─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Axbridge

FRS 105 Micro Entity Accounts are prepared under the financial reporting framework that applies to qualifying micro-entities in the UK. FRS 105 provides a simplified basis of accounting for companies that meet the micro-entity size conditions and choose to apply the micro-entities regime, and it sits alongside — but is entirely separate from — a company’s Corporation Tax position and other filing obligations. For directors in Axbridge running a small limited company, professional preparation of FRS 105 Micro Entity Accounts helps ensure that the financial statements are put together appropriately for the company’s own circumstances, using its records and the requirements that apply to it. Eligibility is not automatic and depends on the company meeting the relevant size conditions and any other applicable rules, so it is worth reviewing your position before deciding which framework fits.

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FRS 105 Micro-Entity Accounts

(Turnover up to £100K)

£499.00

£399.00

+vat

FRS 105 accounts preparation
Accounting records review
Micro-entity eligibility review
Companies House filing where applicable
Corporation Tax support where included
Director review
FRS 105 accounting support

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Trusted by Micro-Entity Businesses Across the UK

From newly incorporated companies to established owner-managed businesses, our clients trust us to prepare their accounts accurately and handle their annual filing requirements.

      EXCELLENT  
   Based on 302 reviews 
    
 
 
 
   
 
 
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   Ayotunde Rufai 
 
 
 
 Trustindex verifies that the original source of the review is Google. Best accountants we've ever had. Umer is ace, and makes everything easy and transparent.
  
 
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   Sofia 
 
 
 
 Trustindex verifies that the original source of the review is Google. I had a really positive experience with Muhammad. He was incredibly quick to action everything and made the whole process straightforward and stress-free. He took care of everything promptly and kept me informed throughout, which was greatly appreciated.

Muhammad was professional, responsive and genuinely helpful from start to finish. It was clear that he cared about providing a great service and making sure everything was handled properly. I would definitely recommend him to anyone looking for someone reliable, efficient and professional.
  
 
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   Zest For Life 
 
 
 
 Trustindex verifies that the original source of the review is Google. I worked with Accotx on a HMRC reclaim and overall, they did ultimately deliver on their promise, which I appreciate. The process did take longer than any of us expected, partly due to external delays with the tax authorities, and partly because there were some hiccups in communication and follow-up. However, despite those challenges, they stayed professional and stuck to the original agreed terms. If you’re considering using them, be prepared to stay in regular contact to keep things moving along. They are absolutely capable, have the expertise and willing to work with you, and overall  improving their services over time. I would certainly return for any future needs.
  
 
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   Pete Wrist 
 
 
 
 Trustindex verifies that the original source of the review is Google. Sterling work. Many thanks to Muhammad and the team for all their help and expertise
  
 
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   Hansen Personal Training 
 
 
 
 Trustindex verifies that the original source of the review is Google. We have been a client for years - very quick responsive and personalised service
  
 
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   Jamie Fletcher 
 
 
 
 Trustindex verifies that the original source of the review is Google. It was a pleasure working with Anum on our accounts. The whole process was swift and effortless, and it was one less thing to worry about. I'd highly recommend them.
  
 
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   Mansur Liman 
 
 
 
 Trustindex verifies that the original source of the review is Google. Accotax have been our accountants for many years now. We maintained them, because of their professionalism. In the last coiple of years, i have working with Imran, who has been very professional and helpful in guiding us through the whole process explaining and clarifying every aspect of it. Very prompt in responding to questions and patient with us even when we seem to be slow. I really enjoy working with him. Thank you
  
 
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   Muna Mohamoud 
 
 
 
 Trustindex verifies that the original source of the review is Google. I highly recommend Imran to anyone looking for a reliable and knowledgeable accountant. He helped me sort out a very complicated backlog of accounts and prepared my overdue tax returns with professionalism and attention to detail.

Throughout the process, he was incredibly patient, took the time to answer all of my questions, and explained everything clearly. He guided me through each step and helped rectify issues that had built up over time, making what felt like an overwhelming situation much more manageable.

I'm very pleased with the service I've received and truly appreciate his support. If you need help with your accounts or taxes, I would highly recommend Imran.
  
 
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   Sergey M 
 
 
 
 Trustindex verifies that the original source of the review is Google. I had a positive experience with Accotax. The work was completed promptly, my tax return was successfully filed, and I received a refund of overpaid tax. I found the cooperation efficient and helpful. Special thanks to Muhammad Saifullah for his assistance.
  
