─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Lichfield

FRS 105 Micro Entity Accounts in Lichfield are prepared under the financial reporting framework designed for qualifying micro-entities that choose to apply the UK micro-entities regime. Rather than following the fuller requirements of FRS 102, a qualifying company can prepare simpler financial statements with reduced disclosures, which often suits owner-managed businesses in and around Lichfield. Whether FRS 105 is the right fit depends on the company’s size, its structure, and whether any rules or exclusions prevent it from being treated as a micro-entity — meeting the size tests alone does not automatically guarantee eligibility. Professional preparation helps ensure the accounts are built from accurate financial records, apply the chosen framework consistently, and are presented in a way that reflects the company’s circumstances. It also helps directors keep the accounts, the Companies House filing and their separate Corporation Tax obligations clearly separated, so nothing is overlooked along the way.

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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  
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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 UK Micro-Entities Regime in Simple Terms

FRS 105 is the UK financial reporting standard that sits behind the micro-entities regime — the lightest accounting framework available to qualifying small companies. In plain terms, it sets out how a micro-entity prepares its annual financial statements: what must be included, how items are measured, and what disclosures are required. Compared with fuller frameworks, FRS 105 keeps things straightforward. It works on a cost basis, avoids more complex measurement options such as fair value accounting, and calls for far fewer notes to the accounts, which is why it is often a practical choice for owner-managed companies in Lichfield. The important point is that the micro-entities regime is a choice rather than an obligation: a company must qualify for it, and FRS 105 applies when the directors decide to use that regime. A company that does not qualify, or that prefers a fuller framework, would normally prepare its accounts under a different standard such as FRS 102.

Who Can Use FRS 105 in the UK? Eligibility for Companies in Lichfield

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it — it is not something every small company can simply opt into. 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 during the period. Those figures are a starting point rather than the whole test. The rules also exclude certain entities from the micro-entities regime regardless of their size, and the position can be more involved for companies that form part of a group or that have unusual arrangements. For directors in Lichfield, the practical step is to check both the size conditions and any applicable exclusions before deciding whether FRS 105 is the right framework for the company.

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 in Lichfield

Professionally prepared FRS 105 Micro Entity Accounts start with a clear understanding of your company’s financial records — bank transactions, sales and purchase information, payroll, expense records and any asset or liability details. From there, the figures are organised into a balance sheet and the limited profit and loss information permitted under the micro-entities regime, together with the small number of notes that FRS 105 requires. The aim is financial statements that are accurate, consistent with the framework and appropriate to the company’s circumstances. Preparing the accounts and filing them with Companies House are distinct steps, and both are different again from a company’s Corporation Tax obligations, which are dealt with through a CT600 submitted to HMRC. Keeping these workstreams separate — and making sure the figures agree across them — is where professional support tends to add the most value for directors.

ICAEW

ACCA

AAT

Speak to Us About Your FRS 105 Micro Entity Accounts in Lichfield

If your company may qualify for the micro-entities regime, or you already prepare FRS 105 Micro Entity Accounts and would like them handled properly, get in touch. A short conversation about your circumstances — your company’s size, trading activity, structure and accounting records — is usually enough to establish whether FRS 105 is likely to be a suitable framework and what information will be needed to prepare the accounts. Bring along your latest records, details of any changes in the business, and any questions you have about the accounts, the Companies House filing or your separate Corporation Tax position. Clear, transparent pricing and a practical, jargon-free approach make it easy to see where you stand before you commit.

─── 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 is the simplest of the UK accounting frameworks and covers how a qualifying micro-entity measures items in its financial statements and what it must disclose. In practice, this means a short balance sheet, limited profit and loss information and a small number of notes, rather than the longer set of disclosures you would see under a fuller standard.

Who can use FRS 105?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and choose to apply it. Qualification depends on the company's size against the applicable conditions, and on there being no rule or exclusion that prevents it from being treated as a micro-entity. Because those rules can be detailed, it is worth checking your company's specific position rather than assuming that any small company automatically qualifies.

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 may use it, or it may instead prepare accounts under a fuller framework such as FRS 102. Some directors prefer FRS 105 for its simplicity, while others choose a fuller framework for reasons such as how they want information presented, or expectations from lenders and investors.

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 during the period. Other eligibility rules and exclusions can also apply, so meeting those size conditions on its own does not guarantee that a company can use the micro-entities regime.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a fuller accounting framework with more measurement options and far more disclosure requirements. FRS 105 is the micro-entities standard: it takes a simpler, cost-focused approach, allows fewer accounting policy choices, and requires significantly less information in the notes. FRS 105 therefore produces shorter, more streamlined accounts, while FRS 102 gives a more detailed picture and may be more appropriate for companies with more complex transactions or reporting expectations.

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

Yes. Preparing accounts under FRS 105 changes how the financial statements are prepared and how much disclosure they contain, but it does not remove the requirement to file annual accounts with Companies House where that requirement applies. Depending on the company's circumstances, a company using the micro-entities regime may be able to file a version of the accounts that omits the profit and loss account.

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

Yes, they are separate. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities framework and, where required, filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. The two are connected — the accounts usually form the starting point for the tax computation — but they serve different purposes and go to different bodies.

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

Typically you would provide your accounting records for the period, such as bank statements and reconciliations, sales and purchase summaries, payroll information, expense records, and details of any assets, liabilities, loans or share capital. It also helps to know about any changes during the year, such as new borrowing, asset purchases or a change in trading activity. If anything is missing, we will tell you what is needed so the accounts can be prepared accurately.