─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wolverhampton

If your company is a qualifying micro-entity and you have chosen to apply the UK micro-entities regime, FRS 105 Micro Entity Accounts are the financial statements you prepare under that framework. FRS 105 is a standalone accounting standard built specifically for the smallest companies, using a simplified, historical cost basis and far less disclosure than larger reporting frameworks. Preparing them well matters: the figures need to reflect your actual records, the format has to suit the reporting framework you have adopted, and the resulting accounts feed into the annual filing made at Companies House. Professional preparation of FRS 105 Micro Entity Accounts in Wolverhampton means working from your bookkeeping, bank records and supporting documentation to build a set of financial statements that is consistent, understandable and appropriate to your company’s circumstances. Eligibility is not automatic — a company needs to meet the applicable size conditions and be free of any rules or exclusions that would prevent it from using the regime — so a sensible first step is a review of your position before any work begins.

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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.

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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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 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 written for companies that qualify for, and choose to use, the micro-entities regime. In simple terms, it is the lightest set of accounting rules available to a small limited company: assets are generally held at historical cost rather than revalued, some accounting options available under larger frameworks are not permitted, and the number of notes needed to support the figures is greatly reduced. The trade-off is transparency for the reader — FRS 105 Micro Entity Accounts give a stripped-back view of the company’s position, which is exactly why the regime is reserved for genuinely small businesses. A qualifying company does not have to use FRS 105; the micro-entities regime is one option among several, and FRS 105 applies when that regime is the one adopted. Once adopted, the accounts must be prepared and presented in line with the standard, and the same framework generally continues to be used unless there is a valid reason to move to a different basis of reporting. For directors in Wolverhampton running a small trading or service company, FRS 105 can keep annual reporting proportionate and easier to follow.

Who Can Use FRS 105 in the UK? Companies That Qualify for the Micro-Entities Regime

FRS 105 is available to companies that both qualify for the UK micro-entities regime and actively choose to apply it when preparing their annual accounts. For accounting periods beginning on or after 6 April 2025, a company generally needs to satisfy at least 2 of 3 applicable size conditions, subject to the relevant rules: 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. Those figures are a useful guide, but they are not the whole test. Other eligibility rules and exclusions can apply, and some companies are prevented from using the regime altogether regardless of how small they are. It is also worth remembering that the conditions must be assessed for the specific accounting period in question, and that a company moving in or out of the thresholds may need to change its reporting framework. For directors in Wolverhampton, the sensible approach is to review the company’s size, structure and activities against the current rules before deciding whether FRS 105 Micro Entity Accounts are the right basis for reporting.

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 and Accurate Financial Reporting

FRS 105 Micro Entity Accounts should be built from the ground up using your company’s own financial records — sales invoices, purchase records, bank and credit card statements, payroll information, asset purchases and any loans or director balances. From those records we prepare a balance sheet, a profit and loss account and the limited notes required under the framework, applying the recognition and measurement rules that FRS 105 sets out. It is important to separate the different obligations that sit around a small company’s year end: the preparation of the financial statements, the filing of annual accounts at Companies House, the Confirmation Statement, and the Corporation Tax Return (CT600) submitted to HMRC are distinct tasks with their own requirements and information needs. Accounts prepared carefully and consistently will give you a clearer picture of trading performance and financial position, and provide a solid base for the figures that feed into your other filings. Nothing in that process guarantees a particular filing outcome or a particular tax position, and responsibility for the accounts and returns remains with the directors.

ICAEW

ACCA

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

Whether you are preparing your first set of FRS 105 Micro Entity Accounts, switching from a different reporting framework, or simply want reassurance that your figures are being handled properly, we are happy to talk it through. Tell us about your company — what it does, how it trades, your accounting period dates, roughly what your turnover looks like and how many people you employ — and share your bookkeeping so we can assess whether the micro-entities regime is likely to suit you. If FRS 105 is not the right fit for your circumstances, we will say so and explain the alternatives. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements and take the next step with clear, transparent pricing and straightforward advice.

─── 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 the most simplified accounting framework available to small limited companies, built around historical cost accounting and a much shorter set of disclosures than FRS 102 or FRS 101. Under FRS 105 a company prepares a balance sheet, a profit and loss account and a small number of notes, giving a concise view of its financial position and performance for the accounting period.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities and that choose to apply the micro-entities regime — it is an available option, not an automatic entitlement. Qualification depends on meeting the applicable size conditions and not falling foul of any relevant rules or exclusions. Certain entity types and circumstances can rule the regime out regardless of size, so it is worth checking your specific position rather than assuming that being small is enough.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is optional. A company that qualifies as a micro-entity may choose to apply it and therefore use FRS 105, or it may instead report under a different framework such as FRS 102 Section 1A. The right choice depends on the company's structure, its transactions, who relies on the accounts and the preferences of the directors. FRS 105 applies only where the micro-entities regime has actually been adopted.

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 during the period. Meeting those size tests is a starting point rather than a guarantee — other eligibility rules and exclusions still apply, and some companies are unable to use the regime even when they are within the thresholds.

What is the difference between FRS 105 and FRS 102?

Both are UK accounting standards, but they are aimed at different sizes of company and offer different levels of detail. FRS 102 is the general framework for larger small companies and others, and it permits certain accounting options such as revaluation of assets, along with more extensive disclosure requirements. FRS 105 is narrower and stricter: it is limited to micro-entities, it works on a historical cost basis, and it removes many of the choices and notes that FRS 102 allows. In short, FRS 105 trades flexibility and disclosure for simplicity.

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

Yes — where a company prepares FRS 105 Micro Entity Accounts, those accounts form the basis of the annual accounts submitted to Companies House. That filing is separate from the Confirmation Statement, which confirms company details such as officers and registered office, and separate again from the Corporation Tax Return sent to HMRC. The accounts filed must follow the format and content requirements of the framework the company has adopted, and the directors remain responsible for what is submitted.

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

It is. FRS 105 governs how the financial statements are prepared and presented, while the CT600 is the Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate what tax is due. The two are linked because the accounts usually provide the starting point for the tax computation, but they are different documents with different audiences, formats and deadlines. Preparing the accounts does not, on its own, deal with the company's Corporation Tax obligations.

What information is needed to prepare FRS 105 accounts?

In practice, we need a complete picture of the company's transactions for the accounting period: sales records, purchase invoices and receipts, bank and credit card statements, payroll and employee information, details of any equipment or vehicles bought or sold, loan and hire purchase agreements, and any amounts owed to or by directors. It also helps to know the accounting period dates, whether the company has traded continuously, and whether anything unusual happened during the year, such as a change in ownership or a one-off transaction. The cleaner the records, the smoother the preparation process tends to be.