 
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   Ebba Qureshi 
 
 
 
 Trustindex verifies that the original source of the review is Google. Fabulous team at ACCOTAX - very efficient and good response time . Honest and professional with their work. I would highly recommend them even if you’re a young start up - or a large business they have it covered .

─── FRS 105 EXPLAINED

FRS 105 Explained: What It Means for Micro-Entities

FRS 105 is the financial reporting standard in the UK that sets out how a micro-entity prepares its annual accounts. It is linked to the micro-entities regime, which is a simplified accounting framework available to companies that qualify as micro-entities and then choose to apply that regime. When a qualifying company decides to use the micro-entities regime, FRS 105 is the standard it applies when preparing its financial statements. In practice, FRS 105 keeps things straightforward: the accounts are prepared on a historical cost basis, the amount of disclosure is limited, and the primary statements are kept simple. That makes it popular with owner-managed companies in Axbridge that want clear, uncomplicated accounts without the additional detail that larger reporting frameworks require. The important point is that using FRS 105 is a choice that follows from qualifying for the micro-entities regime — it is not something that applies to a company automatically.

Who Can Use FRS 105 in the UK?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it. Eligibility is size-based but not size-based alone. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 3 conditions: turnover of no more than £1 million, a balance sheet total of no more than £500,000, and an average number of employees of no more than 10. On top of those size conditions, other rules and exclusions can affect whether a company is eligible — certain entity types and certain regulated or group situations, for example, may be treated differently. That means meeting the thresholds does not automatically guarantee eligibility, and the position should be reviewed for each company and each accounting period. For directors in Axbridge considering FRS 105 Micro Entity Accounts, the practical steps are to check the size conditions against your actual figures and then confirm whether any exclusion applies before deciding to adopt the micro-entities regime.

A company generally needs to meet at least 2 of these 3 conditions.

Business Turnover

Annual Turnover of £1 Million or less. (£632,000 previously)

Balance Sheet

Balance sheet total of £500,000 or less.(£316,000 previously)

Company Size

On an average 10 or less employees (10 or less previously)

─── What We Review

Everything Your Micro-Entity Company Is Required to Get Right

Most compliance problems are not deliberate. They come from a missed deadline, an accounts template that no longer matches FRS 105, or dividends taken without the paperwork to support them. Our review covers each area in turn and reports back in plain English.

FRS 105 Balance Sheet

A statutory balance sheet prepared to the FRS 105 format, using the reduced disclosure the micro-entities regime allows.

Profit & Loss Account

A profit and loss account prepared for your own records and for your Corporation Tax computation, without public filing.

Required Notes & Disclosures

Preparation of the notes and disclosures required for the company's accounts under the applicable reporting requirements.

Corporation Tax Support

Separate Corporation Tax support can be provided where included in the agreed service. The Corporation Tax calculation is governed by tax rules rather than FRS 105.

Companies House Filing

Your FRS 105 accounts filed with Companies House in the correct format, before your accounts filing deadline.

Director Copy Pack

A full signed copy of your accounts and tax return, ready for your bank, mortgage lender or accountant records.

─── How It Works

How Our FRS 105 Preparation Process Works

Share Your Records

Send your bank statements, sales and purchase records, expenses and payroll details through our secure digital platform.

We Prepare Your FRS 105 Accounts

Our accountants confirm you qualify for the micro-entities regime, then prepare your accounts and CT600 from your records.

Review & Approve

We send draft accounts with clear explanations of the figures, and adjust anything before anything is submitted.

We File Where Required

Once approved, we can assist with the relevant Companies House filing and any separately agreed tax submission.

─── WHY CHOOSE US

Why Choose Our FRS 105 Accountants?

We keep micro-entity accounts straightforward, transparent and easy to manage for busy company directors.

FRS 105 Accounts Support

The micro-entities regime is all we do, so your accounts are prepared to the right standard first time.

Paperless Onboarding

Get set up in minutes with a fully digital, secure process — no printing, posting or office visits.

Deadline Management

We track your Companies House and HMRC deadlines and prompt you early so late filing penalties are avoided.

Clear, Transparent Pricing

One transparent fixed fee covers preparation, the tax return and both filings. No hourly billing.

─── WHO WE HELP

FRS 105 Support for Micro-Entities Across the UK

From one-director businesses and freelancers to startups, consultants and online businesses that qualify for the micro-entities regime.

One-Director Companies

Straightforward FRS 105 accounts and Corporation Tax filing for owner-managed limited companies.

Freelancers & Contractors

Accounts and compliance support for contractors trading through a qualifying limited company.

