Industry comment, updates and news from the Websters team.

A history lesson!!

Tuesday, September 21st, 2010 in Landlord, Managing Agent, News, Residential, Service Charge

Websters has been around for a long time! H. Thomas Salmon started his general practice firm in 1896. It operated in the City of London under the title of H.T. Salmon & Co until, in 1964, it merged with the West End firm, Derek Webster & Co., later to be re-named Websters in 1998.  Since its formation, there have been four generations of Salmons as partners and Thomas’s great grandson, Andrew, is continuing the tradition today as one of the senior partners in the firm.

The firm grew up as a general practice firm offering accounting and taxation services to companies, partnerships, individuals and trusts. In 1960 the firm received its first instructions to audit the maintenance funds of a portfolio of residential properties. With larger commercial (particularly shopping centres) and residential instructions following, the firm recognised that the industry was often poorly served and our clients began to realise the benefits in appointing a specialist firm rather than using their own company’s auditor. As a result the firm’s focus on service charge auditing continued to increase alongside the general practice work.

In 2008 Websters ceased other general practice work altogether in order to concentrate on property management accounting services exclusively. This specialism is therefore supported by the firm’s established expertise in accountancy matters and the firm continues to be fully regulated by the ICAEW as Registered Auditors. Many of the old general practice skills are still essential when dealing with audits of, for example, residential management companies,  and related tax advice and compliance.

It can safely be said that Websters is now one of the leaders in this niche market. We see the firm as a close ‘family’ and the partners and staff have always been very proud of Websters and what the firm has achieved. This is demonstrated by the current average length of service being over 15 years!!

This year we are celebrating our golden anniversary with 50 years of property management accounting services under our belts!! Here’s to many more!!

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