─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Downham Market

FRS 105 provides the financial reporting framework for qualifying micro-entities that choose to apply the micro-entities regime, and it shapes how the financial statements are recognised, measured and disclosed. For a small company in Downham Market, the practical value of professional preparation lies in having the accounts built properly from the underlying records, presented in the format the micro-entities regime expects, and prepared with the company’s own circumstances in mind rather than from a generic template. That includes confirming whether the company qualifies for and has chosen to apply the micro-entities regime, working through the figures that will appear in the balance sheet and profit and loss account, and keeping the FRS 105 Micro Entity Accounts consistent with the information used for the company’s other filing obligations. It also means the accounts are prepared with a clear view of what is being filed at Companies House, so nothing is left to the last minute. Because eligibility is not automatic, the first step is always a sensible review of the company’s position 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 
    
 
 
 
   
 
 
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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: What It Is and Why It Matters to Micro-Entities

FRS 105 is the UK financial reporting standard written specifically for companies that qualify as micro-entities and decide to use the micro-entities regime. In plain terms, it is the accounting rulebook that sits behind a set of micro-entity financial statements, and it is deliberately simpler than the standards used by larger companies. Under FRS 105, assets are generally held at cost rather than revalued, some of the measurement and disclosure requirements that apply to other frameworks are switched off, and the accounts themselves follow a shorter, more streamlined format. The important point is that FRS 105 is not something a company is given by default: it applies when a qualifying company chooses to apply the micro-entities regime. If a company qualifies but selects a different framework, the accounts will be prepared under that framework instead, which is why the choice is worth taking deliberately rather than by accident. For a Downham Market business owner, understanding that distinction helps clarify what the finished accounts will look like, what information will need to be pulled together, and how the figures connect to the rest of the company’s reporting.

Who Can Use FRS 105 in the UK? Eligibility for the Micro-Entities Regime

FRS 105 is intended for companies in the UK that qualify for the micro-entities regime and then choose to apply it — qualifying alone is not enough, because the regime is an option rather than an automatic entitlement. For accounting periods beginning on or after 6 April 2025, the size conditions are 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, and a company generally needs to meet at least 2 of those 3 conditions. Those figures give a useful starting point, but they are not the whole picture. The rules also contain exclusions and further requirements, meaning some companies are kept outside the micro-entities regime even if they look small on paper, and others need to consider how they are structured or what they hold before deciding. There is also a practical question alongside the technical one: whether the simpler format of FRS 105 Micro Entity Accounts genuinely suits how the company is run and who relies on its figures. A short review of your company’s position in Downham Market will usually make the answer clear.

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 in Downham Market

Preparing FRS 105 Micro Entity Accounts is largely a matter of working carefully from the company’s financial records and applying the recognition, measurement and disclosure requirements that the micro-entities regime sets out. In practice that means reviewing the bookkeeping, bank and sales records, purchase and expense information, asset purchases, any loans or amounts owed, and the share capital position, then shaping those figures into a balance sheet and profit and loss account that reflect the company’s actual position. The preparation of the financial statements and the subsequent Companies House filing are separate steps from Corporation Tax, which is dealt with through a CT600 return submitted to HMRC on its own timetable. Keeping those strands distinct matters, because figures that suit the accounts do not automatically answer every question on a tax return, and vice versa. Because the micro-entities regime does not suit every company in every year, the work starts with a review of eligibility and the framework being applied, and continues with accounts prepared on a consistent, documented basis so there is a clear trail behind the numbers if questions arise later.

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Get Help with Your FRS 105 Micro Entity Accounts in Downham Market

If you are weighing up whether FRS 105 Micro Entity Accounts are right for your company, the most useful next step is a straightforward conversation about your circumstances. Tell us about your company, how long it has been trading, its approximate turnover, balance sheet position and number of employees, the framework you currently use or intend to use, and where your records are held — whether that is spreadsheets, software or a shoebox of paperwork. From there we can review whether the micro-entities regime looks available to your company, explain what applying FRS 105 would mean for the accounts, and set out the information needed to prepare them. We keep our pricing clear and transparent, offer fixed-fee options for the work involved, and are happy to answer questions about how your accounts, Companies House filing and Corporation Tax obligations fit together before you commit to anything.

─── 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 for companies that qualify as micro-entities and choose to apply the micro-entities regime. It sets out the rules for preparing and presenting micro-entity financial statements and is deliberately simpler than the standards used by larger companies. Under FRS 105, assets are generally measured at cost, some measurement and disclosure requirements that apply elsewhere are removed, and the accounts follow a shorter prescribed format.

Who can use FRS 105?

FRS 105 is available to companies that qualify under the micro-entities regime and decide to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 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 still apply, so meeting the size conditions alone does not automatically mean a company can or should use FRS 105.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework rather than a mandatory one, and FRS 105 applies only when a qualifying company chooses to use that regime. A company that qualifies may instead prepare its accounts under a different framework, such as FRS 102, which may suit it better if it wants fair value accounting, certain disclosures or a framework more aligned with lenders, investors or group reporting. The choice should be made with the company's circumstances in mind.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, the size conditions are turnover of no more than £1 million, balance sheet total of no more than £500,000, and an average of no more than 10 employees across the period. A company generally needs to meet at least 2 of these 3 conditions to qualify. The rules also include a number of exclusions and additional requirements, so qualifying depends on more than size alone — for example, certain types of entity and certain group structures are not eligible.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company. FRS 102 is the standard generally used by small and medium-sized companies and allows options such as revaluation of certain assets, fair value measurement in some cases and wider disclosure. FRS 105 is the micro-entities standard: it strips back those options, generally requires assets to be held at cost and removes a number of disclosures, producing shorter and simpler accounts. FRS 105 is not available to companies that do not qualify for, or do not choose, the micro-entities regime.

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

Where a company is required to file annual accounts, the accounts prepared under its chosen framework — including FRS 105 where the micro-entities regime applies — are what get filed at Companies House. Micro-entity accounts are typically shorter than accounts prepared under other frameworks, but they still need to be prepared from accurate records and filed in the correct format. Filing the accounts is a separate exercise from Corporation Tax, which is reported to HMRC through a CT600 return, and the two should not be treated as the same submission.

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

Yes, they are separate. FRS 105 Micro Entity Accounts are the financial statements prepared under the accounting framework chosen by the company and filed at Companies House where required. A CT600 is the Corporation Tax return submitted to HMRC, which deals with taxable profits and tax liabilities rather than the presentation of the financial statements. The figures overlap, of course, because both start from the company's financial records, but the frameworks, formats and recipients are different.

What information is needed to prepare FRS 105 accounts?

In most cases you would provide the company's records for the period: bank statements and reconciliations, sales invoices or income summaries, purchase and expense records, details of any equipment, vehicles or other assets acquired or disposed of, information on loans and amounts owed to or by the company, share capital details, and any previous year's accounts if the company has traded before. If you use accounting software, access or an exported file saves time and improves accuracy. The exact list depends on what the company does, so it is worth confirming the requirements before the work starts.