─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Newquay — Simple, Accurate Financial Reporting for Qualifying Companies

FRS 105 Micro Entity Accounts are the financial statements prepared under the UK micro-entities regime — the streamlined reporting framework available to companies that qualify as micro-entities and choose to apply it. For many owner-managed businesses in Newquay, the appeal is straightforward: fewer disclosures, a simpler balance sheet and profit and loss account, and financial statements that reflect the day-to-day reality of running a small company without unnecessary complexity. That said, FRS 105 is not a tick-box exercise. Eligibility depends on the company’s size and its circumstances, other rules and exclusions can apply, and the framework restricts certain accounting treatments, so the numbers need to be considered carefully rather than simply carried across from last year. Professional preparation helps you apply the regime appropriately to your company, keeps your records consistent, and means your FRS 105 Micro Entity Accounts are built from accurate bookkeeping and a clear understanding of what your business actually does. We can review your position, explain how the framework applies to you, and prepare accounts that are properly tailored to 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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   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: What the Micro-Entities Regime Means for Your Company

In plain terms, FRS 105 is the financial reporting standard that applies when a qualifying UK company chooses to use the micro-entities regime. It sits within the same family of UK accounting standards as FRS 102, but it is deliberately simpler: it is built around historic cost, keeps disclosure requirements to a minimum, and produces a shorter set of financial statements — typically a balance sheet, a profit and loss account and a small number of notes. Because the accounts are more concise, they are often easier for directors and lenders to read, and less expensive to prepare. The important point is that the micro-entities regime is a choice, not an automatic label. A company must first qualify, and where that regime is used, FRS 105 is the framework that governs the accounts. Once you are applying FRS 105, certain options disappear — for example, revaluing assets or using fair value measurement — so the way your transactions are recorded matters. If you are unsure whether FRS 105 Micro Entity Accounts suit your Newquay company, or whether a fuller framework such as FRS 102 would be more appropriate, we can talk it through with you.

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 will generally need 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 conditions sit alongside other eligibility rules and exclusions, which means meeting the size thresholds alone does not guarantee that the regime is available to your company. Some entities are excluded from the micro-entities regime altogether, and there are circumstances — such as group structures or particular types of activity — where the position needs closer examination. For a Newquay company, the practical question is not simply “are we small enough?” but “does the micro-entities regime apply to us, and is it the right framework for how we report?” If you are weighing up FRS 105 Micro Entity Accounts against a fuller framework, we can review your figures and circumstances and set out clearly where you stand before anything is prepared or filed.

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 properly starts with your underlying records — sales, purchases, bank transactions, payroll, expenses, fixed assets and any loans or director balances — and then applies the recognition and measurement rules of the framework to those figures. In practice, that means agreeing the numbers to your bookkeeping, dealing with accruals, prepayments, stock and depreciation appropriately, and making sure the accounts reflect the company’s circumstances rather than a generic template. We also keep the two distinct filing streams clearly separated. The financial statements themselves are prepared for the company and its members, and where they form the company’s annual accounts they are filed at Companies House. Corporation Tax is a separate matter: a CT600 is submitted to HMRC, and it is based on the company’s taxable profits, which may differ from the accounting profit shown in your FRS 105 Micro Entity Accounts once adjustments such as depreciation and capital allowances are taken into account. Keeping these obligations distinct helps avoid confusion and gives you a clean, consistent set of records for your Newquay company. We cannot promise a particular outcome, but we can make sure your accounts are prepared carefully, from accurate information, with the framework applied as it should be.

ICAEW

ACCA

AAT

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

If you run a small company and want to know whether FRS 105 Micro Entity Accounts are the right fit, the best next step is a straightforward conversation. Tell us about your business — what you do, how you are structured, roughly how you trade and what your current bookkeeping looks like — and we can consider your circumstances in the round. To assess your position we would typically ask for your latest accounts and trial balance, details of any fixed assets, loans, stock or director transactions, and confirmation of your accounting period. From there we can explain how the micro-entities regime may apply, what information we need to prepare the accounts, and whether a fuller reporting framework might be more suitable. Whether you are newly incorporated, changing accountants, or simply want your existing FRS 105 Micro Entity Accounts reviewed and prepared with more care, get in touch and we will take it from there.

─── 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 entities applying the micro-entities regime. It sets out how a qualifying micro-entity recognises, measures and presents items in its financial statements, and it is considerably shorter and simpler than FRS 102. It works on a historic cost basis, requires far fewer disclosures, and results in a compact set of accounts. It is a reporting framework — it is not a tax return and it does not determine how much Corporation Tax your company pays.

Is FRS 105 compulsory for every micro-entity?

No. Qualifying for the micro-entities regime and choosing to apply it are two separate things. The regime is available to companies that meet the eligibility conditions, but a company that qualifies may instead prepare accounts under a fuller framework such as FRS 102, and there are situations where that is the more sensible route — for example where a lender, investor or group requires more detailed disclosure. FRS 105 applies when the micro-entities regime is the regime you have chosen to use.

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 following 3 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. Meeting those size conditions is not the whole story. Additional eligibility rules and exclusions apply, and some companies are prevented from using the micro-entities regime regardless of their size, so eligibility should always be checked against your company's specific circumstances rather than assumed.

What is the difference between FRS 105 and FRS 102?

Both are UK accounting standards, but they differ in depth. FRS 102 is a fuller framework: there are more recognition and measurement options, more disclosures, and greater scope for treatments such as revaluation and fair value measurement. FRS 105 is the micro-entity standard and is deliberately pared back — cost-based measurement, minimal notes and a much shorter set of financial statements. FRS 105 is generally quicker and less costly to prepare, but it offers less flexibility, which is why the choice should be made with your actual reporting needs in mind.

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

Where the FRS 105 accounts form the company's annual accounts, they are filed at Companies House as part of the company's statutory filing obligations. This filing is separate from your Corporation Tax Return and also separate from your Confirmation Statement, which is a different requirement covering company details such as directors, shareholders and registered office. Filing the wrong document, or assuming one covers the other, is a common source of avoidable problems.

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

Yes, they are entirely separate. Your FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime. A CT600 is the Corporation Tax Return submitted to HMRC and is based on your taxable profits, which are calculated by adjusting your accounting profit — for example for depreciation, capital allowances and disallowable expenses. The accounts inform the tax computation, but the two documents are prepared for different purposes and go to different bodies.

Can a new limited company use FRS 105?

A newly incorporated company can apply the micro-entities regime if it meets the eligibility conditions and chooses to do so, although a first set of accounts can raise practical questions about the accounting period, opening balances and how transactions have been recorded from the start. It is also worth remembering that not every young company is a natural fit — a business expecting rapid growth, outside investment, or more demanding reporting requirements from lenders may be better served by a fuller framework. We are happy to look at your situation and explain the options.

What information is needed to prepare FRS 105 accounts?

In practice we need your bookkeeping or accounting records covering the full period, bank and credit card statements, sales and purchase records, payroll information if you employ staff, details of fixed assets and any additions or disposals, information on stock or work in progress, and a note of any loans, director's loan account movements or hire purchase agreements. If you are switching accountant, your previous year's accounts and trial balance are helpful too. Clear, complete records make the preparation far smoother and reduce the number of queries we need to come back to you with.