In 2024-25 Companies House slapped companies with 317,985 penalties for late filing, up 7% on the previous year’s 295,251, raising at least £46m in penalties based on being a month late to file.

But the total number of appeals was down by 7% at 47,673 in 2024-25, compared with 51,403 in 2023-24. Only 21% of appeals were successful and penalties were cancelled in the last 12 months, up from only 17% waived the previous year.