─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Llanrwst

FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime, and they are designed for companies that qualify for that regime and choose to apply it. FRS 105 provides the financial reporting framework, setting out how the accounts are measured, presented and disclosed, so the result is a simpler, shorter set of financial statements than those produced under a fuller framework. For directors in Llanrwst and the surrounding area, professional preparation helps to ensure the accounts are built up properly from the company’s own records, reflect its circumstances accurately and are presented in line with the applicable reporting requirements for the period in question. It also helps to separate the accounts themselves from the other filings a company may need to make. Whether the micro-entities regime is the right fit depends on the company’s size and on other eligibility rules, so each set of FRS 105 Micro Entity Accounts should be considered on its own facts rather than assumed.

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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.

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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. 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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 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 Simple Terms

FRS 105 is the UK financial reporting standard that sits behind micro-entity accounts. In plain terms, it is the rulebook a company follows to prepare and present a set of annual financial statements when it is using the micro-entities regime. The micro-entities regime is an available accounting regime, not an automatic one: a company needs to qualify for it and then choose to apply it, and FRS 105 applies when that choice is made. What makes FRS 105 distinctive is that it is deliberately pared back. It works on a historical cost basis, keeps measurement straightforward and requires far fewer notes and disclosures than a fuller framework such as FRS 102. For a qualifying small company, that means shorter accounts, less disclosure and a clearer picture of the essentials — the balance sheet, the profit and loss account and a small number of supporting notes. For directors in Llanrwst, understanding which framework applies is the starting point for planning the year end, because it shapes both what the accounts look like and how much information needs to be gathered to prepare them.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it. Eligibility is driven mainly by size, and for accounting periods beginning on or after 6 April 2025 the applicable 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. A company generally needs to meet at least 2 of those 3 conditions, subject to the relevant rules for the period. That is only the starting point, though. The micro-entities regime also carries its own eligibility rules and exclusions, which can rule a company out even where the size tests are met, and a company that is eligible is still free to prepare accounts under a fuller framework instead. For directors in Llanrwst, the practical question is not simply whether the numbers fall under the thresholds, but whether the regime is appropriate for the way the company is structured and the transactions it has entered into.

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

Preparing FRS 105 Micro Entity Accounts well starts with the underlying records — bank transactions, sales and purchase information, payroll, asset details and any financing arrangements — and finishes with a set of financial statements presented in the format the micro-entities regime expects. A professional preparation service works through those records, checks that income and costs have been captured in the right period, considers items such as stock, debtors and creditors, and then drafts the financial statements for the director’s review and approval. It is worth being clear about how the different pieces fit together. The FRS 105 accounts themselves are the company’s financial statements, prepared under the micro-entities regime and generally used for the statutory accounts filing; they are not the same thing as a Corporation Tax Return (CT600), which is a separate filing made to HMRC, and they are not the same as a Confirmation Statement. A good service keeps those obligations distinct, explains what is due and when, and makes sure the figures used for each purpose are consistent with one another. It also flags where a company’s circumstances may need a closer look before the framework is confirmed.

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Get Help With Your FRS 105 Micro Entity Accounts in Llanrwst

If you run a small company in Llanrwst and want to know whether FRS 105 Micro Entity Accounts are the right route for your year end, the sensible next step is to talk it through. Tell us about your company — what it does, how it is structured, roughly how it has traded, and whether this is a first set of accounts or an established pattern — and share the records you already hold, such as bookkeeping reports, bank statements, payroll summaries and details of any loans, equipment or stock. That gives a clear basis for assessing whether the micro-entities regime fits your circumstances and, if it does, for preparing the financial statements and talking you through what needs to be filed with Companies House. If your position is more complex or the framework looks unsuitable, we can say so and explain the alternatives rather than pushing the accounts into a framework that does not fit. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements.

─── 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 micro-entity accounts. It sets out how a qualifying company that has chosen to apply the micro-entities regime measures, presents and discloses items in its annual financial statements. It is a reduced framework: measurement is straightforward and based on historical cost, and the disclosure requirements are much lighter than under FRS 102, which is why micro-entity accounts tend to be shorter and simpler than other sets of statutory accounts.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK micro-entities regime and decide to apply it. Qualification is primarily about size, but it is not only about size — there are additional rules and exclusions that can affect whether the regime is available to a particular company or to a particular accounting period. Meeting the size tests alone does not automatically mean a company is eligible, and even where a company is eligible, using FRS 105 remains a choice rather than an obligation. It is worth checking your specific position, especially if the business has unusual transactions, investments or group relationships.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, so a qualifying company may apply it or may instead prepare accounts under a fuller framework such as FRS 102. FRS 105 applies when the micro-entities regime is chosen. In practice many qualifying companies do opt for it, because the accounts are simpler to prepare and to read, but that is a decision to be made with the company's circumstances in mind rather than an automatic consequence of being small.

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: 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 over the period. Those conditions are subject to the relevant rules, and other eligibility rules and exclusions can apply, so meeting two or three of the size tests does not by itself guarantee that the micro-entities regime is available.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are built for different sizes of company. FRS 102 is the fuller framework, with more measurement options and substantially more disclosure. FRS 105 is the micro-entities standard, which strips things back: it works on a historical cost basis, avoids fair value and revaluation accounting, and requires far fewer notes. The practical effect is a shorter, simpler set of financial statements for companies that qualify for and choose the micro-entities regime.

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

A company that prepares accounts under the micro-entities regime still has statutory filing obligations, and those financial statements generally form the basis of the accounts filed with Companies House. The exact filing route and any available options depend on the company's size, its circumstances and the filing rules in force at the time. Filing the accounts is separate from the company's Corporation Tax obligations, which are handled with HMRC, so it is best to treat each requirement on its own terms rather than assuming one covers the other.

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

Yes. FRS 105 accounts and a Corporation Tax Return (CT600) are two different things. The accounts are the company's financial statements, prepared under the reporting framework that applies to it; the CT600 is a separate Corporation Tax filing submitted to HMRC. They are linked in the sense that both start from the same underlying figures and are normally prepared consistently, but they serve different purposes, are filed with different bodies, and have their own requirements and deadlines.

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

Useful starting points include a year-end trial balance or bookkeeping extract, bank statements covering the period, sales and purchase records, payroll information if the company employs staff, details of any loans or hire purchase arrangements, and notes on stock, equipment and amounts owed to or by the company. It also helps to know whether the accounts are being prepared for the first time or following an established pattern, and whether anything unusual happened during the year. With that information, the figures can be reviewed and the financial statements drafted for the director to approve.