─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Ormskirk

FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime, the simplest accounting framework available to qualifying UK companies. FRS 105 is not a one-size-fits-all answer — it applies where a company both qualifies for the micro-entities regime and actively chooses to apply it, and other eligibility rules and exclusions can affect that position. For directors in Ormskirk running a small limited company, the appeal is straightforward: a leaner set of financial statements, simpler measurement and disclosure requirements, and accounts that still need to be prepared accurately and filed correctly. Professional preparation helps you work through the detail properly — confirming whether the regime is appropriate for your circumstances, building the figures from your bookkeeping records, and preparing financial statements that reflect your company’s actual position rather than a generic template. If you are unsure whether FRS 105 Micro Entity Accounts suit your company, the sensible first step is a conversation about your turnover, balance sheet and employee numbers, along with any rules that might rule the regime out.

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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 Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard written specifically for micro-entities. Think of it as the smallest box in the accounting rulebook: where larger companies apply FRS 102 or IFRS, a qualifying micro-entity can instead prepare FRS 105 accounts, which set out how the figures in the financial statements are measured and what must be disclosed. The key point is that FRS 105 and the micro-entities regime come as a pair. A company has to qualify for the micro-entities regime, and then it has to choose to apply it — FRS 105 applies when that choice is made. It is not automatic, and it is not compulsory even for companies that do qualify. In practical terms, FRS 105 financial statements tend to be shorter and more direct, with simpler measurement rules and fewer notes than a full FRS 102 set. What they still contain is the essentials: a balance sheet, a profit and loss account for the period, and the disclosures required under the standard. For many owner-managed companies around Ormskirk, that means clearer, more affordable financial reporting that still gives HMRC, lenders and anyone else reading the accounts a true picture of 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 — both parts matter. A company qualifies by meeting the relevant size conditions, and for accounting periods beginning on or after 6 April 2025 it generally needs to meet at least 2 of 3 applicable 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. Meeting those conditions, however, is not the end of the story. Other eligibility rules and exclusions can apply depending on what the company does and how it is structured, so the size test on its own should never be treated as a guarantee that the micro-entities regime is available. On top of that, qualifying does not oblige anyone to use FRS 105 — it remains a choice, and some companies prefer the additional detail that a different framework provides. If you run a small company in or around Ormskirk and want to know where you stand on FRS 105 Micro Entity Accounts, the practical answer is to look at your own numbers and circumstances rather than assume, because eligibility can shift as a business grows or changes shape during the year.

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 for Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts is about accuracy and consistency, not shortcuts. We work from your company’s financial records — bank and bookkeeping data, sales and purchase information, payroll, asset details and any relevant agreements — and prepare FRS 105 financial statements that reflect the company’s circumstances and the reporting requirements that apply to it. That means checking the figures reconcile, applying the measurement rules in the standard correctly, and making sure the disclosures included are the ones that belong in a micro-entity set. We also keep two things firmly separate in the process: the preparation of the financial statements and the filing of those accounts with Companies House on the one hand, and your Corporation Tax obligations on the other. A CT600 is a separate Corporation Tax return submitted to HMRC and is not the same thing as FRS 105 accounts, even though the figures need to line up sensibly. A Confirmation Statement is separate again. If your circumstances change during the year — a growth in turnover, a new employee, a shift in the balance sheet — we will flag it, because eligibility for the micro-entities regime is something to be reviewed rather than assumed year after year.

ICAEW

ACCA

AAT

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

Whether you are setting up a new company, switching from a different reporting framework, or simply want your FRS 105 Micro Entity Accounts prepared properly this year, we are happy to help. Get in touch with a few basics to hand — your company details, the accounting period you need covered, and some indication of your turnover, balance sheet total and employee numbers — and we can discuss whether the micro-entities regime looks appropriate for your company and what would be involved in preparing the accounts. There is no obligation and no pressure; we will explain the options clearly, including what happens if FRS 105 turns out not to be the right fit. Reach out to Micro Entity Accounts and start the conversation about your FRS 105 Micro Entity Accounts in Ormskirk.

─── 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 sets out the measurement rules and disclosure requirements for their financial statements, and it is designed to be the simplest framework available under UK GAAP. In practice, FRS 105 accounts are usually shorter and less detailed than accounts prepared under FRS 102, but they still need to be prepared accurately and to reflect the company's real financial position.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and then choose to apply it. Qualifying is not the same as being required — a company that meets the size conditions can still decide to prepare accounts under a different framework. It is also worth remembering that the size conditions are not the whole test, as certain rules and exclusions can prevent a company from using the regime even where it looks small enough on the numbers.

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 to qualify for the micro-entities regime: 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. Other eligibility rules and exclusions can still apply, so meeting two of the three conditions does not automatically guarantee that a company can, or should, use the regime. It is always worth checking the full position for your own company.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework, not a mandatory one. A company that qualifies can choose to apply it and prepare FRS 105 financial statements, or it can prepare accounts under another framework instead. The choice often comes down to what the accounts are used for, whether lenders or investors want more detail, and how the company's transactions are structured.

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 applies to qualifying micro-entities that choose that regime and is the lighter framework, with simpler measurement rules and fewer disclosure requirements. FRS 102 is used by a much wider range of companies and generally involves more detailed accounting treatments and fuller notes. For a company right on the edge of the size conditions, the difference in preparation work can be noticeable.

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

Yes — preparing accounts under FRS 105 does not remove the need to file them. A company that applies the micro-entities regime still files its accounts with Companies House, although the accounts filed may be simpler than a full set. Filing accounts with Companies House is separate from dealing with Corporation Tax, so it is worth keeping both in view rather than treating them as one exercise. The rules around what has to be filed have been changing, so it is sensible to check the current position for your accounting period.

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

They are separate things. FRS 105 accounts are financial statements prepared under the micro-entities regime, while a CT600 is a Corporation Tax return submitted to HMRC. The accounts and the tax return need to tell a consistent story, but one does not replace the other, and they are filed with different bodies. A Confirmation Statement is separate again and covers different information entirely.

Can a new limited company use FRS 105?

A newly incorporated company can use the micro-entities regime if it qualifies and chooses to. In the first period, working out whether it qualifies involves looking at the company's own figures — and where a company has a short first accounting period, the assessment needs a little care. It is also worth thinking ahead: if the business is likely to grow quickly, a framework that fits now may not fit in two or three years, and switching later is possible but worth planning for.

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

Broadly, we need your company's financial records for the period — bookkeeping or accounting software data, bank statements and reconciliations, sales and purchase records, payroll information, details of any assets, loans or agreements, and the previous year's accounts if there are any. It also helps to know your approximate turnover, balance sheet total and average employee numbers, since these feed into the eligibility position. The more complete and organised the records, the smoother the preparation tends to be.