─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Yeovil

FRS 105 Micro Entity Accounts in Yeovil are prepared under the financial reporting framework that applies to qualifying micro-entities which choose to use the UK micro-entities regime. FRS 105 is the standard itself, so the two go hand in hand: where a company is eligible and decides to apply the regime, its annual financial statements are prepared on that basis. For many small companies across Yeovil and the surrounding area, that can mean a simpler set of accounts — a shorter balance sheet, fewer notes and less disclosure than larger reporting frameworks require. Professional preparation is about matching the framework to your actual circumstances: checking that the company genuinely qualifies, that the figures reconcile with the underlying accounting records, and that the resulting FRS 105 financial statements are internally consistent and ready for the appropriate filings. It is not about assuming that every small company fits the micro-entities regime, because eligibility depends on the applicable rules and any relevant exclusions rather than size alone.

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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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   3rd Hub 
 
 
 
 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 the Micro-Entities Regime Means for Your Company

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In plain terms, it sets out how a qualifying company’s financial statements are put together when that company chooses to apply the micro-entities regime — the simplified accounting framework available under UK company law. Rather than working through the fuller measurement options and disclosure requirements found in other standards, FRS 105 keeps things straightforward: figures are generally held at historical cost, the balance sheet format is condensed, and the notes to the accounts are minimal. That matters because it means fewer judgements, less disclosure and a clearer set of FRS 105 financial statements for the reader. It is important to understand the sequence, though. Qualifying for the micro-entities regime does not automatically mean FRS 105 is applied — the regime is a choice, and FRS 105 is the standard used when that choice is made. A company that qualifies but prefers a different framework, such as the small companies regime under FRS 102 Section 1A, can take that route instead. If you are weighing up FRS 105 Micro Entity Accounts in Yeovil, the practical question is whether the simplified regime suits your company’s circumstances and reporting needs.

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

FRS 105 is designed for UK companies that qualify for the micro-entities regime and then choose to apply it. Two things have to line up: the company must meet the eligibility conditions, and it must decide to use the regime rather than another framework. On size, the test for accounting periods beginning on or after 6 April 2025 is generally that a company meets at least 2 of 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 during the period. Those figures are a starting point rather than a complete answer. Other eligibility rules and exclusions can apply, and some companies are prevented from being micro-entities altogether — being a public company or part of an ineligible group, for instance — however modest their numbers happen to be. There are also practical points to consider, such as whether the company’s activities and transactions fit comfortably within a historical cost framework, and how the choice affects comparability with earlier periods. Meeting the size thresholds alone therefore does not guarantee that the micro-entities regime is available, and it certainly does not commit a company to using it. If you are unsure where your Yeovil-based company stands, reviewing the facts before preparing FRS 105 Micro Entity Accounts is the reliable way to proceed.

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.

Accurate, Professionally Prepared FRS 105 Micro Entity Accounts in Yeovil

Preparing FRS 105 Micro Entity Accounts properly starts with your financial records — bookkeeping, bank transactions, sales and purchase invoices, payroll information, asset and liability details, and any director’s loan activity. From there, the accounts are built to reflect the company’s transactions in line with the reporting requirements that apply to the micro-entities regime, producing a balance sheet, the required notes, and the supporting figures that sit behind them. Where an accountant is involved, the value lies in applying the framework consistently, spotting items that need attention, and making sure the FRS 105 financial statements agree with the records they came from. It is also worth separating the moving parts. Statutory accounts prepared under FRS 105 are delivered to Companies House as part of the company’s annual filing obligations, while the Corporation Tax Return, the CT600, is a distinct submission made to HMRC to report taxable profits and calculate the tax due. Preparing one does not automatically discharge the other, and the figures used for each are not always identical. If you would like your FRS 105 Micro Entity Accounts in Yeovil prepared accurately and on a clear footing, the sensible first step is a straightforward conversation about your company’s position.

ICAEW

ACCA

AAT

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

If your company may qualify for the micro-entities regime and you want your FRS 105 Micro Entity Accounts handled properly, get in touch and let’s look at your circumstances together. Tell us about your company’s structure, what it does, the accounting period you need accounts for, and how your records are currently kept. It also helps to share details of any previous accounts, how the company is currently filing at Companies House, and whether there are any areas you are unsure about — group relationships, director’s loans, or unusual transactions, for example. With that information we can assess whether FRS 105 is the right framework for you, explain what is involved in preparing and filing, and set out clear, transparent pricing for the work. Whether you are newly incorporated in Yeovil or have been trading for years, you will get a plain-English explanation of your options before anything is prepared.

─── 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 micro-entities. It sets out how a qualifying company's financial statements are prepared when that company chooses to use the micro-entities regime. Compared with other standards, it is deliberately simple: assets and liabilities are generally measured at historical cost, the balance sheet format is condensed, and the disclosure requirements in the notes are minimal. The result is a shorter, more straightforward set of financial statements that still reports the company's position at the period end and its performance for the period.

Who can use FRS 105?

FRS 105 is intended for companies that both qualify for the micro-entities regime and decide to apply it. Qualifying is not purely a matter of size — the rules also exclude certain companies and situations. For example, a public company cannot be a micro-entity, and a company that forms part of an ineligible group is also excluded, regardless of how small its figures are. Because eligibility depends on the detail, it is worth checking your company's specific position before assuming the regime is available to you.

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 and prepare its accounts under FRS 105, or it may instead report under a different framework such as the small companies regime using FRS 102 Section 1A. The decision affects how much detail appears in the accounts and which accounting options are available, so it is usually worth considering both routes rather than defaulting to one.

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. These are the headline size tests, and they sit alongside other rules and exclusions that can affect whether the micro-entities regime is actually available. Meeting the size conditions alone does not guarantee eligibility, so the wider requirements should always be checked.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they serve different purposes. FRS 105 is the micro-entities standard: historical cost accounting, limited measurement options, a simplified balance sheet and very few notes. FRS 102, including Section 1A for small entities, offers a wider range of accounting policies and options — such as revaluation or fair value treatments in some circumstances — but it comes with more disclosure and more complex judgements. The framework you use affects the figures reported and how they compare with previous periods, so a change in regime is not a purely administrative decision.

Do FRS 105 accounts need to be filed with Companies House, and is a CT600 separate?

Yes, on both counts, and they are two different things. The company's annual accounts — which may be prepared under FRS 105 where the micro-entities regime applies — are part of the statutory accounts delivered to Companies House, and micro-entity accounts can generally be filed in a simplified form subject to the rules that apply to your circumstances. The CT600 is a separate Corporation Tax Return submitted to HMRC to report the company's taxable profits and work out the tax payable. Preparing the accounts does not automatically complete the Corporation Tax filing, and the figures used for each are not always the same.

Can a new limited company use FRS 105?

It can, in principle, if it qualifies for the micro-entities regime and chooses to apply it — but qualifying is assessed against the conditions that apply to the relevant accounting period, and the first period of a new company can raise points that do not come up later. A business that starts small may look like an obvious micro-entity, yet group relationships, company type or particular transactions can change the picture. It is worth confirming the position for your first set of accounts rather than assuming the regime applies.

What changes are coming to micro-entity accounts filing?

The way accounts are filed at Companies House has been changing, including a shift towards submitting accounts through commercial software rather than older online forms, alongside wider reform of what small and micro-entity companies are required to submit. These changes are introduced over time and can apply differently depending on the accounting period involved. Rather than relying on how filings worked a few years ago, it is sensible to confirm the current requirements for your company's period before your next set of FRS 105 Micro Entity Accounts is finalised and filed.