─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Thetford

FRS 105 provides the financial reporting framework for qualifying micro-entities that choose to apply the UK micro-entities regime, and it is a distinctly different approach from the fuller standards used by larger or more complex companies. If your company is based in Thetford and you believe it may fall within the micro-entities regime, professionally prepared FRS 105 Micro Entity Accounts can help ensure your financial statements are put together appropriately for your circumstances — using the simplified recognition, measurement and disclosure requirements that the framework allows. This includes working from your bookkeeping and financial records to build a balance sheet, profit and loss account and the supporting notes that the micro-entities regime requires. Because eligibility is not automatic and depends on your company’s size, structure and activities, the first practical step is usually a conversation about whether FRS 105 is available to you, whether it is the right fit, and how it interacts with your other filing obligations.

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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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 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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─── FRS 105 EXPLAINED

What Is FRS 105? The Micro-Entities Reporting Framework Explained

FRS 105 is the UK financial reporting standard written specifically for companies that qualify for, and choose to apply, the micro-entities regime. In simple terms, it is the rulebook that tells you what a set of micro-entity financial statements should include and how the numbers should be worked out. Compared with fuller standards, FRS 105 keeps things deliberately straightforward: there is no fair value accounting, no revaluation of assets, no deferred tax, and a much shorter set of disclosure notes. The result is a set of FRS 105 financial statements that still shows the company’s position and performance, but without the complexity intended for larger businesses. It is important to understand that qualifying for the micro-entities regime is a choice, not an obligation — a company that meets the criteria may still prefer to use FRS 102, for example if it needs more detailed reporting for lenders or investors. Where the regime is chosen, FRS 105 applies, and the accounts should be prepared on that basis consistently. For companies in Thetford, understanding this distinction early usually makes the year-end process far smoother.

Who Can Use FRS 105 in the UK? Eligibility for the Micro-Entities Regime

FRS 105 is intended for companies that qualify for the UK micro-entities regime 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. Those conditions are assessed against the rules that apply to the accounting period in question, and the size test is only part of the assessment. Other eligibility rules and exclusions can apply — including where a company forms part of a group or carries on certain types of activity — so satisfying the thresholds does not automatically guarantee that the micro-entities regime is available. It is also worth remembering that qualifying is a choice: a company that meets the conditions may still decide that FRS 102 is a better fit for its reporting needs. For businesses in Thetford, the practical approach is to review the company’s turnover, balance sheet total, employee numbers and overall structure, then confirm whether FRS 105 Micro Entity Accounts can be prepared on a sound basis.

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.

Professional Preparation and Accurate Financial Reporting for FRS 105 Micro Entity Accounts

Preparing FRS 105 Micro Entity Accounts is largely an exercise in getting the detail right. The accounts are built from your underlying financial records — sales and purchase information, bank and cash records, fixed asset details, stock or work in progress where relevant, loans, and any amounts owed to or by the company. From those records, the financial statements are drawn up in line with the micro-entities regime and the requirements of FRS 105, then reviewed so they are internally consistent and properly presented. It is also worth keeping the separate obligations clear in your mind: the preparation of FRS 105 financial statements and their filing at Companies House is one exercise, while your Corporation Tax Return (CT600) is a separate submission made to HMRC, with its own figures, adjustments and deadlines. Alongside these sit other requirements such as the Confirmation Statement, which is not part of the accounts at all. Good professional support means each of these is handled distinctly, with the accounts prepared on the correct basis for your company rather than being treated as a single combined task.

ICAEW

ACCA

AAT

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

If you would like help with FRS 105 Micro Entity Accounts, the best place to start is a straightforward conversation about your company. Tell us about your trade or activity, your accounting period, your approximate turnover, balance sheet total and average number of employees, and whether the company forms part of any wider group. It also helps to share what you already have — bookkeeping records, bank statements, previous accounts, and details of any loans or assets — so we can assess whether the micro-entities regime is available to your company and whether FRS 105 is the most suitable basis for your financial statements. From there, we can explain how the accounts will be prepared, what information we will need from you, and how the accounts sit alongside your other filing and tax obligations. Pricing is clear and transparent, with fixed-fee options available, so you know where you stand before 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 micro-entity financial statements should be prepared, including the balance sheet, profit and loss account and the limited notes required. Its rules are deliberately simpler than those in fuller standards, with no fair value accounting, no revaluations and no deferred tax, which makes it well suited to very small companies that want a proportionate set of accounts.

Who can use FRS 105?

FRS 105 can be used by companies that qualify for the UK micro-entities regime and then choose to apply it. Qualifying is not automatic and is not based on size alone — the company must not be excluded from the regime, and other rules can apply depending on its structure and activities. A company that qualifies may still decide to use a fuller standard such as FRS 102 instead, so the decision is a combination of eligibility and suitability.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one. A company that meets the qualifying conditions can choose to apply it, and FRS 105 applies when that choice is made. Some qualifying companies opt for FRS 102 instead, particularly where a lender, investor or group requires more detailed reporting. The important point is that FRS 105 should only be applied where the company genuinely qualifies for the regime and the basis is appropriate.

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 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 the size conditions is only part of the picture — other eligibility rules and exclusions can apply, so it is worth checking your specific circumstances rather than assuming the thresholds alone confirm eligibility.

What is the difference between FRS 105 and FRS 102?

The main difference is the level of complexity and disclosure. FRS 105 is designed for the micro-entities regime and strips out much of the technical detail, so the accounts are shorter and the measurement rules are simpler. FRS 102 is a fuller standard used by a much wider range of companies and requires more extensive accounting policies, disclosures and, in some cases, more complex measurement such as fair value and deferred tax. Choosing between them depends on whether your company qualifies for the micro-entities regime and what the users of your accounts actually need.

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

Where a company prepares FRS 105 Micro Entity Accounts for a financial year, those accounts form the basis of the annual accounts it is required to file at Companies House, subject to the filing requirements that apply to that company. The accounts filed should be consistent with the financial statements approved by the directors and prepared under the micro-entities regime. Filing the accounts is a separate exercise from calculating and submitting any tax return, and the two should be prepared and reviewed together so the figures line up.

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

Yes — they are two distinct filings. FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime and filed at Companies House. A CT600 is the Corporation Tax Return submitted separately to HMRC, which starts from the company's profit figure but applies tax adjustments and follows HMRC's own format and deadlines. Preparing the accounts does not itself settle the company's Corporation Tax position, and vice versa.

Can a new limited company in Thetford use FRS 105?

A newly incorporated company can potentially use FRS 105 for its first accounting period, but this depends on whether it qualifies for the micro-entities regime and not simply on being newly formed. A new company typically has low turnover and few employees in its first period, yet other eligibility rules and exclusions still need to be considered, along with how the company is structured and what it does. It is worth discussing the position before the first set of accounts is prepared.