─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Magherafelt

FRS 105 Micro Entity Accounts are prepared under the financial reporting framework that applies to qualifying micro-entities which choose to use the UK micro-entities regime. Based in Magherafelt and working with limited companies across Northern Ireland, we help directors understand whether their company may qualify, and what the accounts need to look like once that choice is made. FRS 105 keeps reporting deliberately simple, but simple does not mean automatic: eligibility depends on the size conditions and on the relevant rules and exclusions, and not every small company fits the regime. Professional preparation means your figures are pulled together from your financial records, presented in line with the framework, and supported by the comparatively limited disclosures FRS 105 allows, so the accounts properly reflect your company’s circumstances rather than a generic template. We also keep the accounts and the separate Companies House filing clearly in view, so you know what is being prepared, what is being submitted, and how it sits alongside your other obligations.

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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.
  
 
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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
  
 
      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.
  
 
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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.
  
 
      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 for Micro-Entities in Magherafelt

FRS 105 is the UK financial reporting standard written specifically for the micro-entities regime. In plain terms, it is the simplest set of accounting rules available to a qualifying limited company, and it applies when that company chooses to use the micro-entities regime for its financial statements. Where a company takes that route, the accounts are usually built on historic cost, with far fewer notes and disclosures than you would see under a larger framework, and with no need for some of the more complex adjustments and valuations found elsewhere. This can make the annual accounts shorter, more straightforward to read and easier for directors to follow. It is worth being clear about what FRS 105 is not: it is not a tax return, it is not an automatic entitlement simply because a company is small, and it is not something every company can adopt. Eligibility depends on meeting the relevant size conditions and on the surrounding rules and exclusions, which is why it is worth reviewing your position each year before the accounts are prepared.

Who Can Use FRS 105 in the UK?

FRS 105 is designed for UK companies that qualify for the micro-entities regime and then choose to apply it — the framework is available to those businesses, not imposed on them, and a qualifying company may instead report under another standard. Eligibility turns on size and on the wider rules. 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. Those figures are a starting point rather than the whole answer. Other eligibility rules and exclusions also apply, and some companies are prevented from using the regime whatever their size, so satisfying the thresholds does not by itself guarantee that FRS 105 is available. Directors in Magherafelt and across Northern Ireland should therefore look at the company’s structure and activities alongside the numbers before deciding.

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 Magherafelt

Preparing FRS 105 Micro Entity Accounts properly means working from your company’s actual financial records — bookkeeping, bank and ledger information, expense and income detail, payroll figures where relevant, and any supporting documentation for balances at the year end. The aim is accurate financial reporting: a balance sheet, a profit and loss account and the limited notes that the framework calls for, drawn together in a way that reflects what actually happened in the business during the period. We keep two things distinct in the process. First, the preparation of the financial statements under the micro-entities regime. Second, the filing requirements that surround them, including the accounts submission to Companies House using the appropriate route. Corporation Tax is a separate matter again and is dealt with through a CT600 submitted to HMRC, not through the FRS 105 accounts themselves, even though the two are prepared from the same underlying records. We work through your circumstances and the applicable reporting requirements so that decisions are made deliberately rather than assumed, and we are careful never to treat eligibility as a given or any filing outcome as guaranteed.

ICAEW

ACCA

AAT

Discuss Your FRS 105 Micro Entity Accounts in Magherafelt

If your limited company may fall within the micro-entities regime, or you are simply unsure whether FRS 105 Micro Entity Accounts are the right fit, we are happy to talk it through. Get in touch with your company details, your year-end date, and a little about your turnover, balance sheet position and employee numbers, plus what you currently have in place by way of records and bookkeeping. From there we can assess your circumstances, explain how the micro-entities regime works and whether applying it looks appropriate, talk you through clear, transparent pricing options, and set out how the accounts would be prepared and filed. There is no obligation and no hard sell — just a straightforward conversation about your position and the next sensible step.

─── 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 are FRS 105 Micro Entity Accounts?

They are the financial statements a qualifying company prepares under FRS 105, the UK reporting standard that sits alongside the micro-entities regime. If a company qualifies for that regime and chooses to use it, FRS 105 is the framework its accounts are prepared under. In practice that means a simpler balance sheet and profit and loss account, far fewer notes and disclosures, and measurement based largely on historic cost rather than the more involved valuation and adjustment work you might see under larger frameworks.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities under the UK regime and then decide to apply it. Qualifying is not the same as being forced to adopt it — the regime is available, not compulsory. A company also has to be eligible in other respects, since certain rules and exclusions can rule out the micro-entities regime even where the size conditions appear to be met. It is a decision worth revisiting each year, as your figures and circumstances change.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework, not an automatic one. A qualifying company can choose to apply it, and FRS 105 applies when that choice is made, but a small company that qualifies may instead report under a different framework such as FRS 102 Section 1A if that suits its circumstances better. Some companies prefer the slightly fuller disclosure that other frameworks allow, particularly where a lender or investor wants more detail.

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. Meeting those size conditions alone does not guarantee eligibility, because other rules and exclusions can apply — for example, certain company types and structures are outside the regime regardless of size. It is always worth checking your specific position rather than assuming.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are set at different levels of complexity. FRS 105 is the micro-entities standard: simpler measurement, minimal disclosures and shorter accounts. FRS 102 is a broader framework, and Section 1A of it covers small companies that fall outside the micro-entities regime or choose not to use it. FRS 102 allows more accounting options — such as certain fair value and revaluation treatments — and asks for more notes, which is why some businesses find it a better fit despite the extra work.

Do FRS 105 accounts need to be filed with Companies House, and is a CT600 separate?

The accounts are a Companies House matter, and where a company prepares FRS 105 Micro Entity Accounts those financial statements normally form the basis of what is submitted for the relevant accounting period. A CT600 is entirely separate: it is the Corporation Tax Return submitted to HMRC to report taxable profits and work out the tax due. Both are usually prepared from the same underlying records, but they serve different purposes, go to different bodies and follow different rules, so meeting one obligation does not discharge the other.

Can a new limited company use FRS 105?

A newly incorporated company can potentially fall within the micro-entities regime in its first period, but it should not be assumed. Eligibility is assessed against the applicable size conditions and the surrounding rules at the time, and a first accounting period is often longer or shorter than twelve months, which affects how turnover and employee numbers are judged. It is worth confirming the position before the first set of accounts is prepared rather than treating FRS 105 as the default.

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

Typically we would want your bookkeeping or accounting records for the period, bank and ledger information, details of income and expenses, payroll figures where you employ staff, and supporting documentation for balances held at the year end such as stock, debtors, creditors and fixed assets. Company details, the year-end date and a note of any significant transactions or changes during the period are also helpful. Good records keep the preparation straightforward and reduce the risk of queries arising later.