Law requires LTDs to file statements within ten months of the end of their financial years. Since there is no national trade payment database for lenders to review, some small companies set up LTDs and file their balance sheets to improve their ability to obtain credit. Such an LTD's financial data available for review until 22 months after a its incorporation. LTDs are also used to alleviate liability if things are going bad. PLCs have to file information with the Companies House within eight months of year's end.
Directors are liable for missed filings.
The U.K.'s fiscal year runs from April to March. In addition to company and financial details, LTDs are required to file Judgements and Court Proceedings, which are published monthly in the The London Gazette. Judgements less than 5,000 pound sterling are automatically listed in the lower county court, but larger amounts go to higher court where details are hard to uncover. Special investigations are required to gather information on unlimited companies. In exchange, the bank had to agree not to expose the debtor.