─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Lydney

If you run a small limited company in Lydney and want your annual accounts prepared under the simplest reporting framework available to qualifying UK companies, FRS 105 Micro Entity Accounts are likely to be on your radar. FRS 105 is the financial reporting standard that sits alongside the UK micro-entities regime, and it applies when a company both qualifies for that regime and chooses to use it. In practice, that means streamlined financial statements, a simpler balance sheet and profit and loss format, and reduced disclosure compared with larger reporting frameworks. Professional preparation helps you work through whether the micro-entities regime is suitable for your circumstances, and then builds the accounts from your financial records in line with the applicable reporting requirements — including the statutory formats and disclosure rules that go with FRS 105. It is not a case of every small company automatically qualifying: size criteria and other eligibility rules need to be checked, and the choice of framework should suit the company’s situation, its shareholders and anyone who relies on the figures.

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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 
    
 
 
 
   
 
 
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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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   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.
  
 
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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: The Micro-Entities Regime and Your Financial Statements

FRS 105 is one of the financial reporting standards UK companies can use when preparing their statutory accounts, and it is designed specifically for the smallest companies. It links directly to the UK micro-entities regime: if a company qualifies as a micro-entity and decides to take advantage of that regime, FRS 105 is the standard its financial statements are prepared under. In plain terms, that means the accounts are built on historical cost principles, with a simplified format and far fewer of the notes and disclosures that larger reporting frameworks require. The result is a set of financial statements that is shorter, easier to follow and focused on the essentials — typically a simple balance sheet, a simple profit and loss account and a small number of supporting notes. Choosing the micro-entities regime is a decision rather than an obligation. Qualifying companies can also apply other frameworks, and the right answer depends on the company’s size, structure, ownership and who needs to see the accounts. For a Lydney-based limited company, the practical starting point is confirming eligibility, deciding whether the micro-entities regime fits, and then preparing FRS 105 Micro Entity Accounts that reflect the company’s actual transactions and balances.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and then choose to apply it — and that ‘choose’ matters, because the regime is optional rather than automatic. 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 that test is usually the first step, not the whole answer. The micro-entities regime also has its own rules about which entities are excluded, and there are situations where a company that looks small on paper still cannot use FRS 105, or where a company is part of a group and different considerations apply. Because of this, the responsible approach for any Lydney company is to check its specific position — trading history, group structure, ownership, sector and the accounting period in question — before deciding whether FRS 105 Micro Entity Accounts are appropriate. If your company qualifies and the regime suits your needs, FRS 105 gives you the simplest route to statutory financial statements; if it does not, another framework will be the better fit.

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 is not simply a matter of filling in a template. The figures need to come from properly maintained accounting records, be presented in the statutory formats required by the micro-entities regime, and be supported by the disclosures that FRS 105 does require. Working with a professional accountant means your bookkeeping, bank records, sales and purchase information and asset details are pulled together, reviewed and translated into financial statements that make sense for your company. We keep the different obligations distinct, because they are genuinely separate tasks: FRS 105 accounts are the statutory financial statements prepared under the micro-entities regime, filed with Companies House; a Corporation Tax Return (CT600) is a separate submission made to HMRC; and a Confirmation Statement is another separate filing. Getting the accounts right supports the figures that feed into the tax return, but the accounts themselves are not the tax return. Where judgement is needed — for example on whether a particular item fits the FRS 105 measurement rules — that judgement is applied to your specific circumstances rather than assumed. The aim is accurate, well-presented financial reporting that reflects what has actually happened in the business and meets the applicable reporting requirements for a qualifying micro-entity.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Lydney

If you would like your FRS 105 Micro Entity Accounts prepared properly, or you are simply not sure whether the micro-entities regime is the right fit for your company, get in touch to talk it through. The most useful starting point is a short conversation about your company: its trading activity, its structure, your accounting records and how the figures are currently kept, plus any upcoming filing obligations you are working towards. From there we can review your circumstances, explain how FRS 105 would apply if you qualify and choose it, and set out the information we would need to prepare the accounts. There is no obligation, and there are no hidden extras — just clear, transparent pricing and straightforward answers to the questions you have about your FRS 105 Micro Entity Accounts in Lydney.

─── 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 entities that qualify as micro-entities and choose to apply the micro-entities regime. It sets out how the financial statements are prepared and presented, including the format of the balance sheet and profit and loss account and the limited disclosures that are required. It is the simplest statutory reporting framework available to qualifying UK companies.

Who can use FRS 105?

FRS 105 is available to companies that meet the definition of a micro-entity under the UK micro-entities regime and that decide to apply that regime. Meeting the size criteria is usually the starting point, but other eligibility rules and exclusions can also apply, and some companies are excluded from the regime regardless of size. Because the position depends on the individual company, eligibility should be checked rather than assumed.

Is FRS 105 compulsory for every micro-entity?

No. Qualifying for the micro-entities regime does not oblige a company to use it. Eligible companies can choose to apply the regime and prepare FRS 105 accounts, or they can prepare accounts under a different framework such as FRS 102. The choice often comes down to size, ownership, what the shareholders want from the accounts, and whether anyone relying on the figures needs the extra detail a fuller framework provides.

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. These conditions sit alongside other eligibility rules, so meeting two of them does not by itself guarantee that a company qualifies. The criteria should be reviewed against the company's actual figures for the relevant period.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of entity. FRS 105 is the micro-entities standard: it is deliberately minimal, uses a simplified format, and requires far fewer disclosures. FRS 102 is a broader standard used by small, medium and larger entities, and it allows or requires more accounting treatments, fair value measurements and disclosures. FRS 105 generally produces shorter, simpler accounts, while FRS 102 gives a fuller picture — which is a key reason some eligible companies still prefer it.

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

Yes. FRS 105 accounts are statutory financial statements, and a company that prepares them under the micro-entities regime files them with Companies House in the usual way for its accounting period. Filing the accounts is a separate task from submitting a Corporation Tax Return (CT600) to HMRC, and separate again from a Confirmation Statement. Each has its own requirements, so it is worth keeping track of all three.

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

Yes, and this is a common point of confusion. FRS 105 accounts are the company's statutory financial statements, prepared under the micro-entities regime and filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC. The accounts usually provide the starting figures for the tax return, but the tax return is a distinct filing with its own rules, adjustments and deadlines. One does not replace the other.

Can a newly formed limited company use FRS 105?

A new company can apply the micro-entities regime if it qualifies, and many early-stage companies do fall within the size limits. In the first period there may be no comparative figures and a shorter accounting period, which affects how the accounts are put together. Eligibility still needs to be checked against the rules and any exclusions, and it is worth confirming the position early so the records are set up in a way that supports FRS 105 Micro Entity Accounts from the start.

What information is needed to prepare FRS 105 accounts?

Typically you would provide your accounting records for the period — sales and purchase information, bank statements and reconciliations, details of any assets, stock and liabilities, payroll information if you employ staff, and details of any loans or director transactions. Share capital details and the previous year's accounts are also helpful for comparatives. The exact list depends on the nature and size of your business, and we can confirm what is needed once we understand your circumstances.

What changes are coming to micro-entity accounts filing?

The UK filing regime is moving towards filing accounts in a digital, structured format, which will affect how micro-entity accounts are submitted. The detail and timing of these changes matter, and companies should take advice on what applies to their own filing dates rather than relying on general commentary. If you are unsure how the changes affect your FRS 105 Micro Entity Accounts in Lydney, it is worth raising it well ahead of your filing deadline.