First-year accounts for limited company in Derby

First-year accounts for new Derby 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 Derby businesses: local facts

Derby is in the East Midlands region. Derby has around 7,565 VAT- and PAYE-registered businesses, and 6,580 of them, about 87%, have fewer than ten employees (ONS UK Business Counts, 2026). That is the group the micro-entity rules were written for.

The largest groups of micro businesses in Derby are wholesale and retail (1,110), construction (945) and professional, scientific and technical services (935). If you work in wholesale and retail in Derby, 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. That puts wholesale and retail at 17% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Derby (Derby 013) has 735 VAT- or PAYE-registered businesses, and 620 of them (84%) are micro businesses.

Derby ranks 556 of the 1105 areas we serve by number of micro businesses, and its micro share of 87% is below the 89% average across them. In construction (945 micro businesses in Derby), Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared. In professional, scientific and technical services (935 micro businesses in Derby), 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.