First-year accounts for limited company in Craghead

First-year accounts for new Craghead companies

Your first accounts normally cover a little over twelve months, running from the day you incorporated to your accounting reference date, and the period can never be longer than 18 months. For most companies the first accounts are due 21 months after incorporation. You must also register for Corporation Tax within three months of starting to trade.

First company accounts for Craghead businesses: local facts

Craghead is in the County Durham council area, in the North East region. ONS figures for 2026 count 14,825 VAT- or PAYE-registered businesses in County Durham, and 13,140 of them (89%) employ fewer than ten people. Many are small enough to use the micro-entity regime.

The largest groups of micro businesses in County Durham are construction (2,305), wholesale and retail (1,940) and professional, scientific and technical services (1,610). For construction companies in Craghead, Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared. That puts construction at 18% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Craghead (County Durham 008) has 125 VAT- or PAYE-registered businesses, and 120 of them (96%) are micro businesses.

County Durham ranks 213 of the 1105 areas we serve by number of micro businesses, and its micro share of 89% is in line with the 89% average across them. In wholesale and retail (1,940 micro businesses in County Durham), closing stock and the VAT treatment of different product lines are the usual pressure points, so we value stock carefully and check your VAT records. In professional, scientific and technical services (1,610 micro businesses in County Durham), fee income, work in progress at the year end and how directors are paid are the key decisions, so we plan these with you before the accounts are finalised.