─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Ottery St Mary

If your company is based in or around Ottery St Mary and you are weighing up how to prepare your annual accounts, FRS 105 Micro Entity Accounts may be the right fit — provided your company qualifies for the micro-entities regime and you choose to apply it. FRS 105 is the financial reporting framework that sits behind the micro-entities regime, giving qualifying companies a simpler basis for preparing statutory financial statements than the fuller standards used by larger businesses. Professional preparation helps ensure your accounts are put together appropriately for your company’s own circumstances, reflecting the transactions and balances actually recorded in your books rather than a generic template. It also helps you keep the accounts themselves clearly separated from your other obligations, such as your Corporation Tax Return and your Confirmation Statement. Whether FRS 105 Micro Entity Accounts are suitable for your Ottery St Mary company depends on your size, your structure and any exclusions that may apply, so it is worth discussing your position before you decide.

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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 in Plain English

FRS 105 is the UK financial reporting standard written specifically for the micro-entities regime. In simple terms, it is the rulebook a qualifying company follows when it prepares its annual accounts on the simplest available basis. It is deliberately streamlined: the accounts are generally prepared on a historical cost basis, there is no fair value accounting for most items, and the disclosure requirements are far lighter than those under the standards used by small and larger companies. The important point is that the micro-entities regime is a choice, not an automatic label. A company that qualifies for it can decide to apply it, and when it does, FRS 105 is the standard that applies to those financial statements. If a company qualifies but prefers a different framework, it can generally use another available regime instead. FRS 105 accounts are statutory accounts — they are about reporting your company’s financial position and performance, not about calculating your Corporation Tax bill, which is handled separately through a CT600. For directors of Ottery St Mary companies, understanding this distinction early makes the whole year-end process far less confusing.

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

FRS 105 is intended for UK companies that qualify for the micro-entities regime and then choose to apply it. Qualification starts with the size tests. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 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. However, size alone is not the whole story. Other eligibility rules and exclusions can apply, and some entities are kept outside the micro-entities regime regardless of how small they are. There are also practical considerations: a company may qualify and still decide that FRS 105 is not the best fit if lenders, investors or group requirements call for more detailed accounts. For directors of Ottery St Mary companies, the sensible approach is to confirm eligibility against the current rules for your specific accounting period and then look at whether applying the regime suits your circumstances — rather than assuming the micro-entities regime is available to you or that it is the right choice for your business.

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

Preparing FRS 105 Micro Entity Accounts properly means starting from accurate financial records and applying the reporting requirements that are relevant to your company. That includes making sure income and expenditure are recorded in the correct period, that assets and liabilities are recognised on a basis consistent with the micro-entities regime, and that the resulting financial statements are presented and disclosed in line with the standard. Our role is to work through your records — bank transactions, sales and purchase information, payroll details, asset purchases and any loan or lease arrangements — and use them to prepare accounts that reflect your company’s position. We keep the different strands of your compliance clearly separated: the statutory accounts prepared under FRS 105, the filing of those accounts with Companies House, and your separate Corporation Tax obligations reported to HMRC on a CT600. Filing accounts and filing a tax return are not the same exercise, even though both draw on the same underlying figures. If you would like a clearer picture of how your Ottery St Mary company’s accounts would look under the micro-entities regime, we can review your circumstances and explain the options available to you.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts

If you would like help with FRS 105 Micro Entity Accounts for your company, get in touch and tell us a little about your business. It helps if you can share details such as your company’s structure, your approximate turnover and balance sheet position, your average number of employees, what you do, and whether you have already filed accounts before. From there we can assess whether the micro-entities regime looks suitable for your circumstances, explain what is involved in preparing FRS 105 financial statements, and talk you through your separate filing and Corporation Tax obligations. Whether you are preparing accounts for the first time or thinking about changing how your accounts are prepared, we are happy to talk it through and set out clear, transparent pricing options before any work begins.

─── 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 how a qualifying micro-entity recognises, measures and presents the items in its annual financial statements, and it is intentionally the simplest of the UK accounting frameworks. Accounts prepared under FRS 105 are generally based on historical cost, with far fewer disclosures than accounts prepared under FRS 102. It is a reporting framework for statutory accounts, not a tax return.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and choose to apply it. Qualifying is about both size and structure: a company needs to fall within the relevant size limits, and certain types of entity are excluded from the regime altogether. Meeting the size tests does not, on its own, guarantee that a company qualifies. The regime is also optional — a qualifying company may instead prepare its accounts under another available framework.

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 qualifies can choose to apply it and prepare FRS 105 accounts, or it can choose to prepare its accounts under a different framework, such as the small companies regime. The choice often comes down to what the directors want from the accounts and whether any users, lenders or investors need more detail than FRS 105 provides.

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. Those thresholds sit alongside other rules and exclusions, and the conditions must be assessed for the right period. Because the detail matters, it is worth checking your specific position rather than assuming you qualify.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company and produce different levels of detail. FRS 105 is the micro-entities standard: simpler measurement rules and minimal disclosure. FRS 102 is the wider standard used by small and larger entities, and it covers areas FRS 105 does not, such as fair value measurement, deferred tax and considerably more extensive notes. Smaller companies using FRS 102 typically apply the small entities provisions, which are lighter than the full standard but still fuller than FRS 105.

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

Yes. Where a company prepares statutory accounts, those accounts generally need to be delivered to Companies House, and that includes accounts prepared under FRS 105. Filing is a delivery obligation — Companies House does not review your accounts, approve them or endorse the figures you submit, and responsibility for their accuracy rests with the directors. Filing arrangements for small and micro-entity accounts are evolving, so it is sensible to check the current requirements for your filing rather than relying on how things were done a few years ago.

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

Yes, they are two distinct exercises. FRS 105 accounts are the statutory financial statements prepared under the micro-entities regime and filed with Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, and it is prepared on tax rules rather than accounting rules, so adjustments are often needed to move from the accounting profit to the taxable figure. The two documents share information, but they are not interchangeable and neither replaces the other.

What information is needed to prepare FRS 105 accounts?

In practice we need a clear picture of your company's transactions for the period. That usually means bank and credit card statements, sales and purchase records, expense receipts, payroll or contractor information, details of assets bought or sold, any loan, lease or hire purchase agreements, VAT records where relevant, and the previous year's accounts and company details. If your records are incomplete, we can talk through what is missing and what steps are needed to get to a set of accounts that properly reflects your position.