Current Assets
Cash and cash equivalents 1,106,514 1,032,802
Accounts receivable 312,229 148,601
Loan receivable - 2,772
Prepayments and deposits 92,537 114,291
Total current assets 1,511,280 1,298,466
Fixed assets, net 96,510 117,409
TOTAL 1,607,790 1,415,875
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses 114,404 147,459
Prepaid maintenance fees and deposits 947,890 660,210
Total current liabilities 1,062,294 807,669
SHAREHOLDERS’ EQUITY
Share capital 5,000 ordinary shares authorized at $1.00 par value, 406 (2014: 398) shares issued and outstanding
406 398
General reserve fund 557,028 534,126
Maintenance fund (11,938) 73,683
Total shareholders’ equity 545,496 608,207
TOTAL 1,607,790 1,415,876
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2015 (Expressed in Bahamian dollars)
Unaudited
REVENUE3 months to
Mar 31, 2015Actual
3 months toMar 31, 2015
Budget
3 months toMar 31, 2014
Actual
Maintenance fees 650,335 674,446 664,298
Water & meters income 131,994 113,316 103,984
Other services 39,286 12,642 49,394
Miscellaneous income 10,386 - 12,291
Total revenue 832,001 800,404 829,967
DIRECT EXPENSES
Security expenses 167,551 173,384 166,823
Maintenance of common areas 130,380 90,068 77,263
Gardening expenses 107,687 104,709 101,496
Water & meters 103,694 99,469 85,274
Improvements 61,988 75,000 119,650
Painting expenses 60,729 43,448 42,171
Wastewater management 58,044 75,444 55,987
Garbage removal 21,000 21,000 16,500
Total direct expenses 711,073 682,522 665,164
Gross Profit 120,928 117,882 164,803
OPERATING EXPENSES
Salaries, benefits & national insurance 51,638 61,619 52,761
Provision for doubtful accounts 42,895 10,458 -
Office & computer supplies 9,746 11,132 11,295
Professional fees 9,400 10,254 6,200
Rent & utilities 9,150 9,150 9,150
Telephone & communications 4,094 3,879 3,947
Finance charges 3,472 2,270 4,328
Insurance 2,471 2,628 2,440
Other expenses - 593 -
Property & other taxes - 250 1,000
Total operating expenses 132,866 112,233 91,120
NET MAINTENANCE FUND (11,938) 5,649 73,683
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2015 (Expressed in Bahamian dollars)
Unaudited
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STAY IN TOUCHPO BOX SP 64016SANDYPORTNASSAU, BAHAMAS
SANDYPORT HOMEOWNERS ASSOCIATION
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