─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Launceston

FRS 105 Micro Entity Accounts in Launceston are prepared under the financial reporting framework that applies to qualifying companies which choose to apply the UK micro-entities regime. If your company meets the relevant size conditions and decides to use that regime, FRS 105 sets out how the financial statements should be drawn up — from the format of the balance sheet and profit and loss account through to the simplified disclosures and the notes that accompany them. Professional preparation helps ensure those accounts reflect your company’s actual transactions and circumstances, that the figures reconcile to the underlying records, and that the presentation is appropriate for a micro-entity. It also helps you understand what the regime does and does not permit, so you can make an informed decision about whether applying the micro-entities regime is the right approach for your business rather than simply the simplest one. Eligibility is not automatic and depends on your company’s individual position, so the starting point is always a proper review of your circumstances.

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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 300 reviews 
    
 
 
 
   
 
 
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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 .
  
 
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   Mael Leboucher 
 
 
 
 Trustindex verifies that the original source of the review is Google. We worked with a few different accountants before finally settling with Accotax, and we’re really glad we did. Their team is great. Abdul is responsive and easy to reach whenever I have a question, which makes a big difference. They take the time to understand how our business works and what our needs are. They are very knowledgeable, and when they don’t have the answer straight away, they take the time to look into it and get back to us quickly. Anum, who looks after our account on a day-to-day basis, including reconciling invoices and preparing the annual accounts, is amazing. She is professional, efficient, and follows the processes we have put in place together. She's also very quickin getting back to us whenever needed. We’re very happy to work with her and hope to continue doing so for as long as possible. Overall, Accotax has made our accounting experience much smoother and easier. We see them as a long-term partner as our business continues to grow. I would 100% recommend them.
  
 
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 Trustindex verifies that the original source of the review is Google. Imran provides a very dependable and straightforward accounting service. He is always responsive and professional when managing our accounts. Excellent support.
  
 
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   Martin Tyrrell 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have really impressed to date with all dealings with Accotax highly enough. From day one, they've made what can often be a complicated and stressful part of running a business feel straightforward and hassle-free. A special mention has to go to Anum, who has been friendly, incredibly responsive, and genuinely cares about providing the best possible service. No question is ever too much trouble, and she consistently goes above and beyond to make sure everything is dealt with efficiently. I wouldn't hesitate to recommend you to anyone looking for an accountant they can genuinely trust.
  
 
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   Matthew Lyon 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great speedy service and very personable. Anum dealt with my income certificate and did everything quickly and helped me out massively. Very happy with the service provided.

─── FRS 105 EXPLAINED

FRS 105 Explained: The Reporting Framework for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In plain terms, it is the simplest set of accounting rules available to very small companies, sitting alongside the UK micro-entities regime that sets out which companies may use it. When a qualifying company chooses to apply the micro-entities regime, FRS 105 is the standard its financial statements are prepared under. That usually means a straightforward balance sheet, a profit and loss account and a small number of supporting notes, with fewer disclosure requirements than a company would face under FRS 102. Because the regime is deliberately streamlined, certain accounting options available to larger companies are generally not available, and the accounts are expected to be prepared on a consistent, prudent basis. For a company in Launceston weighing up how to present its results, understanding FRS 105 helps clarify what the finished FRS 105 financial statements will look like and why they differ from accounts prepared under a fuller framework.

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

FRS 105 is intended for UK companies that qualify for the micro-entities regime and choose to apply it — it is not available to every small company simply because it is small, and it is not a regime that applies automatically. 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. Those tests are the starting point, not the whole picture. Other eligibility rules and exclusions can also apply, and some companies that meet the size conditions are nonetheless prevented from using the regime or may be required to use a different framework. Because of that, the sensible approach is to review your company’s turnover, balance sheet position and employee numbers alongside its ownership, structure and any special circumstances, and then confirm whether applying the micro-entities regime is both possible and appropriate. Companies in Launceston considering FRS 105 Micro Entity Accounts can have that assessment carried out before any accounts are prepared.