Startups & Small Companies

Practical support for newly incorporated companies filing their first set of micro-entity accounts.

Dormant & Low-Activity Companies

Dormant company accounts and FRS 105 accounts for LLPs that meet the micro-entity thresholds.

Professionally Prepared FRS 105 Micro Entity Accounts

Well-prepared FRS 105 Micro Entity Accounts start with accurate financial records. We work from your bookkeeping, bank information, invoices, payroll details and asset records to build a set of financial statements that reflects your company’s trading activity for the period under the FRS 105 framework. That includes preparing the balance sheet, the profit and loss account and the supporting notes appropriate to a micro-entity, and making sure the figures are internally consistent and properly supported. Once the accounts are finalised, the statutory accounts are filed with Companies House as a separate exercise. Your Corporation Tax obligations, including any CT600, are dealt with separately through HMRC and are not the same thing as filing your FRS 105 accounts. We are happy to explain how the two interact so that directors in Axbridge know exactly what is being filed, where, and why.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Axbridge

If you would like support with your FRS 105 Micro Entity Accounts, get in touch and tell us about your company. It helps if you can share some background first — your accounting period dates, a summary of your trading activity, your bookkeeping or bank records, details of any assets or liabilities, and whether you have filed under the micro-entities regime before. With that information we can review your circumstances, confirm whether FRS 105 looks like an appropriate fit, and explain clearly what is involved and how our fees work, with straightforward, transparent pricing. There is no obligation, and no question is too basic if you are new to micro-entity reporting.

─── FAQs

FRS 105 Accounts Preparation FAQs

Still unsure where you stand? Reach out to our UK team at info@microentityaccounts.co.uk and we will review your filing history with you.

What is FRS 105?

FRS 105 is the UK financial reporting standard for micro-entities. It sets out the rules a qualifying company follows when it prepares its annual accounts under the micro-entities regime, including what the financial statements must contain and how items are measured. It is deliberately simpler than the frameworks used by larger companies, which is why it appeals to many small, owner-managed businesses.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities and then choose to apply the micro-entities regime. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 conditions: turnover of no more than £1 million, a balance sheet total of no more than £500,000, and an average of no more than 10 employees. Other eligibility rules and exclusions can also apply, so meeting the size conditions alone does not always mean a company qualifies.

Is FRS 105 compulsory for every micro-entity?

No. Qualifying for the micro-entities regime does not force a company to use it. It is an available accounting regime, and FRS 105 applies when that regime is chosen. A company that qualifies may instead prepare its accounts under a different framework, such as FRS 102, and in some situations that may suit its circumstances better — for example where more detailed disclosures are wanted or required by other parties.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a fuller reporting framework used by a broad range of UK companies, with more extensive disclosure requirements and greater use of fair value measurement and revaluation. FRS 105 is a reduced framework built specifically for micro-entities. It is based on historical cost, contains far fewer disclosures, and produces shorter, simpler financial statements. Neither is inherently 'better' — the right choice depends on whether the company qualifies for the micro-entities regime and what its directors, lenders or other users need from the accounts.

Do FRS 105 accounts need to be filed with Companies House?

Statutory accounts for a limited company are filed at Companies House, and where a company prepares FRS 105 Micro Entity Accounts, those are the accounts that get filed. The filing obligation exists because the company is a limited company, not because of FRS 105 itself. Filing is done separately from anything submitted to HMRC, and the format and method of filing must follow the current requirements in force at the time.

Is a Corporation Tax Return (CT600) separate from FRS 105 accounts?

Yes, they are two distinct things. FRS 105 accounts are the company's statutory financial statements, prepared under the micro-entities regime and filed at Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate what tax is due. The figures in the accounts usually inform the tax return, but the documents are prepared for different authorities, serve different purposes, and are submitted separately.

Can a new limited company use FRS 105?

It may be able to, but not automatically. A newly incorporated company still needs to meet the micro-entity size conditions and any other applicable eligibility rules for the period in question before the micro-entities regime can be used. In a first accounting period there may be limited comparatives and partial-year figures, so it is worth checking the position carefully before deciding which framework to adopt for that first set of accounts.

What information is needed to prepare FRS 105 accounts?

Typically we would need your accounting period dates, bookkeeping or bookkeeping software access, bank and credit card statements, sales and purchase records, payroll information, details of any loans or director's balances, and records of assets such as equipment or vehicles. If accounts have been prepared before, the previous year's figures and any fixed asset register are also useful. The clearer your records, the more straightforward the preparation process tends to be.