─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Hoveton: Straightforward Financial Reporting for Qualifying Micro-Entities

FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime, the simplest reporting framework available to qualifying UK companies. FRS 105 sets out how those accounts should be put together — a concise balance sheet, limited notes and a small number of disclosures — so that the numbers tell a clear and honest story about the company without unnecessary complexity. Not every small company qualifies, and qualifying is only the starting point: the regime is a choice, and FRS 105 applies when that choice is made. For directors in Hoveton running a small limited company, professional preparation helps make sure the accounts reflect the company’s actual circumstances, that the figures reconcile with the underlying records, and that the resulting financial statements are suitable for the company’s year end and its filing obligations. It also helps avoid the common pitfalls, such as applying a policy that belongs under a different framework or missing a disclosure that the chosen regime still requires. Whether you are preparing FRS 105 Micro Entity Accounts for the first time or reviewing an existing approach, the aim is the same: accurate, understandable accounts prepared on the right basis for your company.

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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

In plain terms, FRS 105 is one of the financial reporting standards used in the UK, and it is the one written specifically for the smallest companies — those that fall within the micro-entities regime. Where a company qualifies for that regime and decides to use it, FRS 105 is the framework that governs how its annual accounts are prepared. Practically, that means simpler financial statements: a balance sheet showing what the company owns and owes, a small set of notes, and a much shorter set of accounting policy disclosures than you would see under a fuller framework. It also means certain simplifications are available, for example in how some items are measured, which is part of what makes the regime attractive to owner-managed businesses. Two points are worth keeping in mind. First, the micro-entities regime is an option, not an automatic outcome — a qualifying company can still choose to prepare accounts under a different framework if that suits it better. Second, using FRS 105 does not change the company’s tax position or replace its other filings; it concerns the accounting and financial reporting framework for the financial statements. If you run a small company in Hoveton, understanding which framework applies to you is the foundation for everything that follows.

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

FRS 105 in the UK is intended for companies that qualify for the micro-entities regime and choose to apply it. The regime is built around size, and 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. Those figures give a good indication of whether the micro-entities regime is potentially in reach, but they are only part of the picture. Meeting the size conditions does not automatically mean a company is eligible, because further rules and exclusions apply — certain entities and group situations can fall outside the regime regardless of size, and there are specific rules on how the conditions are assessed where a company is part of a group or has had an unusual period. There is also the question of choice: a qualifying company may still decide to prepare accounts under a different framework. For directors in Hoveton, the practical approach is to look at your company’s figures against the current criteria, then confirm eligibility and the appropriate framework in light of your company’s structure and circumstances before accounts are prepared.

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 and Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts properly starts with the company’s own records — bookkeeping, bank statements, sales and purchase information, payroll details and any asset or liability schedules — and works through to financial statements that are consistent with the framework chosen and with the company’s circumstances. Our role is to take those records, apply the appropriate accounting treatment under the micro-entities regime, and produce a balance sheet and supporting notes that a director can read and understand. It is worth separating the pieces clearly. The financial statements are prepared under the applicable reporting framework and, where required, filed with Companies House as part of the company’s annual accounts. Corporation Tax is a separate matter entirely: a CT600 is submitted to HMRC and is based on the company’s taxable profits, which are not the same thing as the reported figures in FRS 105 accounts. Completing a Confirmation Statement is also a separate filing with its own purpose and timing. Keeping these three streams distinct helps directors avoid confusion about what has been filed, with whom, and on what basis. Where a company’s circumstances change — a significant jump in turnover, a new group relationship, or an unusual transaction — the framework position should be reviewed rather than assumed to carry on unchanged.

ICAEW

ACCA

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Get Help With Your FRS 105 Micro Entity Accounts in Hoveton

If you would like your FRS 105 Micro Entity Accounts prepared on a sound footing, or you are simply unsure whether the micro-entities regime is the right fit for your company, the sensible next step is a conversation. Tell us about your business — what it does, how it is structured, roughly how it has performed during the period, and what records you already keep — and we can look at your circumstances properly, including whether the size conditions are likely to be met and whether any rules or exclusions affect your position. From there we can explain the basis on which your financial statements would be prepared, what information we would need from you, and how the accounts fit alongside your other filings. Where pricing is concerned, we prefer to be upfront: clear, transparent pricing with fixed-fee options so you know where you stand before work begins. Get in touch to discuss your requirements and we will take it from there.

─── 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 designed for micro-entities. It sets out how a qualifying company that chooses the micro-entities regime prepares its annual accounts, allowing a simplified balance sheet format and limited disclosures compared with larger frameworks. Think of it as the shortest, least burdensome route through the accounting standards for the very smallest companies — the framework, rather than the filing itself.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK 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. Meeting the size conditions is not the whole story — other eligibility rules and certain exclusions can apply, so the position should be checked for your company rather than assumed.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A company that qualifies may choose to apply it, or it may prefer to prepare accounts under a different framework. In practice the choice often comes down to how much disclosure the directors want, whether there are external parties such as lenders who would like more detail, and how the company is structured. FRS 105 applies when the regime is chosen, not simply because a company is small.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, the test is generally that a company meets at least 2 of the 3 applicable size conditions: 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 during the period. There are additional rules and possible exclusions — for example, certain types of company or group structures may not be eligible even if they meet the size conditions — so eligibility should always be confirmed against your specific circumstances and the current rules.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they sit at different levels of complexity. FRS 105 is the micro-entities standard, with a very limited balance sheet-focused format and minimal disclosures. FRS 102 is the standard used by most other companies, including many small companies, and requires considerably more disclosure and a fuller presentation of performance, such as a profit and loss account and a wider set of notes. Choosing between them affects what your accounts look like and how much information they contain, which is why the decision is worth taking deliberately.

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

If a company's accounts are prepared under FRS 105, those financial statements still need to be delivered to Companies House as part of the company's annual accounts where a filing obligation applies, and typically also to HMRC alongside the Corporation Tax filing. The framework determines how the accounts are prepared, while the filing obligations determine what must be submitted, to whom and by when. Filing requirements do change from time to time, so it is sensible to confirm the current position for your company's year end.

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

Yes, they are two distinct things. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities reporting framework and generally filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC, calculating the tax due on the company's taxable profits. The starting point for the CT600 is usually the accounts, but tax adjustments mean the taxable profit will often differ from the figure shown in the financial statements. Preparing accounts does not, in itself, complete the Corporation Tax position.

What information is needed to prepare FRS 105 accounts?

Broadly, we need the company's records for the period: bookkeeping or accounting records, bank and credit card statements, details of sales and purchases, payroll and employee information, any loan or hire purchase agreements, and schedules for fixed assets and stock if applicable. Details of any transactions with directors or related parties are also helpful, as are prior year accounts and any notes on unusual items. The cleaner and more complete the records, the more straightforward the preparation — and the easier it is to confirm the right accounting treatment for anything out of the ordinary.