─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Whitley Bay

FRS 105 Micro Entity Accounts are the streamlined financial statements prepared under the micro-entities regime for companies that qualify for it and choose to apply it. FRS 105 is the UK financial reporting standard written specifically for micro-entities, so it produces simpler, shorter accounts than the fuller frameworks used by larger companies. If your company is based in Whitley Bay and you are weighing up whether the micro-entities regime suits your circumstances, professional preparation can help ensure your FRS 105 Micro Entity Accounts are put together appropriately, consistently with your underlying financial records, and in line with the reporting requirements that apply to your company. Eligibility is not automatic, and it depends on your company meeting the relevant size conditions and not falling within any exclusion, so the starting point is always a proper review of your company’s position rather than an assumption that the regime applies.

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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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   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 It Is and Why It Matters

FRS 105 is the financial reporting standard that sits behind the UK’s micro-entities regime. In simple terms, it sets out how a qualifying micro-entity should prepare its annual financial statements — what needs to be included, how items are measured, and the limited disclosures that are required. It is a deliberately pared-back framework: there is no requirement to revalue assets or to apply the more complex fair value and presentational options found in fuller standards, which keeps the accounts shorter and more straightforward to read. The important point is that using FRS 105 is a choice, not an automatic outcome. A company must first qualify for the micro-entities regime, and FRS 105 then applies when that regime is the one chosen for the year. In Whitley Bay and across the UK, many small limited companies find this approach attractive because the resulting accounts focus on the essentials — a concise balance sheet, a small number of notes, and a clear picture of the company’s financial position — while still being prepared on a proper accounting basis.

Who Can Use FRS 105 in the UK?

FRS 105 is available in the UK to companies that qualify for the micro-entities regime and choose to apply it. Qualification is assessed against size criteria and the wider rules of the regime. 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. Those figures are the starting point, not the whole picture. Different rules and exclusions can apply — for example, certain types of company or entity are outside the regime entirely, and there are additional considerations around group structures and regulated activities. Meeting two of the three size conditions therefore does not automatically confirm that the micro-entities regime is available to your company. For a business in Whitley Bay, the practical approach is to review your turnover, balance sheet position, and average employee numbers alongside your company’s structure and activities, and to confirm each year whether the regime remains appropriate before preparing FRS 105 Micro Entity Accounts.

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

Preparing FRS 105 Micro Entity Accounts properly begins with your company’s financial records — bookkeeping, bank transactions, invoices, expenses, and any asset or liability information — and applies the measurement and disclosure requirements of FRS 105 to produce financial statements that reflect your company’s position. There are two distinct strands to keep in mind. The first is the preparation of the financial statements themselves, which are drawn up from your records and the applicable reporting framework. The second is the filing of those accounts with Companies House, which is a separate submission to a separate body. Both are quite different again from Corporation Tax obligations, which are dealt with through a Company Tax Return (CT600) submitted to HMRC. Good preparation means the figures in your FRS 105 Micro Entity Accounts are consistent with the information used elsewhere, that the notes are appropriate for the transactions and balances involved, and that any judgements — such as how an item is classified or measured — are reasonable and documented. Where a company’s circumstances change, or where it no longer meets the relevant conditions, the reporting basis may need to be reconsidered, which is why a careful review of your position each year is worthwhile.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Whitley Bay

If you would like support with your FRS 105 Micro Entity Accounts, the best next step is a straightforward conversation about your company. Tell us about your trading activity, your accounting period, the records you already keep, and whether you have filed micro-entity accounts before. We can then look at your circumstances, explain whether the micro-entities regime appears to be available to you, and set out what information we would need to prepare your financial statements. Whether you are setting up a new company, changing how your accounts are prepared, or simply want a clearer explanation of how FRS 105 works, get in touch and we can 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 that applies to companies using the micro-entities regime. It sets out a simplified basis for preparing annual financial statements, with limited measurement options and a small number of required disclosures, which makes the accounts shorter and less complex than those prepared under fuller standards. FRS 105 applies when a qualifying company chooses to use the micro-entities regime for its accounting period.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the micro-entities regime and decide to apply it. Qualifying depends on meeting the relevant size conditions and not falling within any of the applicable exclusions, so it is not simply a matter of being a small company. Some companies are excluded from the regime regardless of their size, which is why eligibility should be checked against your company's specific circumstances rather than assumed.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework, not a mandatory one. A company that qualifies may choose to apply it, or it may choose a fuller reporting framework instead. FRS 105 only comes into play once the micro-entities regime has been selected for that period, and the choice should be reviewed as your company grows or its circumstances change.

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. These conditions sit alongside other rules and exclusions, so meeting two of the three does not by itself guarantee that the micro-entities regime is available — the wider eligibility rules still need to be considered.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they serve different sizes of company. FRS 105 is the micro-entities standard and is deliberately minimal, with very limited measurement choices and disclosures. FRS 102 is a fuller framework used by larger or more complex entities and generally requires more detailed accounting treatments and a broader set of notes. If a company no longer qualifies for the micro-entities regime, moving to a fuller framework such as FRS 102 is one of the possibilities to consider.

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

Where a company prepares accounts on a micro-entity basis, those accounts are generally the ones delivered to Companies House as part of the company's annual accounts filing obligation. The filing itself is a separate step from preparing the statements, and it is also separate from anything submitted to HMRC. Small and micro-entity companies can benefit from certain filing simplifications, but it is important to check what is required for your particular company rather than relying on a general assumption.

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

Yes, they are separate requirements. FRS 105 Micro Entity Accounts are financial statements prepared under a specific accounting framework and are generally filed with Companies House. A Company Tax Return, usually submitted as a CT600, is the Corporation Tax filing made to HMRC. The figures used in each should be consistent, but the two serve different purposes, go to different bodies, and follow different rules.

What information is needed to prepare FRS 105 accounts?

Typically you would provide your bookkeeping or accounting records for the period, bank statements, sales invoices and purchase records, details of any assets and liabilities, information about loans or director transactions, and the previous year's accounts for comparison. You may also need to confirm your company's circumstances so that eligibility for the micro-entities regime can be considered. Having organised records makes the preparation process smoother and helps ensure the accounts properly reflect your company's activity.