─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Canvey Island

If you run a small limited company in Canvey Island, FRS 105 Micro Entity Accounts may be the most straightforward way to report your financial position. FRS 105 is the financial reporting framework that applies when a company qualifies for the UK micro-entities regime and chooses to use it, allowing for a simpler, more concise set of financial statements than the fuller standards used by larger businesses. Professional preparation helps you work through the detail properly — confirming how your figures should be presented, making sure the accounts reflect your actual trading activity and balance sheet, and preparing the financial statements in a form that is appropriate for your company’s particular circumstances. It is not a case of every small company automatically fitting the regime; eligibility depends on the relevant size conditions and any applicable rules or exclusions, so it is worth reviewing your position before assuming FRS 105 is the right route. Getting that groundwork right at the outset means your accounts are prepared on a consistent basis and you understand what is being filed and why.

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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 302 reviews 
    
 
 
 
   
 
 
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   Ayotunde Rufai 
 
 
 
 Trustindex verifies that the original source of the review is Google. Best accountants we've ever had. Umer is ace, and makes everything easy and transparent.
  
 
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   Sofia 
 
 
 
 Trustindex verifies that the original source of the review is Google. I had a really positive experience with Muhammad. He was incredibly quick to action everything and made the whole process straightforward and stress-free. He took care of everything promptly and kept me informed throughout, which was greatly appreciated.

Muhammad was professional, responsive and genuinely helpful from start to finish. It was clear that he cared about providing a great service and making sure everything was handled properly. I would definitely recommend him to anyone looking for someone reliable, efficient and professional.
  
 
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   Zest For Life 
 
 
 
 Trustindex verifies that the original source of the review is Google. I worked with Accotx on a HMRC reclaim and overall, they did ultimately deliver on their promise, which I appreciate. The process did take longer than any of us expected, partly due to external delays with the tax authorities, and partly because there were some hiccups in communication and follow-up. However, despite those challenges, they stayed professional and stuck to the original agreed terms. If you’re considering using them, be prepared to stay in regular contact to keep things moving along. They are absolutely capable, have the expertise and willing to work with you, and overall  improving their services over time. I would certainly return for any future needs.
  
 
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   Pete Wrist 
 
 
 
 Trustindex verifies that the original source of the review is Google. Sterling work. Many thanks to Muhammad and the team for all their help and expertise
  
 
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   Hansen Personal Training 
 
 
 
 Trustindex verifies that the original source of the review is Google. We have been a client for years - very quick responsive and personalised service
  
 
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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 .

─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Reporting Framework

FRS 105 is a UK financial reporting standard written specifically for micro-entities. In plain terms, it sets out how a very small company should prepare its annual financial statements when it qualifies for the micro-entities regime and decides to apply it. The regime is optional rather than automatic — a qualifying company can choose to use it, and FRS 105 is the standard that applies when that choice is made. The appeal is simplicity: the framework is built around a reduced set of disclosures and a more compact format than the fuller standards used by larger companies, so the accounts focus on the essentials such as the balance sheet, a small number of notes, and the information that micro-entity shareholders and readers genuinely need. Importantly, FRS 105 deals with how the accounts are prepared and presented — it is a separate matter from your Corporation Tax position and from other company filing obligations. For a Canvey Island company weighing up its options, understanding FRS 105 in these terms makes it easier to have a sensible conversation about whether the micro-entities regime suits how you trade, what you own and owe, and what you want your accounts to show.

Who Can Use FRS 105 in the United Kingdom?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it. The starting point is size. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet 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. Meeting those size conditions is not the whole story, however. Other eligibility rules and exclusions apply, and some entities are outside the regime altogether regardless of how small they are. That means a Canvey Island company cannot simply assume it qualifies because it is small, and it certainly cannot assume that FRS 105 is automatically the right choice. The regime is an option — one that a qualifying company can take up if the simplified reporting suits its situation. Reviewing eligibility and the alternatives before committing to a basis of preparation is the practical way to avoid having to revisit the accounts later.

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 with Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts starts with your financial records — bank statements, sales and purchase information, payroll details, asset purchases, loans and any other transactions that affect your position. Those records are then worked through to produce financial statements that reflect your company’s activity for the period and its position at the year end, presented in line with the requirements of the micro-entities regime as they apply to your circumstances. It is worth keeping two things clearly separate in your mind. First, there is the preparation of the financial statements and the Companies House filing of those accounts, which is about reporting your company’s financial position on the public record. Second, there is your Corporation Tax obligation, which is dealt with through a separate Company Tax Return (CT600) submitted to HMRC, along with the accompanying tax computations. A Confirmation Statement is a further, different filing and does not replace accounts or a tax return. Working with a professional on the accounts side means your figures are considered carefully, inconsistencies are questioned, and the statements are built from the underlying records rather than assumptions — giving you a clearer picture of your company and a tidier basis for the filings that follow.

ICAEW

ACCA

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Talk to Us About Your FRS 105 Micro Entity Accounts in Canvey Island

Whether you are newly incorporated, already trading, or simply want to move to a simpler reporting basis, the sensible first step is a conversation about where your company stands. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements and share some background: your accounting period dates, roughly what your turnover and balance sheet look like, how many people you employ, the nature of your trading activity, and any assets, loans or director’s transactions that need to be reflected. It also helps to know what you already have in place — bookkeeping records, previous accounts, or filings made to date. With that information we can assess your circumstances properly and explain the options open to you, including whether the micro-entities regime appears suitable and what would be needed to prepare your financial statements. There is no obligation, and no assumption that FRS 105 is automatically the right answer for every company.

─── 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 qualifying micro-entities prepare and present their annual financial statements, with a simplified format and a reduced set of disclosure requirements compared with the fuller standards used by larger companies. It is a reporting framework, not a tax regime, so it governs how the accounts look rather than how much tax is due.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it. Qualification is based on size conditions together with the relevant rules and exclusions, and certain types of company are not eligible regardless of size. Meeting the size tests does not by itself guarantee eligibility, so it is always worth checking your specific position before deciding to prepare accounts on this basis.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not an automatic one. A company that qualifies can choose whether to apply it. Some qualifying companies prefer the fuller reporting framework because of the way they are structured, who reads their accounts, or the demands of lenders and investors. FRS 105 applies when the micro-entities regime is the route chosen.

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. Other eligibility rules and exclusions also apply, so satisfying the size conditions alone does not always mean a company qualifies for the regime.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of entity. FRS 105 is the micro-entities standard, offering a shorter, simpler set of financial statements with limited disclosures. FRS 102 is the standard used more widely by small and medium-sized companies and generally requires fuller recognition, measurement and disclosure. A company that qualifies for the micro-entities regime can choose between the simplicity of FRS 105 and the broader reporting of FRS 102, depending on its circumstances.

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

Where a company prepares accounts under FRS 105, those financial statements form the basis of its annual accounts filing with Companies House. The filing obligation exists separately from any tax filing. Preparing the accounts and submitting them are distinct steps, and the accounts need to be finalised and approved in the proper way before they are delivered.

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

Yes, entirely separate. FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities reporting framework and filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits, usually with supporting tax computations. The figures in the accounts often feed into the tax return, but the two are different documents with different purposes and different recipients.

What information is needed to prepare FRS 105 accounts?

Typically you would provide complete records for the accounting period: bank and credit card statements, sales and purchase records, payroll information, details of any assets bought or sold, loan and finance agreements, expense receipts, and information about directors' loans or transactions with the company. If previous accounts or filings exist, those are useful too. The more complete and organised the records, the more straightforward it is to prepare accurate financial statements.