─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Chulmleigh

If your company is based in or around Chulmleigh and you are looking at the simplest possible way to prepare and file your annual accounts, FRS 105 Micro Entity Accounts are likely to be the framework you have heard about. FRS 105 is the financial reporting standard that applies when a qualifying company chooses to adopt the UK micro-entities regime. It allows for a streamlined set of financial statements, prepared on a historical cost basis, with far less disclosure than larger reporting frameworks require. Professional preparation of FRS 105 Micro Entity Accounts can help ensure your figures are pulled together accurately from your bookkeeping and records, that the presentation reflects your company’s actual circumstances, and that the accounts are ready for the relevant filing requirements. Eligibility is not automatic — it depends on your company meeting the applicable size conditions and not falling within any of the relevant exclusions — so it is always worth talking through your specific position before assuming the micro-entities regime applies to you.

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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: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In simple terms, it is the rulebook that tells you how to put together a set of annual accounts when your company qualifies for the micro-entities regime and decides to use it. Because the micro-entities regime is a choice rather than an obligation, a qualifying company can either apply it — which means FRS 105 applies to its accounts — or report under a fuller framework such as FRS 102 instead. Where FRS 105 is used, the accounts tend to be shorter and more straightforward: the balance sheet and profit and loss account are prepared on a historical cost basis, revaluations and fair value accounting are not used, and the volume of notes is significantly reduced compared with larger reporting frameworks. For a small owner-managed business in Chulmleigh, that usually means less administrative effort and a clearer, more direct set of financial statements that still show the company’s financial position. FRS 105 Micro Entity Accounts are still formal statutory accounts, so the numbers need to be correct, consistent with the underlying records, and prepared with the relevant reporting requirements in mind.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it. 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 those size conditions is a starting point rather than the whole test — other eligibility rules and exclusions can apply, certain company types may be unable to use the regime, and the conditions must be assessed in line with the applicable regulations. It is also worth remembering that the micro-entities regime is a choice: a qualifying company can adopt it and report under FRS 105, or it can apply a fuller framework instead. For a company in Chulmleigh weighing up FRS 105 Micro Entity Accounts, the practical question is not only whether the thresholds are met but whether the streamlined format suits how the accounts will be used, for example by lenders, investors or other parties who may want more detail.

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

Preparing FRS 105 Micro Entity Accounts properly starts with your underlying records — your bookkeeping, bank transactions, sales and purchase information, asset details and any relevant supporting documents. From there, the accounts are built to reflect your company’s actual financial position and performance in line with the FRS 105 framework and the disclosure requirements that apply to micro-entities. In practice, that means getting the balance sheet and profit and loss account right, applying consistent accounting policies, and making sure the figures reconcile to the records you have supplied. It is important to see this as one distinct piece of your company’s compliance picture: FRS 105 Micro Entity Accounts deal with the statutory financial statements, and where those accounts are filed at Companies House that is a separate filing step. Corporation Tax is also separate again — a CT600 is a tax return submitted to HMRC based on the company’s taxable profits, not the same document as the accounts. Keeping those three strands clear helps avoid confusion and last-minute scrambling. Working with someone who prepares micro-entity accounts regularly can help you present accurate, well-organised FRS 105 financial statements and understand what is being filed, where, and on what basis.

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Get Help With Your FRS 105 Micro Entity Accounts in Chulmleigh

If you would like support with FRS 105 Micro Entity Accounts, the best starting point is a conversation about your company. Tell us how your business is structured, what it does, roughly how it is performing, and how your records are currently kept. From there we can look at whether the micro-entities regime is likely to be available and appropriate for your circumstances, explain what the accounts will involve, and set out clear, transparent pricing for the work. If you already have bookkeeping in place, we can work from that; if your records need tidying first, we can talk that through too. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements and to find out what information would be needed to move things forward.

─── 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 that applies to companies using the micro-entities regime. It sets out how the accounts should be prepared — broadly on a historical cost basis, with reduced disclosure compared with fuller reporting frameworks — so that a qualifying micro-entity can produce simpler statutory financial statements. It applies when a company is eligible for the micro-entities regime and chooses to adopt it.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK micro-entities regime and decide to apply it. Qualification depends on meeting the applicable size conditions and not falling within any of the relevant exclusions, so it is not simply a matter of being a small business. Some companies are excluded from the regime regardless of size, which is why it is worth checking your specific position rather than assuming.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A company that qualifies can choose to apply it — in which case FRS 105 applies to its accounts — or it can prepare accounts under a fuller framework such as FRS 102. The right choice depends on the company's circumstances, including who uses the accounts and what level of detail is helpful.

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 conditions alone does not guarantee eligibility, because other rules and exclusions can apply, and the conditions are assessed on the basis set out in the applicable regulations.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a fuller financial reporting standard used by a much wider range of companies, and it permits or requires more detailed accounting treatments and disclosures. FRS 105 is the streamlined micro-entities standard, restricted to qualifying companies that adopt the micro-entities regime. In general terms, FRS 105 accounts are shorter, avoid fair value accounting, and include far fewer notes — which is helpful for very small companies but may provide less information to lenders or other readers.

Do FRS 105 Micro Entity Accounts need to be filed with Companies House?

Where a company prepares FRS 105 Micro Entity Accounts, those accounts normally form the basis of the statutory accounts the company must file at Companies House, subject to the filing requirements that apply to it. Filing the accounts is a separate step from preparing them, and it is also separate from any Corporation Tax obligations. It is worth confirming which filings apply to your company and when they are due.

Is a Corporation Tax Return (CT600) separate from FRS 105 Micro Entity Accounts?

Yes, they are entirely separate. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities reporting framework. A CT600 is a Corporation Tax Return submitted to HMRC, which deals with the company's taxable profits and tax position. The accounts often provide the starting point for the tax figures, but the CT600 is a distinct filing to a different body.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105, but eligibility still depends on the applicable size conditions and exclusions for the period in question. A first accounting period is often short and the figures may be modest, so the micro-entities regime is sometimes available — but it is not automatic, and it is worth reviewing the position before accounts are prepared. As the company grows, eligibility can change.

What information is needed to prepare FRS 105 Micro Entity Accounts?

Typically you would need your bookkeeping or accounting records for the period, bank statements and reconciliations, details of sales and purchases, information on fixed assets and any depreciation, balances owed to and from the company, details of any loans, share capital information, and supporting documents for significant transactions. Having records that are complete and up to date makes the preparation process smoother and reduces queries later.