─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts for Companies in Peterhead

FRS 105 Micro Entity Accounts give qualifying companies in Peterhead a simplified way to prepare and present their annual financial statements. FRS 105 is the financial reporting framework that applies when a company qualifies for the UK micro-entities regime and chooses to use it, allowing accounts to be prepared on a straightforward historical cost basis with reduced disclosure requirements. Whether you run a sole-director business in Peterhead or a small family company, the accounts still need to reflect your real trading activity, assets, liabilities and equity accurately and consistently. Professional preparation can help ensure your FRS 105 Micro Entity Accounts are put together appropriately for your company’s circumstances and are consistent with the underlying records you hold. Eligibility is not automatic — a company must meet the micro-entity size conditions and any relevant exclusions before the micro-entities regime can be applied, so the sensible starting point is always a proper review of your position.

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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

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sits alongside the micro-entities regime, which is a set of rules in company law that allows the smallest companies to prepare simpler annual accounts than larger businesses. Put simply, if a company qualifies for the micro-entities regime and chooses to apply it, FRS 105 is the standard used to draw up its financial statements. Those statements normally include a balance sheet, notes and, where relevant, a profit and loss account for the members, and they are prepared on a historical cost basis rather than using revaluations or fair value adjustments. The idea is to keep reporting proportionate for genuinely small businesses while still producing accounts that properly reflect the company’s financial position. Because the regime is optional, a qualifying company can decide whether FRS 105 suits its circumstances or whether a fuller framework would be more appropriate.

Who Can Use FRS 105 in the UK? Companies That Qualify for the Micro-Entities Regime

FRS 105 is intended for companies that qualify for the micro-entities regime under UK company law and then choose to apply it. 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 conditions are the framework rather than the full answer. Other eligibility rules and exclusions apply, and some company types cannot use the micro-entities regime at all, so meeting the size thresholds alone does not guarantee that FRS 105 is available to a business. For companies in Peterhead considering FRS 105 Micro Entity Accounts, the practical step is to look at your figures, your company structure and your reporting needs together, confirm whether the regime applies, and then decide whether applying it gives you the reporting you actually want.

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

Preparing FRS 105 Micro Entity Accounts well starts with your bookkeeping and financial records. Bank transactions, sales and purchase records, payroll information, asset purchases, stock and any loans or director balances all feed into the figures, and the accounts need to be built up from those records rather than estimated. Professional preparation means working through the applicable reporting requirements for the micro-entities regime, applying the correct presentation and disclosure under FRS 105, and checking that the balance sheet agrees with the company’s records. It is worth being clear about the different tasks involved: preparing the financial statements, filing accounts with Companies House, and dealing with Corporation Tax are separate obligations with separate processes. A Corporation Tax Return (CT600) is submitted to HMRC and is not the same thing as the accounts filed at Companies House, even though the figures usually need to reconcile. No one can guarantee an outcome, but careful preparation based on complete and accurate records puts you in the best position to meet your reporting responsibilities.

ICAEW

ACCA

AAT

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

If you are unsure whether your company qualifies for the micro-entities regime, or you simply want your FRS 105 Micro Entity Accounts prepared properly and on time, get in touch and talk through your requirements. We can look at your accounting period, your turnover, balance sheet total and employee numbers, along with any rules or exclusions that might affect eligibility, and explain whether FRS 105 looks like the right fit. To assess your circumstances, it helps to have your latest set of accounts, details of your income and expenses, bank statements, payroll information, asset and loan details, and confirmation of your year end. Bring what you have and we can take it from there — no obligation, just a straightforward conversation about your FRS 105 Micro Entity Accounts.

─── 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 designed for micro-entities. It sets out how qualifying companies should prepare and present their annual financial statements when they choose to apply the micro-entities regime. It is deliberately simpler than the standards used by larger companies: the accounts are prepared on a historical cost basis, revaluations and fair value adjustments are not used, and the disclosure requirements are reduced. In practice, FRS 105 accounts normally consist of a balance sheet with supporting notes, with a profit and loss account prepared for the company's own records and for the members.

Who can use FRS 105 Micro Entity Accounts?

FRS 105 Micro Entity Accounts are available to companies that qualify for the UK micro-entities regime and then choose to apply it. Qualifying is about size, but it is not only about size — certain types of company are excluded from the regime, and the rules around eligibility need to be checked against your specific circumstances. If your company is eligible and you use the regime, FRS 105 is the standard you apply. If you are eligible but prefer a fuller reporting framework, you may use the small companies regime instead.

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 meets the size conditions can choose to apply it, and FRS 105 applies when that choice is made. Some eligible companies prefer to prepare accounts under FRS 102 because it gives a fuller picture or because a lender, investor or group parent wants more detail. The important point is that eligibility and choice are two separate steps: qualifying for the regime does not mean you are automatically reporting under FRS 105.

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 during the period. Meeting two of the three conditions is the starting point rather than the whole test, because other eligibility rules and exclusions can apply — for example, certain company types cannot use the micro-entities regime. Because the detail matters, eligibility is best confirmed by looking at your company's actual figures and legal status.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the financial reporting standard used by a much wider range of UK companies, including many small and medium-sized businesses, and it allows more accounting options and requires more disclosure. FRS 105 is narrower and simpler, aimed squarely at companies using the micro-entities regime. Under FRS 105 you work on a historical cost basis and avoid the more complex fair value and revaluation treatments available elsewhere. The trade-off is that FRS 105 accounts give a more concise picture, which is fine for many micro-entities but may not suit a company that needs to present richer information to a bank, investor or group.

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

Accounts still need to be filed with Companies House where a filing obligation exists, and a company using the micro-entities regime can file micro-entity accounts. Filed micro-entity accounts are typically limited to the balance sheet and related notes, without the profit and loss account or directors' report that would otherwise be included. Filing obligations and the accepted filing methods do change over time, so it is worth confirming the current position for your company before you file. Preparing the accounts and submitting them are two distinct steps, and both need to be handled.

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

Yes, they are separate things. Your FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime, and they are filed with Companies House. A Corporation Tax Return, normally submitted as a CT600, is a tax filing made to HMRC to report the company's taxable profits and calculate the Corporation Tax due. The two are prepared from the same underlying records and usually need to reconcile, but meeting one obligation does not satisfy the other. Both typically need to be dealt with for each accounting period.

Can a new limited company use FRS 105?

A newly incorporated company can use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. New companies often start small, so the size conditions may well be met, but eligibility still depends on the specific rules and any exclusions that apply to the company. It is also worth thinking ahead: as a business grows, turnover, balance sheet total or employee numbers can move past the thresholds, and the applicable framework may need to change. Reviewing this each year, rather than assuming the same basis applies forever, keeps your reporting on a sound footing.