Company Losses

Sorry to ask what might be a daft question to some, but I have two limited
companies, one of which has made a nice profit and the other a small loss. Is it possible to use the loss from the loss making company to reduce the taxable profit of the other? My accountant say not so and I suspect this is the case - but I thought I would just ask!

Thank you

David Sawer

It might be important to add that the loss making company has only one issued share which is owned by the profit making company.