─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Kirkwall

FRS 105 Micro Entity Accounts provide the financial reporting framework for companies that qualify for the UK micro-entities regime and choose to apply it. For Kirkwall-based limited companies, the regime can offer a simpler, shorter set of financial statements than the fuller standards, but it still needs to be prepared carefully and consistently with the underlying accounting records. Eligibility is not automatic — a company must meet the applicable size conditions and must not fall within any of the relevant exclusions, so it is worth checking your position before deciding which framework to use. Professional preparation of FRS 105 Micro Entity Accounts can help ensure the figures, disclosures and presentation are appropriate to your company’s circumstances, and that the accounts you file reflect the transactions and balances recorded in your books.

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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  
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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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 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 It Means for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard that sits behind the micro-entities regime. In plain terms, it is a simplified accounting framework built for very small companies: it allows shorter financial statements, far fewer notes, and a straightforward approach to measuring assets and liabilities. Where a company qualifies for the micro-entities regime and chooses to use it, FRS 105 is the standard that applies — so the accounts are described as FRS 105 Micro Entity Accounts. The regime is optional, not compulsory: a qualifying company may instead prepare its accounts under a fuller framework such as FRS 102, and in some situations that may suit the business better, for example where a lender, investor or group requires more detailed information. Because the choice affects how the numbers are presented and what is disclosed, it is sensible to confirm your eligibility and your preferred framework before the accounts are prepared.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and then choose to apply it. 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. Meeting those size tests, however, does not automatically mean the regime is available or appropriate — other eligibility rules and exclusions can apply, and certain companies may be excluded from the regime altogether. A qualifying Kirkwall company also has the option of preparing its accounts under a fuller framework instead, so the right answer depends on the company’s own circumstances, its stakeholders and what it needs from its financial statements.

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 Kirkwall

FRS 105 Micro Entity Accounts should be built directly from your company’s financial records — bookkeeping, bank transactions, invoices, payroll information and any asset records — and prepared in line with the reporting requirements that apply to your chosen framework. We prepare the financial statements for the period and, where required, support you in filing the accounts with Companies House. It is important to keep this separate from your Corporation Tax position: the accounts are the financial statements, whereas a Corporation Tax Return (CT600) is a separate submission made to HMRC, and a Confirmation Statement is a further, different Companies House filing. Working with someone who understands how these obligations fit together helps reduce the risk of inconsistencies between what you report and what you file, and gives you a clearer picture of your company’s financial position for the year.

ICAEW

ACCA

AAT

Speak to Us About Your FRS 105 Micro Entity Accounts

If you run a limited company in Kirkwall and want to know whether the micro-entities regime is right for you, get in touch to discuss your FRS 105 Micro Entity Accounts requirements. Tell us about your company — its trading activity, your current accounting records, any group or ownership arrangements, and whether you already prepare accounts — and we can assess your circumstances and explain the options available to you. We work with clear, transparent pricing and will set out what information we need and what the next steps look like before any work begins, so you can make an informed decision with no surprises.

─── 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 is a simplified framework, allowing shorter financial statements and significantly fewer disclosures than fuller standards, with a straightforward measurement basis focused on the company's recorded transactions and balances. Where a qualifying company chooses the micro-entities regime, its accounts are prepared under FRS 105 and are commonly referred to as FRS 105 Micro Entity Accounts.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one. A company that meets the size conditions may choose to apply it, but it is equally entitled to prepare its accounts under a fuller framework such as FRS 102. Some businesses prefer the fuller framework because a bank, investor, group parent or other stakeholder expects more detail, so the decision is usually worth considering ahead of the year end rather than leaving it until the accounts are due.

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 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 during the period. Meeting those conditions is not the whole story, however — other eligibility rules and exclusions can apply, so the size tests alone do not guarantee that the micro-entities regime is available to a particular company.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes and needs of company. FRS 105 is the micro-entities framework: simpler presentation, minimal notes, and no fair value accounting. FRS 102 is the fuller framework used by many small and medium-sized companies, and it allows or requires more detailed disclosure and a wider range of accounting treatments. Choosing between them affects how your results are presented, what appears in the notes, and how comparable the accounts look to lenders or investors.

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

Limited companies normally have to file annual accounts with Companies House, and a company preparing FRS 105 Micro Entity Accounts would file those accounts in the simplified micro-entity format permitted for the regime. The filing requirement exists alongside — but separately from — the company's tax obligations. If you are unsure how your accounts should be filed, or what format applies to your company, it is worth checking before the filing date approaches.

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 financial statements, prepared under the micro-entities framework and filed with Companies House where required. A Corporation Tax Return (CT600) is a separate submission to HMRC that reports the company's taxable profits and is supported by computations and, in many cases, a copy of the accounts. A Confirmation Statement is a further, separate Companies House filing that confirms company details rather than financial results.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 for its first accounting period, provided it qualifies for the micro-entities regime and chooses to apply it. There is no rule that a company must have traded for a particular length of time, but the size conditions and any relevant exclusions still apply, and a first period may cover more or less than twelve months depending on the incorporation date. It is worth confirming your position early so the bookkeeping is set up to capture what the accounts will need.

What information is needed to prepare FRS 105 accounts?

Typically we would ask for your bookkeeping records or accounting software access, bank statements and reconciliations, sales and purchase records, payroll and employee information for the period, details of any assets bought or sold, loan and finance agreements, and records of director transactions or expenses. It also helps to know whether anything unusual happened in the period, such as a change in ownership or a new funding arrangement. The more complete the records, the more straightforward the preparation of your FRS 105 Micro Entity Accounts tends to be.