─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Lostwithiel

If your company is a qualifying micro-entity, FRS 105 Micro Entity Accounts provide the financial reporting framework you can choose to apply. FRS 105 sits within the UK micro-entities regime and is designed for very small companies that meet the relevant size conditions and decide to use that regime for their statutory accounts. It is a simplified basis of preparation, but that does not mean it is a formality: the figures still need to reflect your actual bookkeeping, the disclosures must be appropriate to the framework, and the balance sheet and profit and loss account must be presented in the required format. Professional preparation of FRS 105 Micro Entity Accounts in Lostwithiel can help make sure the accounts are put together in line with the framework and tailored to your company’s circumstances, including its trading activity, asset base and any transactions that need particular care. Eligibility is not automatic, so the starting point is always a review of whether your company qualifies for the micro-entities regime and whether FRS 105 is the right basis for its financial statements.

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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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 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Reporting Framework

FRS 105 is the financial reporting standard that applies to UK companies using the micro-entities regime. In plain terms, it is a simplified set of accounting rules for the smallest companies, allowing them to prepare shorter, more straightforward financial statements than those required under a fuller framework. The micro-entities regime is an available accounting regime, not a compulsory one — a company that qualifies for it can choose to apply it, and FRS 105 applies when it does. Under FRS 105, the accounts are still real statutory accounts: they include a profit and loss account and a balance sheet prepared on the basis set out in the standard, with a reduced level of disclosure compared with larger-company reporting. Some accounting options available under other standards are restricted, and certain items are treated in a simpler way. For a qualifying company in Lostwithiel, FRS 105 Micro Entity Accounts can keep the reporting burden proportionate to the size and complexity of the business, while still producing a set of financial statements that meets the requirements of the framework chosen.

Who Can Use FRS 105 in the UK?

FRS 105 is aimed at UK companies that qualify for the micro-entities regime and choose to apply it. The qualifying tests are size-based but also subject to wider rules and exclusions, so the framework is not open to every small company automatically. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 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. Even where those conditions appear to be met, other eligibility rules and exclusions can affect whether the micro-entities regime is available — for example, certain types of company or particular circumstances may rule it out. It is also worth remembering that this is a choice: a qualifying company can use the micro-entities regime and FRS 105, or it can prepare its accounts under a different framework. For a Lostwithiel company considering FRS 105 Micro Entity Accounts, the sensible approach is to confirm eligibility and suitability before the accounts are prepared, rather than assuming that falling under the size thresholds settles the question on its own.

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 Lostwithiel

Well-prepared FRS 105 Micro Entity Accounts start with accurate records. We work from your bookkeeping, bank information, invoices, expenses and any other supporting documentation to build a set of financial statements on the FRS 105 basis, applying the reporting requirements that are relevant to your company and its transactions. That includes preparing the profit and loss account and balance sheet in the required format, considering the disclosures appropriate under the framework, and making sure the accounting treatment of items such as fixed assets, stocks, debtors and creditors is handled sensibly and consistently. It is important to keep the different filing obligations separate: the financial statements prepared under FRS 105 are the accounts that may need to be filed with Companies House, while a Corporation Tax Return (CT600) is a separate submission made to HMRC under Corporation Tax rules, and a Confirmation Statement is a further, distinct Companies House filing. We can help with the accounts preparation and explain how it fits alongside those other obligations, so you have a clear picture of what is due and when, without any assumption that eligibility or a particular accounting outcome is guaranteed.

ICAEW

ACCA

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

If you would like help with FRS 105 Micro Entity Accounts, get in touch and tell us about your company. It helps to know your accounting period dates, your trading activity, whether you have already filed accounts before, roughly what your turnover, balance sheet total and employee numbers look like, and what records you currently keep. From there we can discuss whether the micro-entities regime appears to be available to you and whether FRS 105 is the basis you want to use, as well as the information we would need to prepare your accounts. Whether you are a long-established Lostwithiel business or have recently started trading, we can talk through your circumstances, answer your questions and explain the next steps clearly, with transparent pricing and no obligation to proceed.

─── 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 UK companies preparing accounts under the micro-entities regime. It sets out how the profit and loss account and balance sheet should be prepared and what disclosures are needed, using a simplified approach compared with the fuller standards available to larger companies. It applies when a company qualifies for the micro-entities regime and chooses to use it.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the micro-entities regime and decide to apply it. Qualifying depends on the applicable size conditions and on the wider eligibility rules, which include certain exclusions. Meeting the size conditions is one part of the picture rather than a guarantee, so eligibility should be considered properly for your company before FRS 105 is adopted.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A qualifying company can choose whether to apply it or to prepare its accounts under a different framework, such as FRS 102. FRS 105 applies when the company chooses to use the micro-entities regime for its financial statements.

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. Other rules and exclusions can also affect whether the regime is available, so the criteria should be checked against your company's actual position.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they suit different sizes and types of company. FRS 105 is the streamlined framework for qualifying micro-entities, with simpler presentation and fewer disclosures. FRS 102 is a more detailed framework used by a much broader range of companies, and it allows certain accounting treatments and options that FRS 105 does not. The right choice depends on your company's circumstances and which regime it qualifies for.

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

For a company that prepares its statutory accounts under FRS 105, those accounts are the ones that may need to be delivered to Companies House, within the applicable filing requirements. Small companies and micro-entities can often file a reduced set of information, but what must be filed depends on the company's own position. Filing accounts at Companies House is separate from dealing with Corporation Tax.

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

Yes. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities reporting framework. A Corporation Tax Return (CT600) is a separate filing made to HMRC to report the company's taxable profits, and it is prepared under tax rules rather than accounting standards. The figures in the accounts and the tax return are connected, but they are different documents with different purposes and different submission routes, and a Confirmation Statement is a further separate Companies House filing.

What information is needed to prepare FRS 105 accounts?

Typically we need your bookkeeping or accounting records for the period, bank statements, sales and purchase information, details of expenses, plus information on assets, stocks, debtors, creditors, loans and any director's transactions. Your accounting period dates, company details and details of any previous accounts are also useful. The exact list depends on how your business operates, and we can confirm what is relevant once we understand your circumstances.