─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Limavady: Clear Reporting for Qualifying Companies

FRS 105 Micro Entity Accounts provide the financial reporting framework for qualifying micro-entities that choose to apply the UK micro-entities regime. For a company in Limavady, this means the accounts can be prepared in line with the simpler recognition, measurement and disclosure requirements of FRS 105, rather than the fuller requirements of a larger reporting framework. Professional preparation helps ensure the figures are built from the company’s records, presented appropriately for its circumstances, and supported by the information needed for the statutory accounts. It does not mean every small company automatically qualifies for FRS 105; eligibility depends on the company meeting the relevant micro-entity conditions and choosing to use the regime.

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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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   3rd Hub 
 
 
 
 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 Micro-Entities Regime and Your Limavady Company

In plain terms, FRS 105 is the UK financial reporting standard used for micro-entity accounts when a qualifying company chooses the micro-entities regime. It sets out how the financial statements should be put together, including what is included in the balance sheet and profit and loss account, and it generally involves fewer disclosures and simpler measurement rules than FRS 102. FRS 105 is not a tax return and it is not the same as a Confirmation Statement. It applies where the micro-entities regime is chosen, so a company must first confirm that it qualifies and then decide whether this framework suits its circumstances. For business owners in Limavady, understanding FRS 105 Micro Entity Accounts can make annual reporting feel much more manageable.

Who Can Use FRS 105 in the UK? FRS 105 Micro Entity Accounts in Limavady Explained

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 the 3 applicable size conditions: turnover of no more than £1 million, balance sheet total of no more than £500,000, and an average of no more than 10 employees. These conditions are subject to the relevant rules and exclusions, and some companies may be excluded regardless of size. Meeting the size thresholds alone does not always guarantee eligibility, so a Limavady company should assess its position carefully before preparing FRS 105 Micro Entity Accounts. The regime is optional for qualifying companies, and FRS 105 applies when that choice is made.

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 in Limavady

Professionally prepared FRS 105 Micro Entity Accounts are based on the company’s financial records and the reporting requirements that apply to it. The work typically involves reviewing bookkeeping, checking the balance sheet and profit and loss figures, and preparing financial statements that reflect the company’s transactions for the period. Where the company is required to file annual accounts, those FRS 105 accounts may then be filed with Companies House as part of its statutory filing obligations. This is separate from Corporation Tax: a CT600 is submitted to HMRC, and the tax calculation can differ from the accounting profit shown in the accounts. The focus is accurate financial reporting and appropriate preparation, not a promise of automatic acceptance, regulatory approval or a particular tax outcome.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Limavady

If you need support with FRS 105 Micro Entity Accounts in Limavady, the next step is to discuss your circumstances with an accountant who understands the micro-entities regime. You can provide details of your company’s trading period, bookkeeping records, balance sheet information, employee numbers and any previous accounts, so your eligibility and reporting needs can be assessed. Whether you are preparing accounts for the first time or moving to FRS 105, clear advice can help you understand what is required before you file. Get in touch to talk through your FRS 105 Micro Entity Accounts requirements.

─── 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 a UK financial reporting standard for micro-entity accounts. It applies when a qualifying company chooses to use the micro-entities regime, and it sets out simpler accounting and disclosure requirements for the financial statements. It is an accounting framework, not a Corporation Tax return or a Confirmation Statement.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities under the relevant UK rules and 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 size conditions: turnover of no more than £1 million, balance sheet total of no more than £500,000, and an average of no more than 10 employees. Other eligibility rules and exclusions can still apply, so meeting these size conditions does not by itself guarantee that FRS 105 can be used.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime for qualifying companies, and FRS 105 applies when that regime is chosen. A company that qualifies may still use another applicable framework if that is appropriate. The decision should be based on eligibility and the company’s reporting needs.

What is the difference between FRS 105 and FRS 102?

FRS 105 is designed specifically for micro-entities and generally allows simpler measurement and fewer disclosures. FRS 102 is a broader UK accounting standard used by many companies that do not apply the micro-entities regime, and it typically involves more detailed recognition, measurement and disclosure requirements. A company should use the framework that matches its eligibility and circumstances.

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

Where a company is required to prepare and file annual accounts, FRS 105 Micro Entity Accounts form the basis of its statutory accounts. Those accounts are generally filed with Companies House as part of the company’s filing obligations. Filing with Companies House is separate from filing a Corporation Tax Return with HMRC, and separate from a Confirmation Statement.

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

Yes. FRS 105 accounts are financial statements prepared under the micro-entities regime. A CT600 is a Corporation Tax Return submitted to HMRC to report the company’s taxable profits and tax position. The starting point is often the accounts, but tax adjustments can mean the taxable figure differs from the accounting profit.

Can a new limited company use FRS 105?

A new limited company may be able to use FRS 105 if it qualifies as a micro-entity and chooses the micro-entities regime. Its first accounting period may need particular attention because the size conditions and available reliefs can depend on the period and the company’s circumstances. It is sensible to check eligibility before preparing the accounts.

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

Typical information includes bookkeeping records, bank statements, sales and purchase invoices, expense receipts, payroll details, loan or finance agreements, asset purchases, stock or work-in-progress records, and any previous accounts. These records help build the profit and loss account and balance sheet for the period. If a CT600 is also required, separate tax information may be needed for that submission.