─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Llantwit Major

If your company qualifies for the UK micro-entities regime and chooses to apply it, FRS 105 provides the financial reporting framework used to prepare its annual accounts. Our FRS 105 Micro Entity Accounts service in Llantwit Major is designed for directors of small, owner-managed companies who want their financial statements prepared properly, in line with the regime they have selected, and who value a clear explanation of what has been prepared and why. We work from your financial records to build a set of micro-entity accounts that reflects your company’s circumstances, including the simplified formats and reduced disclosure requirements that FRS 105 allows. Professional preparation helps reduce the risk of errors, inconsistencies and last-minute scrambles, and gives you a set of accounts you can discuss confidently with lenders, landlords or other parties who may ask to see them. Eligibility is not automatic, so we begin by considering whether the micro-entities regime is appropriate for your company before any accounts are prepared.

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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 
    
 
 
 
   
 
 
       Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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: The Micro-Entities Regime Made Simple

FRS 105 is the financial reporting standard that applies to the UK micro-entities regime. In plain terms, it is a simplified accounting framework that qualifying companies can choose to use when preparing their annual financial statements, and FRS 105 is the standard that applies when that choice is made. It is built around historic cost accounting and deliberately pared-back disclosure, which means fewer notes to the accounts and a more straightforward set of financial statements than you would see under a fuller framework. The micro-entities regime itself is an available option, not something a company is forced into; a qualifying company can decide to apply it, and if it does, FRS 105 governs how the accounts are put together. For directors of small companies, the appeal is usually simplicity, consistency and a set of accounts that is easier to review and understand.

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. 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. That size test is only part of the picture. Other eligibility rules and exclusions can apply depending on what the company does and how it is structured, so meeting the size conditions does not automatically guarantee that the micro-entities regime is available. Eligibility is also assessed period by period, which matters if your turnover or headcount moves around from one year to the next. For companies in and around Llantwit Major, we look at these points individually before recommending FRS 105 or any other framework.

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 well depends on accurate records, sensible judgements and a proper understanding of the reporting requirements that apply to your company. We prepare the financial statements from the information you provide, applying the accounting policies and presentation that suit a micro-entity preparing accounts under FRS 105, and we explain the figures in a way that is genuinely useful to you as a director. Where your company needs to deliver accounts to Companies House, we can prepare the accounts for filing as a separate step from your Corporation Tax position. Those are distinct obligations: the accounts are the financial statements prepared under the applicable reporting framework, while a Corporation Tax Return (CT600) is a separate submission made to HMRC. Keeping the two clearly separated helps avoid confusion and helps ensure each requirement is dealt with on its own terms. We work from your records and the applicable reporting rules, and we will tell you plainly if something in your circumstances needs further consideration.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts in Llantwit Major

If you would like help with your FRS 105 Micro Entity Accounts, the best next step is a straightforward conversation about your company. Tell us about your trading activity, your accounting period, the records you hold and whether your company has previously prepared accounts under the micro-entities regime, and we can consider whether FRS 105 is likely to be appropriate for your circumstances. If you are unsure whether your company meets the qualifying conditions, or whether applying the regime is the right choice for you, we can talk that through before anything is prepared. Bring along what you have — bookkeeping records, bank statements, previous accounts, details of assets and any payroll information — and we will set out clearly what we need and what happens next, with transparent, fixed-fee options available.

─── 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 financial reporting standard that applies to the UK micro-entities regime. It sets out how qualifying companies that choose to use that regime should prepare their annual financial statements, including the formats to follow and the limited disclosures required. It is a simplified framework based on historic cost accounting, so it avoids much of the complexity found in fuller reporting standards. In practice, FRS 105 accounts tend to be shorter, with far fewer notes than accounts prepared under FRS 102, which is often exactly what a small owner-managed company wants.

Who can use FRS 105, and what are the current eligibility criteria?

FRS 105 is intended for companies that qualify for 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 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. Meeting those size conditions is not the whole story. Other rules and exclusions can apply, and the assessment is made by reference to the company's own circumstances and accounting period, so eligibility should always be checked 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 can choose to apply it, and FRS 105 applies if that choice is made. Some qualifying companies prefer to prepare accounts under FRS 102 instead, for example because of the way they present certain items, the expectations of a lender or investor, or plans that may change in future periods. The decision is usually best made with your specific circumstances in mind rather than by default.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different groups. FRS 105 is the micro-entity standard: historic cost based, with simplified formats and minimal disclosure. FRS 102 is the standard for larger entities, and its small-entity provisions in Section 1A allow a wider range of accounting treatments and require more disclosure than FRS 105. In general, FRS 105 accounts are shorter and more straightforward, while FRS 102 accounts give more scope for particular policies and considerably more supporting detail.

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

Where a company is required to deliver annual accounts to Companies House, those accounts must be filed, and micro-entity accounts prepared under FRS 105 can be delivered in the simplified form the regime permits. Preparing the accounts and filing them are two stages of the same process, and it helps to keep them clearly separated from your Corporation Tax work. Filing arrangements have been changing, with a move towards filing accounts using software rather than paper or basic web forms, so it is worth checking the current requirements before you file rather than relying on how it was done in previous years.

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

Yes, they are separate requirements. FRS 105 is an accounting and financial reporting framework used to prepare your company's annual accounts. A CT600 is a Corporation Tax Return submitted to HMRC, and it deals with your company's tax position, including any adjustments needed to move from accounting profit to taxable profit. The figures in your accounts are usually the starting point for that work, but the two documents serve different purposes, go to different bodies, and should not be treated as interchangeable.

Can a new limited company in Llantwit Major use FRS 105?

A newly incorporated company can potentially use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. First accounting periods can be a little different, because the period may be longer or shorter than twelve months and eligibility is assessed by reference to the relevant period and rules. If your company has recently started trading, it is worth discussing the position early so your bookkeeping and record keeping are set up in a way that supports the accounts you will need to prepare.

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

We usually need a clear picture of your company's trading for the period, including income and expenses, bank and cash records, and any invoices or receipts that support them. Details of assets such as equipment, vehicles or property, any loans or amounts owed to and by the company, and information on directors' remuneration or dividends are also helpful. If accounts have been prepared before, copies of the previous year's figures make the process smoother, and payroll information helps confirm employee numbers. Once we see what you hold, we can tell you exactly what is missing.