─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Chigwell

FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime for companies that qualify for it and choose to apply it. For Chigwell-based limited companies, this means a simpler, shorter set of financial statements than you would see under a larger reporting framework — but it still needs to be put together correctly, with figures that agree to your underlying records. Professional preparation starts with your bookkeeping, bank records, invoices and any relevant agreements, then builds the accounts in line with FRS 105 and the disclosure requirements that apply to micro-entities. Because eligibility depends on more than turnover alone, part of the process is checking that the micro-entities regime is genuinely appropriate for your company’s circumstances and that FRS 105 Micro Entity Accounts are the right choice for that particular accounting period.

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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

What Is FRS 105? The Micro-Entities Regime Explained

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sits alongside the micro-entities regime, which is a set of company size rules that lets qualifying companies prepare simpler accounts than larger businesses. In plain terms: if your company falls within the micro-entity size criteria and you decide to use the micro-entities regime, then FRS 105 is the framework your financial statements are prepared under. FRS 105 is deliberately streamlined. It uses a simpler measurement basis, needs fewer notes to the accounts, and produces a shorter balance sheet and profit and loss account than frameworks such as FRS 102 or IFRS. That can reduce the cost and complexity of preparing annual accounts. What it does not do is remove the need for accurate records — the figures still have to reflect what actually happened in the business, and the accounts still have to be filed in the normal way. Choosing the regime is a decision for the company, and it is worth confirming each year that the criteria are still met.

Who Can Use FRS 105 in the UK? Qualifying for the Micro-Entities Regime

FRS 105 is intended for companies that qualify for the UK micro-entities regime and then choose to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 3 applicable size 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. Meeting those size tests is an important starting point, but it is not the whole picture. Other eligibility rules and exclusions can apply, and certain types of entity are prevented from using the regime regardless of their size. That is why it is worth reviewing your position rather than assuming that a small company automatically qualifies. Where the criteria are met, the directors can decide whether FRS 105 Micro Entity Accounts are appropriate for the company, and that decision can be reconsidered in later periods as the business grows or changes.

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.

Accurate FRS 105 Accounts Built From Your Financial Records

Preparing FRS 105 Micro Entity Accounts properly means starting from the company’s own financial records — bookkeeping, bank statements, sales and purchase documentation, payroll information, asset purchases and any loans or agreements in place. From there, the accounts are drafted to reflect the transactions of the period and the position at the balance sheet date, applying FRS 105 and the disclosure requirements that go with the micro-entities regime. It is also important to keep two things distinct: the preparation and filing of the financial statements, which normally goes to Companies House, and the company’s Corporation Tax position, which is dealt with separately through a Corporation Tax Return (CT600) submitted to HMRC. They draw on the same underlying figures, but they are different documents with different purposes and different deadlines. Working with an experienced preparer helps reduce the risk of errors, inconsistencies or disclosures being missed, so that the accounts you file are clear, consistent with your records and appropriate to your circumstances.

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Get Help With Your FRS 105 Micro Entity Accounts in Chigwell

If you run a small limited company in or around Chigwell and you would like straightforward support with your FRS 105 Micro Entity Accounts, we are ready to help. Tell us a little about your company — what it does, when your accounting period ends, how your records are kept, and whether you have prepared micro-entity accounts before. If you can share your bookkeeping or accounting software access, bank information and any relevant paperwork, we can review your circumstances and explain how the accounts would be prepared and what is involved in filing them. There is no pressure and no obligation: the first step is simply a conversation about your requirements, so you can decide whether working with us is the right fit for your business.

─── 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 designed for micro-entities. It sets out how qualifying companies that choose the micro-entities regime should prepare their financial statements, including how items are measured and what disclosures are required. It is intentionally simpler than frameworks such as FRS 102, with a shorter balance sheet and profit and loss account and far fewer notes.

Who can use FRS 105?

FRS 105 is available to companies that meet the micro-entity size criteria and that choose to apply the micro-entities regime. It is not limited by industry, but there are rules and exclusions that can affect whether a company qualifies, and some entities are not eligible regardless of size. It is also a choice rather than an obligation — a qualifying company can use a different framework instead.

Is FRS 105 compulsory for every micro-entity?

No. Being small enough to be a micro-entity does not automatically force you to use FRS 105. The micro-entities regime is an available option, and FRS 105 applies when that option is taken. A company that qualifies may instead prepare accounts under another framework, depending on its circumstances and what its directors decide is appropriate.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 applicable size 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. Meeting the size tests is not the whole story — other eligibility rules and exclusions can apply, so it is worth confirming your position rather than assuming eligibility.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company. FRS 105 is a streamlined framework for micro-entities, with simpler measurement rules and minimal disclosure. FRS 102 is a fuller framework used by small, medium and larger entities, requiring more detailed accounting treatments, more disclosures and, in some cases, fair value accounting. FRS 105 accounts are generally shorter and simpler to prepare, but offer less flexibility.

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

Yes. Where a company prepares FRS 105 Micro Entity Accounts, those accounts form part of its statutory annual accounts and are normally filed at Companies House in line with the company's filing obligations. Micro-entity accounts are filed using the appropriate accounts filing route, with the balance sheet and required notes included. Filing the accounts is separate from the company's Corporation Tax obligations.

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

Yes, they are two different things. The FRS 105 financial statements are the company's statutory accounts, prepared under the micro-entities regime and filed at Companies House. The CT600 is a Corporation Tax Return submitted to HMRC, which reports the company's taxable profits and calculates the tax due. The figures usually start from the same accounting records, but adjustments can differ, so the two documents are not interchangeable.

Can a new limited company use FRS 105?

A newly incorporated company can use FRS 105 if it meets the micro-entity criteria and chooses the micro-entities regime. In the first period there is no prior-year history, so eligibility is assessed using the rules that apply to a company's first accounting period, and the period may be longer or shorter than twelve months. It is worth checking the position early so your accounting records are set up with the right framework in mind.

What changes are coming to micro-entity accounts filing?

Reforms introduced under the Economic Crime and Corporate Transparency Act are expected to change what small and micro-entity companies file at Companies House, with a move towards fuller accounts being submitted rather than just a balance sheet. Because the implementation timetable is set out by Companies House, it is sensible to check the current position before each filing rather than relying on how things worked in previous years.