First-year accounts for limited company in Loughborough

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

Loughborough is in the Charnwood council area, in the East Midlands region. In Charnwood, 5,990 of the 6,745 VAT- and PAYE-registered businesses in the 2026 ONS count have fewer than ten employees, around 89%. If you run a company in Loughborough, you are in good company.

The largest groups of micro businesses in Charnwood are professional, scientific and technical services (980), wholesale and retail (960) and construction (915). For professional, scientific and technical services companies in Loughborough, 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. That puts professional, scientific and technical services at 16% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Loughborough (Charnwood 003) has 350 VAT- or PAYE-registered businesses, and 300 of them (86%) are micro businesses.

Charnwood ranks 614 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 (960 micro businesses in Charnwood), 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 construction (915 micro businesses in Charnwood), Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared.