Profits will be after paying staff salaries. Jason is the only employee.
I used to have access to the filed accounts, but now would have to go to the library to see them. Last time I looked they weren't good.
But in direct response to your post, not filing annual accounts, (now two sets are due), and late filing of Company Returns, is a somewhat expensive business. The Company Return is odd, seeing as I believe two years ago Jason registered with CH to do that online - it takes 5-10 minutes. Accounts are a different matter of course, though they should be fairly straight-forward if VAT accounting is being accurately done. If his VAT returns are also in arrears, that is horrendously costly - been there, done that.
IIRC the late filing of the Return is an automatic initial £1000 fine for a small company such as his.
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