─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Chinley

FRS 105 Micro Entity Accounts are prepared under the UK financial reporting framework for qualifying micro-entities that choose to apply the micro-entities regime. For companies in Chinley and across the surrounding area, this regime offers a streamlined way to present annual financial statements, with simpler measurement rules and far fewer disclosure notes than the standards used by larger companies. Professional preparation helps ensure that the accounts are put together appropriately for your company’s particular circumstances — your trade, assets, liabilities, directors’ loans, and the way your records are maintained — rather than being squeezed into a template that does not quite fit. It also helps keep the figures consistent with the comparatives shown in earlier periods and with the information used for your other statutory obligations. Eligibility for the micro-entities regime is not automatic, so the first practical step is usually a short review of your size and structure before any accounts 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.

      EXCELLENT  
   Based on 302 reviews 
    
 
 
 
   
 
 
       Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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
  
 
      Posted on Google  
   
   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
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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 Regime in Simple Terms

FRS 105 is the UK financial reporting standard that sits alongside the micro-entities regime set out in company law. In plain terms, it gives very small companies a simplified set of rules for preparing annual accounts: assets and liabilities are generally measured on a historical cost basis, certain more complex accounting treatments are not available, and the number of disclosure notes required is significantly reduced compared with the standards used by larger businesses. The important point is that the micro-entities regime is a choice, not an obligation. A company that qualifies as a micro-entity may decide to apply the regime, and where that choice is made, FRS 105 is the standard that applies to the financial statements. Qualifying companies that prefer a wider range of accounting options — or that need to reflect items FRS 105 does not permit — may instead prepare accounts under another framework. Because the regime affects how the figures are presented in your annual accounts, it is worth understanding what it does and does not allow before deciding which framework suits your Chinley company.

Who Can Use FRS 105 in the UK?

FRS 105 is designed for UK companies that qualify for the micro-entities regime and that choose to apply it. Alongside meeting the size conditions, a company must not fall within any of the categories excluded from the regime, and it must be eligible to prepare accounts under the small companies provisions. On size, 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. Meeting those conditions is a starting point rather than a guarantee — other rules and exclusions apply, and there are specific provisions for companies in their first period or that have recently changed in size. For a Chinley-based company, the practical answer is to review your actual figures and structure rather than assume the framework applies. Where a company qualifies and the directors decide the regime is suitable, FRS 105 Micro Entity Accounts are prepared on that 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.

Professionally Prepared FRS 105 Accounts with Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts well begins with your underlying records: bank and credit card statements, sales invoices, purchase receipts, payroll information, loan agreements, asset purchases and disposal details, stock or work-in-progress figures, and opening balances where the company has already been trading. From those records we build a set of financial statements that reflects your company’s position and performance under the micro-entities regime, keeping the presentation consistent and the disclosures appropriate to the framework applied. It is worth being clear about how the different obligations fit together. The preparation and filing of annual accounts with Companies House is one requirement; a Corporation Tax Return (CT600) submitted to HMRC is a separate filing, based on tax-adjusted figures drawn from the accounts but not the same document. A Confirmation Statement is separate again. Many Chinley company directors handle these at different points in the year, and we can explain which piece is which so nothing is overlooked.

ICAEW

ACCA

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Get Help with Your FRS 105 Micro Entity Accounts in Chinley

If your company may qualify as a micro-entity, or you are simply unsure which accounting framework fits your circumstances, it is worth a conversation before the next set of accounts is due. Tell us a little about your company — what it does, how long it has been trading, roughly what its turnover, balance sheet total and employee numbers look like, and how your records are currently kept. With that information we can talk through whether the micro-entities regime looks suitable, what would be needed to prepare FRS 105 Micro Entity Accounts, and how the accounts sit alongside your other filing responsibilities. There is no obligation and no pressure; the aim is simply to give you a clear picture of your options and a straightforward route forward.

─── 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 when a qualifying company chooses to use the micro-entities regime. It sets out simplified rules for recognising and measuring assets and liabilities — generally on a historical cost basis — and requires far fewer disclosure notes than the standards used by larger companies. Where the micro-entities regime is applied, FRS 105 governs how the annual financial statements are prepared and presented.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities under UK company law and that choose to apply the micro-entities regime. 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. Other eligibility rules and exclusions can also apply, so meeting those size conditions alone does not automatically mean a company qualifies.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a compulsory one. A company that qualifies as a micro-entity may choose to apply the regime — in which case FRS 105 applies — or it may prepare its accounts under a different framework, such as FRS 102. Some businesses prefer another framework because it permits accounting options that FRS 105 does not, or because their shareholders or lenders want a different level of disclosure.

What is the difference between FRS 105 and FRS 102?

FRS 105 is deliberately narrower. It is built around historical cost, does not permit revaluation or fair value accounting, and requires a much shorter set of notes, with no requirement for a strategic report. FRS 102, including the small-company provisions in Section 1A, offers a wider range of accounting policies, allows certain fair value and revaluation treatments, and requires more disclosure. The trade-off is straightforward: FRS 105 means simpler accounts with less detail, while FRS 102 gives more flexibility but more work.

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

Yes. Where a company has prepared micro-entity accounts under FRS 105, those accounts form part of the company's annual accounts and are filed at Companies House within the applicable statutory filing deadline. Micro-entity accounts can generally be filed in a simplified format, although the company must still meet its filing obligations. Filing accounts with Companies House is a separate process from filing a Corporation Tax Return with HMRC.

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

Yes, they are two different things. FRS 105 Micro Entity Accounts are the company's annual financial statements, prepared under the micro-entities regime and filed at Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, calculated from the company's taxable profits after tax adjustments. The accounts provide the starting point for the tax computation, but the CT600 is a separate document with its own submission requirements and is not filed at Companies House.

What information is needed to prepare FRS 105 Micro Entity Accounts?

In most cases you will need bank and credit card statements for the period, sales invoices and records of income, purchase invoices and receipts, payroll or subcontractor information, details of any loans or director's loan movements, hire purchase or finance agreements, records of assets bought or sold, stock or work-in-progress figures, and the opening balances or trial balance from the previous period. If earlier accounts were prepared by someone else, copies of those are helpful for consistency.

Can a new limited company use FRS 105?

A newly incorporated company may be able to use FRS 105 for its first accounting period if it qualifies as a micro-entity and chooses to apply the regime. The relevant rules for first periods and for companies that have recently changed size do apply, so it is worth checking the position before assuming the framework is available. If you are setting up or have recently set up a company in Chinley, we can talk through what the first set of accounts is likely to involve.

What changes are coming to micro-entity accounts filing?

The filing landscape for small and micro-entity companies is changing. Companies House has been moving towards requiring accounts to be filed using software rather than paper or manual web filing, and there are plans for small and micro-entity companies to file a profit and loss account as part of their annual accounts, with reduced reliance on abridged or filleted formats. The exact timing and scope depend on the implementation timetable in force, so it is worth confirming what currently applies to your company before your next filing.