─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Loughborough — Prepared for Qualifying Micro-Entities

If your company qualifies for the UK micro-entities regime and you have chosen to apply it, FRS 105 Micro Entity Accounts provide the financial reporting framework you will use. FRS 105 is the standard that applies when a qualifying company adopts the micro-entities regime, and it allows for simpler, more concise financial statements than the larger reporting frameworks. For directors in Loughborough, the practical value lies in getting those accounts prepared properly — with the figures drawn accurately from your bookkeeping, the disclosures kept appropriate to the regime, and the presentation consistent with what the micro-entities regime expects. Professional preparation helps ensure your FRS 105 Micro Entity Accounts reflect your company’s actual circumstances, that the accounting policies applied are suitable, and that the resulting financial statements are ready for the relevant filing. It is worth being clear that eligibility is not automatic: meeting the size conditions is one part of the picture, and other rules and exclusions can affect whether the regime is available to you. A short conversation about your turnover, balance sheet and headcount is usually the quickest way to establish where you stand.

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FRS 105 Micro-Entity Accounts

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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.

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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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 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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 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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 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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 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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─── FRS 105 EXPLAINED

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

FRS 105 is a UK financial reporting standard designed specifically for companies that qualify for the micro-entities regime and decide to use it. In plain terms, it is the rulebook that sets out how a qualifying micro-entity prepares its annual financial statements — what goes on the balance sheet, what goes on the profit and loss account, and what limited notes are needed alongside them. The micro-entities regime itself is a simplified accounting framework available to the smallest companies in the UK; FRS 105 is the standard you apply when that regime is chosen. Because the regime is designed to reduce complexity, FRS 105 financial statements tend to be shorter and more straightforward than accounts prepared under FRS 102, with a more restricted set of disclosures. That said, choosing the micro-entities regime is a decision, not an inevitability — a company that qualifies may still prefer a fuller reporting framework for its own reasons, and some companies will not qualify at all because of their size, their legal structure, or specific rules and exclusions. For directors in Loughborough weighing up their options, understanding FRS 105 alongside the alternatives makes it much easier to decide which framework genuinely suits the business.

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. If your company qualifies and the regime is adopted, FRS 105 Micro Entity Accounts become the reporting framework for your annual financial statements. The size conditions are the starting point. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 3 applicable conditions, which are 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. Because the test is based on meeting at least 2 of the 3, a company can sometimes fall within the regime without satisfying every single condition — for instance, by staying under the balance sheet and employee limits while sitting above the turnover figure. That is only part of the story, however. The micro-entities regime sits alongside other eligibility rules and exclusions, and certain companies may be excluded regardless of size. Size conditions also need to be assessed consistently across the relevant period rather than looked at in isolation. For directors in Loughborough, the safe approach is to treat the thresholds as a guide and then confirm whether your company qualifies and whether applying the regime genuinely suits its circumstances before the 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 Accounts and Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts is not simply a matter of dropping your bookkeeping figures into a template. The accounts need to be built from your financial records and presented in line with the applicable reporting requirements for the micro-entities regime — the right format, the right accounting policies for your circumstances, and notes that are consistent with the framework chosen. We work from the records you provide, including your sales and purchase information, bank statements, payroll details, asset purchases and any loans or director balances, and use those to produce financial statements that reflect the company’s position as recorded in the books. Two separate obligations sit alongside this. The first is filing the accounts with Companies House, which is the statutory filing of your financial statements. The second is your Corporation Tax position, which is dealt with through a separate Corporation Tax Return (CT600) submitted to HMRC. FRS 105 Micro Entity Accounts and the CT600 are distinct filings with different purposes and different submission routes, even though they draw on the same underlying records. Being clear about that distinction helps Loughborough directors plan their year-end properly and avoid confusion about what is being sent where, and to whom.

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Need Help With Your FRS 105 Micro Entity Accounts in Loughborough?

If you would like support with your FRS 105 Micro Entity Accounts, the best next step is a straightforward conversation about your company. Tell us about your trading activity, your approximate turnover, your balance sheet position and how many people you employ, and we can talk through whether the micro-entities regime looks like a sensible fit for your circumstances. It also helps to know how your records are kept — whether you use accounting software, spreadsheets or a paper-based system — and whether you are also looking for help with your Corporation Tax Return (CT600), your Confirmation Statement, or both. From there, we can set out what we need from you, explain how the work will be handled, and give you clear, transparent pricing before anything begins. Get in touch with our team to discuss your FRS 105 Micro Entity Accounts requirements in Loughborough.

─── 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 companies that qualify for the micro-entities regime and choose to apply it. It sets out the format and content of the financial statements those companies prepare, including a simplified balance sheet, a profit and loss account, and a limited set of notes. It is deliberately more concise than the fuller reporting frameworks, which is why it is popular with the smallest companies.

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 is based on size conditions together with a range of other rules and exclusions that can depend on the company's structure, activities and circumstances. Meeting the size thresholds on their own does not automatically mean a company can — or should — use the micro-entities regime, so it is worth reviewing your position rather than assuming.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one. A company that qualifies may choose to apply it and therefore prepare FRS 105 Micro Entity Accounts, but it is equally entitled to prepare its accounts under a fuller framework such as FRS 102 if that better suits its reporting needs — for example where a lender, investor or group parent wants more detail.

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 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. These are size tests only — other eligibility rules and exclusions can still affect whether the micro-entities regime is available, so the criteria should be applied to your specific circumstances rather than treated as a simple checklist.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they serve different sizes of company. FRS 105 is the micro-entities standard and produces shorter, simpler financial statements with fewer disclosure requirements. FRS 102 is a broader standard used by small and larger entities, and it generally requires more detailed accounting, more measurement work and more extensive notes. Choosing between them is about which framework fits your company and its reporting obligations.

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

Preparing FRS 105 Micro Entity Accounts and filing them with Companies House are two parts of the same process, but they are distinct steps. Once the financial statements have been prepared, the accounts are filed at Companies House in the required format by the applicable deadline. Filing the accounts is separate from your Corporation Tax obligations, which are handled through a Corporation Tax Return (CT600) submitted to HMRC.

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

Yes. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities regime and filed at Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. They draw on the same underlying records, but they are different documents, go to different authorities, and follow different rules and deadlines.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. In the first period, size is usually assessed on the figures for that period rather than on a prior-year comparison, so a small start-up may well fall within the thresholds. Even so, the wider eligibility rules and exclusions still apply, so it is sensible to confirm the position before preparing the first set of accounts.

What information is needed to prepare FRS 105 accounts?

Typically we need your bookkeeping or accounting records for the period, bank statements and reconciliations, sales and purchase information, payroll details if you employ staff, records of any assets bought or sold, details of loans, and any director's loan account movements. Notes on stock, work in progress or accruals are helpful too. The cleaner and more complete the records, the more straightforward the preparation of your FRS 105 Micro Entity Accounts tends to be.