A limited company is incorporated at Companies House and has a strict annual filing regime. Annual Accounts must be filed and a Confirmation Statement detailing the Directors and Shareholders must also be submitted every year. This means that financial information is publically available (although the abbreviated accounts you file as an SME don’t contain details of your company’s sales, expenses or directors remuneration).
The most important aspect of limited liability companies is that they exist separately to their directors. If the business fails, the directors’ liability is limited to the total value of their equity share capital.