─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Swansea

FRS 105 provides the financial reporting framework for qualifying UK micro-entities that choose to apply the micro-entities regime, allowing accounts to be prepared in a simplified and more proportionate way. For directors in Swansea running a small limited company, the key questions are usually straightforward: does the company qualify, is the micro-entities regime the right fit, and what will the finished financial statements need to show? Professional preparation of FRS 105 Micro Entity Accounts starts with reviewing your records and understanding how the business actually operates, then applying the framework consistently to your circumstances rather than forcing your figures into a template. Eligibility is not automatic — a company needs to satisfy the relevant size conditions and any other applicable rules before the regime can be used — so it is worth checking the position before accounts are prepared. We work with directors and business owners across Swansea who want their micro-entity accounts prepared accurately, explained clearly, and supported by practical guidance on what happens next.

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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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 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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 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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 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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 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. 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard that applies when a company qualifies for the micro-entities regime and chooses to use it. In simple terms, it is a simplified accounting framework: the financial statements are prepared on a historical cost basis, with fewer recognition and measurement options than larger frameworks and a reduced set of disclosures. The result is a shorter, cleaner set of accounts that still tells an accurate story about the company’s assets, liabilities, profits and losses. It is important to separate two ideas. First, the micro-entities regime is an available accounting regime for companies that meet the relevant conditions. Second, FRS 105 is the standard that applies when that regime is chosen — an eligible company may alternatively apply a different framework, such as FRS 102. FRS 105 Micro Entity Accounts in Swansea are therefore about making a deliberate, informed choice, then preparing the financial statements properly under the rules that choice brings with it.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and choose to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 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 during the period. These size tests are the starting point, not the whole answer. Other eligibility rules and exclusions can apply — for example, certain types of company or entities with particular activities may be outside the regime regardless of their size — so meeting the thresholds alone does not automatically mean a company qualifies. Directors also need to decide whether the regime is the right fit: it is a choice, and an eligible company may prefer a different framework. In practice, the sensible approach for a Swansea company is to check eligibility against the rules for the specific period, consider how the choice affects the information the accounts will contain, and then apply FRS 105 consistently if it is selected. If you are unsure where your company stands, a short conversation is usually enough to clarify the position.

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 is not simply a matter of listing what came in and what went out. The figures in your financial records need to be interpreted and presented under the micro-entities regime, with the balance sheet, any required notes and the prescribed statements set out correctly for a micro-entity. We work from your bookkeeping and supporting documents, ask questions where the information is incomplete or ambiguous, and prepare financial statements that reflect the company’s circumstances. Two separate processes are often confused, so it helps to keep them distinct: preparing and filing the accounts with Companies House under the applicable reporting framework, and dealing with Corporation Tax, which is a separate obligation to HMRC. Where you need both, we can handle the accounts preparation and the tax position as distinct pieces of work, and explain what each one covers. Nothing here should be read as a guarantee of a particular filing outcome or as any form of approval or endorsement by a regulator — it is professional work carried out on the basis of your records and the requirements that apply to your company.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts

If you would like help with FRS 105 Micro Entity Accounts in Swansea, the best starting point is a conversation. Tell us about your company, how it trades, and what you have already filed, and we can look at whether the micro-entities regime is likely to suit you and what would be involved in preparing your accounts. It also helps to have your records to hand — bank statements, sales and purchase information, payroll details, loan or finance agreements, and details of any assets — so we can assess your circumstances properly rather than working from assumptions. We will set out clearly what we need from you, explain the options available, and quote on a transparent basis so you know what you are agreeing to before any work begins. Get in touch to discuss your requirements and take the next step.

─── 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 companies that qualify for, and choose to apply, the micro-entities regime. It sets out how their financial statements should be prepared, allowing a simpler approach based on historical cost with reduced disclosure compared with larger frameworks. The practical effect is a shorter set of accounts that still reports the company's financial position and results accurately for its size and circumstances.

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 may choose to apply FRS 105, or it may instead apply another framework such as FRS 102. The right choice depends on the company's circumstances — for example, whether lenders, investors or other parties expect more detailed information, or whether the business has transactions that the simplified framework cannot accommodate well. Once a framework is chosen, it should be applied consistently and the decision reviewed as the company grows or changes.

What is the difference between FRS 105 and FRS 102?

FRS 105 is the more streamlined framework, designed around the micro-entities regime. It generally keeps measurement simple, restricts certain revaluation and fair value approaches, and requires fewer disclosures, which is why micro-entity accounts tend to be shorter. FRS 102 is a fuller framework with more measurement options and more extensive disclosure requirements, including a reduced-disclosure variant for small entities. Moving between the two can affect how figures such as investment properties, financial instruments or deferred tax are treated, so the decision is worth taking deliberately.

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

Yes. Preparing accounts under FRS 105 does not remove the filing obligation — a company that prepares accounts must file them, and micro-entity accounts are filed in the simplified format permitted for the regime, including a balance sheet and the required notes and statements. The accounts also need to be approved by the directors before filing. Filing requirements and deadlines are set by Companies House and depend on your company's accounting reference date, so it is worth confirming your own position rather than assuming a general rule applies.

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

Yes, they are two distinct filings. FRS 105 Micro Entity Accounts deal with the accounting and financial reporting framework for the company's statutory accounts, which are filed with Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, and it is prepared on tax rules rather than purely accounting rules. That is why the profit figure in your accounts and the taxable profit on the CT600 can differ — for example, because of capital allowances or disallowable expenses. Deadlines and submission routes differ as well.

Can a new limited company use FRS 105?

It is possible for a newly incorporated company to prepare its first accounts under FRS 105, but only if it qualifies for the micro-entities regime and chooses to apply it. A new company has no trading history, so eligibility has to be considered on the basis of the conditions that apply to a first accounting period, along with any other rules or exclusions that might affect the company. It is also worth thinking ahead: if rapid growth is expected, planning for a move to a different framework later can save disruption.

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

We normally need a complete picture of the company's transactions and position for the period. That typically includes bank and credit card statements, sales records and invoices, purchase invoices and receipts, payroll information, VAT returns where applicable, details of loans, leases or finance agreements, and evidence of asset purchases or disposals. Opening balances or prior year accounts are useful, as is an indication of any stock, work in progress or amounts owed to and by the company at the period end. If records are incomplete, we will tell you what is missing and how best to fill the gaps.

What changes are coming to micro-entity accounts filing?

Two areas are worth watching. The company size thresholds used to determine whether a company can be treated as a micro-entity were updated for accounting periods beginning on or after 6 April 2025, so the tests you may have relied on previously are worth rechecking. Separately, Companies House has been progressing wider filing reforms, including a move towards filing accounts using software and changes to the information small and micro-entity companies provide. Timings for these reforms can shift, so the safest approach is to confirm the position that applies to your specific accounting period before you prepare and file.