FRS 105 micro-entity accounts in Maida Vale

FRS 105 accounts for Maida Vale companies

FRS 105, the Financial Reporting Standard applicable to the Micro-entities Regime, sets the recognition and measurement rules for the smallest companies. It is simpler than FRS 102 Section 1A, which small companies use. Assets and liabilities are generally recorded at historical cost, there is no deferred tax and most disclosure notes fall away.

FRS 105 accounts for Maida Vale businesses: local facts

Maida Vale is in the Westminster council area, in the London region. ONS figures for 2026 count 56,365 VAT- or PAYE-registered businesses in Westminster, and 47,320 of them (84%) employ fewer than ten people. Many are small enough to use the micro-entity regime.

The largest groups of micro businesses in Westminster are professional, scientific and technical services (10,565), information and communication (5,295) and real estate (5,110). For professional, scientific and technical services companies in Maida Vale, fee income, work in progress at the year end and how directors are paid are the key decisions, so we plan these with you before the accounts are finalised. That puts professional, scientific and technical services at 22% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Maida Vale (Westminster 007) has 580 VAT- or PAYE-registered businesses, and 540 of them (93%) are micro businesses.

Westminster ranks 2 of the 1105 areas we serve by number of micro businesses, and its micro share of 84% is below the 89% average across them. In information and communication (5,295 micro businesses in Westminster), software subscriptions, equipment and contractor invoices are common, and contractors often ask about IR35, so we review both when preparing your return. In real estate (5,110 micro businesses in Westminster), we keep rental income, repairs and capital costs separate, because the tax treatment of each differs.