─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Shepton Mallet

FRS 105 Micro Entity Accounts in Shepton Mallet are prepared under the UK financial reporting framework designed for qualifying micro-entities that choose to apply the micro-entities regime. FRS 105 is the standard that applies when a company qualifies for that regime and decides to use it, allowing accounts to be prepared on a simplified basis with reduced disclosure requirements. Professional preparation can help ensure your figures are presented appropriately for your company’s own circumstances, that the accounts are consistent with the underlying accounting records, and that the format reflects the rules and presentation requirements that apply to your reporting period. Because eligibility depends on more than simply being a small company, and because other conditions and exclusions can affect whether the regime is available, it is worth reviewing your position before the accounts are finalised. Working with an experienced preparer means your FRS 105 Micro Entity Accounts are considered in the context of your wider filing obligations, including the accounts you deliver to Companies House and your separate Corporation Tax responsibilities.

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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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 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 
 
 
 
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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime and Your Financial Statements

FRS 105 is the financial reporting standard that UK micro-entities use when they prepare accounts under the micro-entities regime. In simple terms, it is a simplified accounting framework: instead of applying the more detailed measurement and disclosure requirements found in other standards, a qualifying company can prepare a shorter, more straightforward set of financial statements. The micro-entities regime is an available accounting regime rather than an automatic one — a company that qualifies can choose to apply it, and FRS 105 then applies when that choice is made. Typical FRS 105 financial statements include a balance sheet and notes, prepared on a largely historical cost basis, with far fewer disclosures than larger companies would provide. For directors in Shepton Mallet running a small limited company, this matters because the reporting framework you use shapes what appears in your accounts, how much detail is disclosed, and how your results are presented to Companies House. Understanding whether FRS 105 is right for your company is therefore a practical decision, not just a technical one.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and that choose to apply it when preparing their accounts. 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. Alongside those size conditions, other eligibility rules and exclusions can apply, and some companies are prevented from using the regime regardless of their size — for example, where their legal form or activities fall outside what the micro-entities regime permits. This means the thresholds are a starting point for the assessment, not a guarantee. Directors of companies in Shepton Mallet should also remember that the regime is optional: qualifying is one question, and choosing to apply it is another. If your company is close to a threshold, or if your circumstances have changed since the last period, it is worth checking your position before the accounts are prepared so the framework used is appropriate.

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 in Shepton Mallet

Preparing FRS 105 Micro Entity Accounts starts with your company’s financial records — sales and purchase information, bank and cash records, payroll data, asset purchases, loans and any stock or work in progress. From those records we can build a set of financial statements that reflects the transactions and balances for the period and applies the presentation and disclosure requirements relevant to the micro-entities regime where your company qualifies and has chosen to use it. It is important to separate the different jobs involved. Preparing the financial statements is one task; delivering annual accounts to Companies House is a separate filing obligation arising from company law; and Corporation Tax, including the CT600 Corporation Tax Return submitted to HMRC, is a distinct matter with its own rules and deadlines. FRS 105 Micro Entity Accounts can inform the figures used for tax purposes, but the accounts themselves are not the tax return. We work carefully through your records so the accounts are prepared on a consistent, well-supported basis, while recognising that responsibility for the accuracy of the underlying records and for the final filings rests with the company and its directors.

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Let's Talk About Your FRS 105 Micro Entity Accounts in Shepton Mallet

If your company may qualify for the micro-entities regime and you would like your FRS 105 Micro Entity Accounts prepared with care, the next step is a straightforward conversation. Tell us about your company — its trading activity, the accounting period in question, what you believe your turnover, balance sheet total and average employee numbers are, and whether you have applied the micro-entities regime before. Share your accounting records, and let us know what else you are dealing with, such as your Companies House accounts filing or your Corporation Tax Return, so we can see the full picture. From there we can explain how your FRS 105 Micro Entity Accounts would be approached, what information we need from you, and what options are available for companies in or around Shepton Mallet. Get in touch to discuss your requirements 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 such companies recognise and measure items in their financial statements and what they need to disclose. It is deliberately simpler than the standards used by larger companies: there is no revaluation or fair value accounting, and the disclosure requirements are significantly reduced, which keeps the accounts shorter and more straightforward.

Who can use FRS 105?

FRS 105 is available to companies that qualify as micro-entities under UK company law and that choose to apply the micro-entities regime. Qualifying is a two-part test: the company must meet the size conditions, and it must not fall within any of the rules or exclusions that prevent micro-entity treatment. Meeting the size criteria does not automatically mean the regime applies — it is a choice, and the choice must be a valid one for your company's circumstances.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A qualifying company can instead prepare its accounts under the small company provisions, for example using Section 1A of FRS 102. There can be good reasons to prefer one framework over the other, and the choice affects how much detail appears in the accounts and how certain items are measured.

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 these 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. These are the size conditions, but they are not the whole picture — other rules and exclusions can apply, and in some cases a company meeting the size tests may still be unable to use the regime.

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 is the streamlined micro-entities framework, built around a cost-based approach with minimal disclosure. FRS 102 is broader, and its small company provisions — often referred to as Section 1A — allow more accounting options and require more disclosure than FRS 105. Which framework is used can change the amounts reported and the notes that accompany them, so it is worth considering carefully rather than defaulting.

Do FRS 105 Micro Entity Accounts need to be filed with Companies House?

Where a company is required to deliver annual accounts to Companies House, those accounts must be filed — and micro-entity accounts prepared under FRS 105 can be delivered in that way. The filing obligation comes from company law rather than from the standard itself, so it applies whether you prepare accounts under FRS 105 or another framework. Filing accounts with Companies House is a separate exercise from submitting a Corporation Tax Return to HMRC.

Is a Corporation Tax Return (CT600) separate from FRS 105 Micro Entity Accounts?

Yes, they are distinct. FRS 105 Micro Entity Accounts are financial statements prepared for reporting purposes and, where required, delivered to Companies House. The CT600 is a Corporation Tax Return submitted to HMRC to report taxable profits and calculate the tax due. The two documents are usually based on similar figures, and your accounts often provide the starting point for the tax computation, but they serve different purposes and are governed by different rules.

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

In most cases we will ask for your bookkeeping or accounting records for the period, bank and cash statements, details of sales and purchases, payroll information, records of any assets bought or sold, loan and finance agreements, stock or work in progress details where relevant, and the previous year's accounts for comparison. If your records are incomplete or you use accounting software, we can discuss the most practical way to pull the information together so the accounts reflect what has actually happened in the business.