─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Maghera

If your company qualifies for the UK micro-entities regime and you have chosen to apply it, FRS 105 Micro Entity Accounts provide the financial reporting framework used to prepare your statutory financial statements. FRS 105 is a simplified regime designed around the needs of genuinely small companies, which is why it is popular with owner-managed businesses across Maghera and the wider Mid-Ulster area. Professional preparation helps ensure your accounts are put together in a way that reflects your company’s own circumstances, transactions and accounting records, rather than being forced into a template that does not quite fit. That includes thinking about the correct accounting policies for the micro-entities regime, the disclosure requirements that apply, and how the figures should be presented for the period. It is important to remember that applying FRS 105 is a choice available to qualifying companies — it is not automatic, and eligibility depends on a range of size and other conditions. A short conversation about your company’s turnover, balance sheet total, employee numbers and structure is usually the quickest way to establish whether the micro-entities regime is likely to be suitable for 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.

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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: A Simple Guide for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard that sets out how qualifying micro-entities should prepare their financial statements when they choose to use the micro-entities regime. In plain terms, it is a stripped-back accounting framework: fewer accounting options, simpler measurement rules and much shorter disclosure notes than you would find under a larger reporting standard. That makes it attractive to small, straightforward companies that want accounts which are clear, consistent and proportionate to the size of the business. The key point is that two things need to line up. First, the company needs to be eligible for the micro-entities regime under the applicable size conditions and other rules. Second, the directors need to decide to adopt that regime. Where both apply, FRS 105 is the framework used to draw up the accounts and the accompanying financial statements. FRS 105 Micro Entity Accounts are still formal statutory accounts — they must be prepared properly, and the figures must be supportable from the company’s records. What they avoid is the complexity and volume of disclosures that a larger company would need to provide, which is what makes the regime genuinely practical for many small limited companies in Maghera.

Who Can Use FRS 105 in the UK?

FRS 105 is designed for companies that qualify for the UK micro-entities regime and that choose to apply it. Two elements have to be in place: the company must be eligible, and the directors must decide to adopt the regime rather than another reporting framework. Eligibility is primarily assessed against the applicable size conditions. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 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. These conditions are a starting point rather than the whole picture. Other rules and exclusions can affect whether the micro-entities regime is available, so a company that appears to fall within the size thresholds may still not qualify, and the position can change from one accounting period to the next as the business grows. For companies in Maghera considering FRS 105 Micro Entity Accounts, it is worth reviewing turnover, balance sheet total, employee numbers and company structure together, and revisiting the decision each year rather than treating it as settled once and for all.

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

FRS 105 Micro Entity Accounts need to be built from accurate, well-organised financial records. In practice that means we start with your bookkeeping, bank information, sales and purchase records, asset details and any relevant agreements, then work through the accounting treatments that the micro-entities regime allows and requires. Because FRS 105 limits the accounting options available, the focus shifts towards getting the fundamentals right: correct recognition of income and expenses, sensible and consistent accounting policies, appropriate treatment of fixed assets, and a balance sheet that genuinely reflects what the company owns and owes. We also take care with presentation and the required notes, since these still form part of the statutory financial statements even under a simplified regime. It is worth separating out what is often bundled together in people’s minds. Preparing FRS 105 Micro Entity Accounts is an accounting and financial reporting exercise. Filing those accounts with Companies House is a separate step that follows from them. A Corporation Tax Return (CT600) is a separate filing altogether and is submitted to HMRC, not Companies House, and it draws on figures that need to be consistent with the accounts. If you are based in Maghera and want your micro-entity accounts prepared carefully, with the different obligations kept clearly distinct, we are happy to talk through how your company’s records translate into a set of accounts.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Maghera

Whether you are preparing FRS 105 Micro Entity Accounts for the first time or want a more reliable process for the years ahead, the best starting point is a straightforward conversation about your company. Tell us about your trading activity, your accounting records, your current year figures and your previous accounts if you have them, plus any changes to the business such as new assets, loans or director transactions. From there we can look at whether the micro-entities regime appears to suit your circumstances and explain what is involved in preparing and finalising the financial statements. We work with limited companies across Maghera and the surrounding areas, offering clear, transparent pricing and a practical explanation of each step rather than jargon. Get in touch and we will help you understand your FRS 105 Micro Entity Accounts requirements and what is needed to move your accounts forward.

─── 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 Micro Entity Accounts?

FRS 105 is the UK financial reporting standard used by qualifying micro-entities that have chosen to apply the micro-entities regime. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under that standard, typically comprising a simple profit and loss account, a balance sheet and a limited set of notes. The standard is deliberately simplified, with restricted accounting options and reduced disclosure compared with larger reporting frameworks.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and that decide to adopt it. Eligibility depends on meeting the applicable size conditions and on a range of other rules and exclusions, so not every small company will qualify. Companies in Maghera that are unsure whether they fall within the regime should review their turnover, balance sheet total, average employee numbers and company structure before assuming FRS 105 is available to them.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework rather than a mandatory one. A company that meets the qualifying conditions can generally choose whether to apply the micro-entities regime, and FRS 105 applies where that regime is chosen. Some companies may prefer a different framework because of their plans, their group structure or the expectations of lenders and investors, so the decision is worth taking deliberately rather than by default.

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. These are the headline size tests. Other eligibility rules and exclusions can also apply, which means meeting the size conditions alone does not automatically guarantee that the micro-entities regime is available.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a broader financial reporting standard that allows a range of accounting policy choices and requires considerably more disclosure. FRS 105 is built on a simpler basis, with recognition and measurement rules that remove many of those choices — for example, it does not permit fair value accounting or revaluation of assets in the way FRS 102 does. The practical result is that FRS 105 Micro Entity Accounts are shorter and more straightforward, which suits small companies with uncomplicated affairs.

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

Yes. Where a company prepares FRS 105 Micro Entity Accounts, those accounts form the basis of the statutory accounts that are filed at Companies House for the relevant period, along with any other information required at the same time, such as a confirmation statement. Filing the accounts is a separate step from preparing them, and it is also separate from the company's tax obligations. We keep the preparation, the filing and the tax position clearly distinguished so you always know what is being submitted, to whom and when.

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

Yes, they are separate requirements. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities accounting framework. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. Although the accounts and the return should tell a consistent story, they serve different purposes, go to different bodies, and are prepared under different rules.

Can a new limited company in Maghera use FRS 105?

It can be possible, but it depends on the circumstances rather than simply on the company being newly formed. A new company still needs to qualify for the micro-entities regime, and questions such as group structure, the nature of the business and the applicable exclusions all matter. First-year accounts can also raise practical points, such as how a short or unusual accounting period should be handled. Discussing your setup early usually makes the position much clearer before the first set of accounts is due.