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 and Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts is not simply a case of entering two totals on a form. It starts with your company’s financial records — bookkeeping, bank transactions, sales and purchase data, payroll information and any asset or liability balances — and builds those into financial statements that are presented in line with FRS 105 and the micro-entities regime where that regime has been chosen. Professional preparation focuses on getting the detail right: making sure income and costs are recognised in the correct period, that debtors, creditors and any fixed assets are stated sensibly, and that the notes are complete for the disclosures the framework requires. It also keeps the two distinct obligations separate. Preparing and filing the accounts with Companies House is one process; meeting your Corporation Tax obligations is another, with the CT600 being a separate filing made to HMRC. Working with an accountant helps you approach both with a clearer understanding of what is being submitted, to whom, and on what basis.

ICAEW

ACCA

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Talk to Us About Your FRS 105 Micro Entity Accounts in Launceston

If you are considering FRS 105 Micro Entity Accounts for your company in Launceston, the most useful next step is a straightforward conversation. We can talk through how your company operates, who owns and manages it, and whether the micro-entities regime looks like an appropriate fit given your size and structure. To assess your circumstances properly, it helps to have your latest records to hand — bookkeeping or transaction listings, bank statements, details of any assets and liabilities, payroll information and your previous year’s accounts if you have them. From there we can explain how your FRS 105 financial statements would be prepared, what will be required from you, and how the accounts sit alongside your separate Corporation Tax and Confirmation Statement responsibilities. Get in touch to discuss your requirements and the options available to your company.

─── 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 is designed to be the most streamlined set of accounting rules available to very small companies, with a simple balance sheet and profit and loss account format and a limited number of disclosure notes. It is not a tax rule and it is not a filing service — it is the accounting framework that governs how a qualifying company's micro-entity financial statements are prepared when the micro-entities regime is applied.

Who can use FRS 105?

FRS 105 is intended for companies that both qualify for the UK micro-entities regime and choose to apply it. Qualifying depends on meeting the relevant size conditions and on not falling within any of the rules or exclusions that prevent a company from using the regime. Meeting the size conditions alone does not guarantee that the regime is available to a particular company, and applying it remains a choice rather than an obligation. It is worth checking your company's specific position before assuming FRS 105 applies.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime for qualifying companies, not a mandatory one. A company that qualifies can choose to apply it, which means preparing its financial statements under FRS 105, or it can prepare accounts under a fuller framework such as FRS 102. Some companies choose FRS 102 because they want to present more detail, use accounting options that FRS 105 does not permit, or because a lender, investor or group parent expects a fuller set of accounts. The decision should reflect your circumstances rather than convenience alone.

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. These are the conditions to work from for those periods. Other eligibility rules and exclusions can still apply on top of the size tests, so meeting two of the three conditions does not automatically mean a company can use the regime.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they sit at different levels of complexity. FRS 105 is the micro-entities standard: it produces shorter, simpler accounts with minimal notes and does not offer certain accounting choices, such as the revaluation or fair value options that exist elsewhere. FRS 102 is the broader standard used by many small and medium-sized companies, and it requires more disclosure and allows more accounting options. Choosing between them is essentially a choice between the simplest possible presentation and a fuller one.

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

Yes — for a company that is within the scope of the filing requirement, the annual accounts are filed at Companies House, and where the micro-entities regime has been applied, those accounts are the FRS 105 financial statements. Filing the accounts is a separate exercise from preparing them internally, and the version filed must be consistent with the accounts that have been prepared and, where relevant, approved by the company. Filing accounts at Companies House does not mean the accounts have been reviewed, approved or endorsed by Companies House.

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

Yes, they are two different things. FRS 105 accounts are the company's financial statements, prepared under the accounting framework and generally filed at Companies House. A CT600 is a Corporation Tax Return submitted to HMRC, dealing with the company's tax position rather than its financial reporting. The figures in the accounts often inform the tax return, but the two serve different purposes, go to different bodies and are prepared on different bases. Keeping that distinction clear helps avoid confusion about what has been filed and where.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 in its first accounting period if it qualifies for the micro-entities regime and chooses to apply it, but there is nothing automatic about it. A first-year company has no prior-period history to rely on, so eligibility is assessed on the figures for that period together with any other applicable rules and exclusions. It is also worth thinking about whether the micro-entities regime will still suit the company as it grows, since the framework you start with shapes how your early accounts are presented.