─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Lechlade

If your company is a qualifying micro-entity and has chosen to apply the micro-entities regime, FRS 105 Micro Entity Accounts provide the financial reporting framework you will use. FRS 105 sits at the simplest end of the UK accounting standards, allowing eligible companies to prepare straightforward financial statements without the more detailed disclosures required under other frameworks. For directors in Lechlade running a small trading or service company, that can mean accounts that are quicker to prepare, easier to read and better suited to the way the business actually operates. Professional preparation helps ensure your FRS 105 Micro Entity Accounts reflect your actual financial records, are consistent with the framework’s presentation and disclosure requirements, and are put together with your company’s specific circumstances in mind — including your accounting period, your balance sheet position and any transactions that need particular care. Eligibility is not automatic; it depends on the size criteria and the various rules and exclusions that apply, so it is worth confirming your position before the accounts are prepared rather than assuming the micro-entities regime is available to you.

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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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 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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 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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 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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 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. 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In simple terms, it sets out how a qualifying company’s financial statements should look when that company chooses to apply the micro-entities regime — the lightest-touch accounting framework available under UK GAAP. Where FRS 102 asks for a range of notes and disclosures about accounting policies, judgements and other matters, FRS 105 strips much of that away. The idea is that a very small company should not have to produce a set of accounts that is more complex than the business itself. So a set of FRS 105 Micro Entity Accounts will typically include a balance sheet, a profit and loss account and a small number of supporting notes, all prepared on the basis that the company qualifies for and has chosen the micro-entities regime. It is important to be clear about two things. First, applying the micro-entities regime is a choice available to qualifying companies, not something that is imposed on every small company. Second, if a company does choose that regime, FRS 105 is the standard it applies. Companies that do not qualify, or that decide the regime is not right for them, will use a different framework. For directors in Lechlade, understanding which framework applies is one of the first practical decisions in the accounts process, because it shapes what the finished financial statements will contain.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and choose to apply it. To qualify, a company generally needs to meet at least 2 of the 3 applicable size conditions for the accounting period: 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. These figures apply for accounting periods beginning on or after 6 April 2025, so companies with earlier periods may have been assessed against different limits. Crucially, satisfying the size conditions is not the whole story. A range of additional eligibility rules and exclusions can affect whether the micro-entities regime is available to a particular company, and there are entities that fall outside it entirely regardless of how small they are. Meeting the thresholds therefore should not be treated as an automatic green light. For directors in Lechlade considering FRS 105 Micro Entity Accounts, the sensible approach is to review the company’s size, structure and activities against the applicable rules, confirm that the regime is both available and appropriate, and then decide whether to adopt it — because choosing the micro-entities regime is a decision, not a default.

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 starts with your company’s financial records — bank statements, sales and purchase information, payroll details, asset records and any other supporting documentation for the accounting period. From there, the figures are brought together into financial statements presented in line with FRS 105, with the balance sheet, profit and loss account and supporting notes prepared on a consistent basis and cross-checked against the underlying records. Just as importantly, the accounts need to reflect the reality of the business: a director’s loan, a one-off sale, stock held at the year end or an asset purchased part-way through the period can all affect how the numbers should be treated, and these are the areas where professional input tends to add the most value. It is worth keeping two separate processes clearly in mind. Preparing and filing FRS 105 accounts with Companies House is one exercise, covering the statutory financial statements. Corporation Tax is a separate matter, dealt with through a Company Tax Return (CT600) submitted to HMRC, and it draws on the same underlying figures but follows its own rules, adjustments and deadlines. Confirmation Statements are separate again, and are not part of the accounts at all. Our role is to prepare your FRS 105 Micro Entity Accounts carefully and accurately, based on the information you provide and the reporting requirements that apply to your company, while helping you understand how the different filing obligations fit together.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts in Lechlade

If you would like help preparing FRS 105 Micro Entity Accounts for your company, the best starting point is a conversation. Tell us about your business — what it does, how long you have been trading, your accounting period and how your records are currently kept — and we can review whether the micro-entities regime looks like a sensible fit for your circumstances. From there, we will explain what information we need to prepare your accounts, including your bookkeeping records, bank and credit card statements, details of any assets or liabilities, and information about director-related transactions. If you are unsure whether FRS 105 applies to you, or how your accounts, Corporation Tax and Companies House filings fit together, we can talk that through as well. Get in touch to discuss your requirements and to find out how we can help you move forward with clear, transparent pricing and no jargon.

─── 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 micro-entities. It is the simplest framework available under UK GAAP, designed so that very small companies can produce short, clear financial statements rather than the longer, more disclosure-heavy accounts required under other standards. A set of FRS 105 Micro Entity Accounts generally consists of a balance sheet, a profit and loss account and a limited number of notes.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and choose to apply it. Eligibility is based on the size criteria together with a range of rules and exclusions — for example, certain company types and entities are not eligible regardless of their size. Qualifying is also not the same as being required to use it: the micro-entities regime is an option, and some qualifying companies opt for a different framework instead.

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. Those 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 during the period. Meeting two of the three size conditions does not, on its own, guarantee eligibility, because other rules and exclusions can also apply. It is worth checking your specific circumstances before assuming the regime is available.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, and FRS 105 applies when a qualifying company chooses to use it. A company that qualifies may instead prepare its accounts under a different framework, depending on its circumstances and what its directors decide is appropriate. Where a company does choose the micro-entities regime, FRS 105 is the standard it applies.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they differ significantly in detail. FRS 102 offers a broader framework with more recognition, measurement and disclosure requirements, including accounting policy notes and other explanatory disclosures. FRS 105 is far more streamlined and is available only to qualifying micro-entities that adopt the micro-entities regime. The practical effect is that FRS 105 financial statements are shorter and simpler to prepare and to read.

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

Statutory accounts, including those prepared under FRS 105, are generally filed with Companies House for the accounting period in question, although the form and content of the filed copy can differ from the accounts prepared for the members. This filing is separate from your Corporation Tax obligations. We can help you understand which documents go where, so nothing is missed.

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

Yes — they are two distinct filings. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime. A Company Tax Return, usually submitted as a CT600, is a Corporation Tax filing made to HMRC and is calculated using its own rules and adjustments, even though it starts from the same underlying figures. Preparing the accounts does not remove the need to deal with Corporation Tax separately, and vice versa.

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

In practice, we will usually ask for your bookkeeping records or a summary of income and expenses, bank and credit card statements covering the accounting period, details of any assets purchased or sold, information on stock or work in progress at the period end, payroll information if you employ staff, and details of any loans or amounts owed to or by directors. The more complete and organised your records are, the more straightforward the process tends to be — and if your records are in a less tidy state, tell us early so we can agree the best way forward.