─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Portsmouth

FRS 105 Micro Entity Accounts are the annual financial statements prepared under the micro-entities regime by companies that qualify for that regime and choose to apply it. FRS 105 provides the financial reporting framework for those accounts, setting out how figures are measured and what needs to be disclosed, using a simpler approach than the frameworks applied by larger companies. For a Portsmouth-based company, professional preparation helps ensure your FRS 105 Micro Entity Accounts are put together appropriately for your circumstances, based on the records you provide and the reporting requirements that apply to you. It is worth being clear from the outset that eligibility is not automatic and that the micro-entities regime is one option among others — so a sensible first step is to look at your company’s size, structure and any exclusions before deciding how to proceed.

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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 simple terms, FRS 105 is the UK financial reporting standard used by companies that apply the micro-entities regime. It is a streamlined framework: assets are generally kept at historical cost, fair value accounting and revaluation are not used, and the amount of note disclosure is much lighter than under the standards applied by larger businesses. That means the resulting FRS 105 financial statements tend to be shorter and more straightforward, while still presenting a true picture of the company’s financial position in line with the regime’s rules. The key point for anyone searching for FRS 105 Micro Entity Accounts in Portsmouth is that the regime is a choice available to qualifying companies — it is not imposed automatically, and FRS 105 only applies once that choice has been made. Where a company qualifies but instead reports under another framework, the accounts will look and read differently. Understanding which framework you are working within affects how your figures are presented, what appears in the notes, and how the accounts compare year on year.

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 — both elements matter. 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. Meeting those size conditions is not the whole story. Other eligibility rules and exclusions apply, some company types cannot use the regime at all, and the position can change if your company grows, restructures or forms part of a group. It is also possible to move in and out of the regime as your circumstances change. For that reason, a Portsmouth company looking at FRS 105 Micro Entity Accounts should treat the size tests as a starting point rather than a guaranteed answer, and check the full picture before the accounts are finalised.

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

Well-prepared FRS 105 Micro Entity Accounts start with reliable records. We work from your bookkeeping, bank statements, sales and purchase information, payroll data and asset details to build a set of financial statements that reflects your company’s position under the micro-entities regime. The preparation of the financial statements and the filing of those accounts with Companies House are dealt with as one part of the process, while your Corporation Tax obligations — including the CT600 submitted to HMRC — are a separate matter that should be considered alongside them. For companies in Portsmouth, this means you get a clear view of what is being prepared, why particular figures appear as they do, and what still needs your attention. We cannot guarantee any particular filing outcome, and Companies House and HMRC do not approve or endorse accounts, but we can make sure the work is carried out carefully, consistently and with reference to the reporting requirements and exclusions that apply to your company.

ICAEW

ACCA

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

If you would like help with your FRS 105 Micro Entity Accounts, get in touch and tell us about your company. It helps to have a short conversation about your trading activity, your accounting period, the records you keep and whether you have already decided to apply the micro-entities regime, so we can assess your circumstances properly and explain the options open to you. We can then set out what information we need from you, how the preparation and filing process works, and what our clear, fixed-fee options look like. There is no obligation to proceed, and no assumption that FRS 105 is right for you simply because your company is small — we will look at the detail before recommending a route.

─── 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 is a simplified framework built around historical cost, with limited measurement options and far fewer disclosure requirements than the standards used by larger companies. Where a company qualifies for the micro-entities regime and chooses to apply it, FRS 105 is the framework its annual accounts must follow, and those accounts normally need to state that they have been prepared on that basis.

Is FRS 105 compulsory for every micro-entity?

No. Qualifying for the micro-entities regime does not force a company to use FRS 105. A qualifying company can generally choose between the micro-entities regime and another suitable framework, such as the small entities regime. However, once a framework has been adopted it should be applied consistently, and switching between frameworks has knock-on effects for comparability and for the notes in your accounts, so the decision is usually best taken with advice rather than by default.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the wider UK and Ireland financial reporting standard used by many small and medium-sized companies, while FRS 105 is the much shorter standard reserved for the micro-entities regime. In practice, FRS 105 restricts measurement to a simpler, largely historical cost basis and removes or reduces many of the disclosures required under FRS 102. For example, revaluation and fair value measurement are not used under FRS 105, and deferred tax is not recognised. The result is a shorter set of accounts, but also less flexibility in how certain items are presented.

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

Yes. A company's annual accounts must be filed with Companies House, and where the accounts have been prepared under FRS 105 they are filed as micro-entity accounts using the appropriate filing option. Currently, the filed version focuses on the balance sheet and related notes rather than the full profit and loss account. That position is subject to change as Companies House continues to overhaul the accounts filing process, so it is worth checking the current requirements for your period. Filing accounts does not mean they have been reviewed or approved by Companies House.

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

Yes, they are separate filings for separate purposes. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime and filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate what tax is due. The tax return often starts from figures in the accounts, but tax adjustments, capital allowances and other reliefs mean the taxable figure will not simply mirror the accounting result, and filing one does not discharge the obligation to file the other.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 if it falls within the micro-entities regime and chooses to apply it. In the first accounting period there is no prior year to compare against, so eligibility is assessed on the figures for that period, with the size conditions generally considered on a basis adjusted for periods that are not a full 12 months. Because the other eligibility rules and exclusions still apply, a new company should not assume it qualifies simply because it is small — it is worth checking before the first set of accounts is prepared.

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

Typically you would provide bank and credit card statements for the period, sales and purchase records or invoices, payroll and pension information, details of any loans or finance agreements, records of assets bought or sold, and any stock or work-in-progress figures. It also helps to include the previous year's accounts, details of any changes in share capital or directors, and confirmation of your accounting period. The more complete and organised your records are, the smoother the preparation process tends to be.

What changes are coming to micro-entity accounts filing?

Companies House has been introducing a programme of reforms under the Economic Crime and Corporate Transparency Act, which includes a shift towards filing accounts using approved software and reduced flexibility around how accounts are submitted. The detail and the timing have been subject to consultation and phased introduction, so the precise requirements can differ depending on when your accounting period falls. If you would rather not track every update yourself, we can confirm what currently applies to your company and prepare your FRS 105 Micro Entity Accounts accordingly.