─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Newington: Straightforward Financial Statements for Qualifying Micro-Entities

If your company qualifies for the UK micro-entities regime and chooses to apply it, FRS 105 Micro Entity Accounts provide the financial reporting framework used to prepare your annual financial statements. FRS 105 is the simplest reporting basis available to qualifying UK companies: it works on a historical cost basis, keeps disclosure to a minimum and concentrates on the information that genuinely matters to shareholders, lenders and anyone else reading the accounts. Whether you need FRS 105 Micro Entity Accounts in Newington for a first set of accounts or want a clearer, more organised process for the years ahead, professional preparation based on your bookkeeping and financial records can help ensure the accounts are put together appropriately for your company’s particular circumstances, including its size, activities and any eligibility rules or exclusions that may apply. Eligibility is not automatic — it depends on the company meeting the relevant size conditions and on the micro-entities regime being chosen — so we always review that position with you before any work begins, and we explain the options in plain English rather than accounting jargon.

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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: What It Means for Micro-Entities in Newington

FRS 105 is the financial reporting standard that applies when a qualifying UK company chooses to use the micro-entities regime, and it matters because it decides how your annual accounts are put together. In simple terms, it is the most streamlined way for a very small company to present its financial statements: assets and liabilities are measured on a historical cost basis, complex fair value work and extensive note disclosures are avoided, and the balance sheet and profit and loss account follow a simplified format that is easier for the reader to follow. FRS 105 is part of company accounts preparation and the Companies House filing process — it is not a tax regime and not a submission to HMRC. If your company meets the relevant size conditions and the micro-entities regime suits your plans, FRS 105 Micro Entity Accounts can keep your reporting proportionate and understandable while still giving a true and fair view of the company’s financial position. Because the regime is a choice rather than an automatic entitlement, it is worth confirming both that your company qualifies and that FRS 105 is the right framework for you before the accounts are prepared.

Who Can Use FRS 105 in the UK? Qualifying Micro-Entities in Newington

FRS 105 is intended for UK companies that qualify for the micro-entities regime and then choose to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 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 during the period. Meeting those size conditions is not on its own a guarantee of eligibility, because other rules and exclusions apply — for example, some regulated businesses, traded companies and companies that form part of an ineligible group cannot use the regime, and the company’s position in the preceding financial year can also be relevant. On top of that, applying the regime is a decision: a qualifying company may still choose to report under a fuller framework such as FRS 102. For companies in Newington that want FRS 105 Micro Entity Accounts, we look at your circumstances as a whole — your figures, your activities and your ownership structure — before confirming whether the micro-entities regime is likely to be available and appropriate for the period in question.

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 Newington

FRS 105 Micro Entity Accounts are prepared from your company’s financial records — bank statements, sales and purchase information, payroll details, asset records and any relevant agreements — and set out in line with the reporting requirements that apply to qualifying micro-entities. Our role is to take those records, check them for consistency, prepare the financial statements in the format FRS 105 requires, and explain clearly what the figures show so you understand the position rather than simply receiving a document. It is important to keep the different obligations separate: preparing and filing the accounts with Companies House is a company law requirement, while your Corporation Tax Return (CT600) is a separate filing submitted to HMRC, and the two are not the same thing even though they draw on the same underlying records. We can help with accounts preparation and the Companies House filing, and we can discuss how your accounts interact with your tax position, but we do not claim approval, endorsement or review by Companies House or HMRC, and we never promise guaranteed acceptance of any filing. What we do promise is careful, professional work and straightforward communication about anything that needs your attention.

ICAEW

ACCA

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Get Help With Your FRS 105 Micro Entity Accounts in Newington

If you would like to discuss your FRS 105 Micro Entity Accounts requirements, get in touch and tell us a little about your company — how long you have been trading, what you do, roughly how your figures sit against the micro-entity size conditions, and when your accounting period ends. With that information we can assess whether the micro-entities regime is likely to be available to you, explain what preparing FRS 105 accounts will involve and let you know what records and details we need. We work with clear, transparent pricing and fixed-fee options where they suit the work, so you know where you stand before anything begins. Whether you are a director preparing a first set of micro-entity accounts in Newington or simply want a more reliable process for the years ahead, we are happy to talk it through.

─── 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 qualifying micro-entities that choose to apply the micro-entities regime. It is the simplest basis of accounts preparation available: figures are measured on a historical cost basis, the presentation is simplified and the number of disclosures is kept to a minimum. It sits within company accounts preparation and the Companies House filing process rather than being a tax filing.

Who can use FRS 105 Micro Entity Accounts in Newington?

FRS 105 Micro Entity Accounts are available to UK companies that qualify for the micro-entities regime and choose to apply it. Qualifying means meeting the relevant size conditions, and it also means no exclusion applies — for example, certain regulated businesses, traded companies and companies that are part of an ineligible group cannot use the regime. Because eligibility can also be affected by how the company qualified in the previous financial year, it is worth checking your specific position rather than assuming.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework, not an obligation. A qualifying company can choose to apply it, but it can also decide to prepare accounts under a fuller framework such as FRS 102 instead, which may suit a business that wants more detailed disclosure or has plans that make the additional reporting useful. The choice is made by the company, and FRS 105 applies when the micro-entities regime has been chosen.

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 during the period. Meeting those conditions is not the whole story — other rules and exclusions can affect whether the micro-entities regime is available, and the position in the preceding financial year can also be relevant.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they serve different sizes and needs. FRS 105 is designed for micro-entities: historical cost measurement, a simplified format and very limited disclosures. FRS 102 is the wider standard used by small and larger entities, and it involves more measurement requirements — such as fair value accounting, deferred tax and revaluations — along with more extensive notes to the accounts. FRS 102 therefore gives a fuller picture, while FRS 105 keeps reporting proportionate for very small companies.

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

Yes — where a company prepares micro-entity accounts, those financial statements are the accounts that are filed at Companies House for the financial year in question, subject to the filing requirements that apply to your company. Filing at Companies House is a company law obligation and is separate from your tax affairs. It is also separate from your Confirmation Statement, which is a different filing covering company information rather than the financial statements.

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

Yes. FRS 105 relates to the accounting framework used to prepare the company's financial statements, while a CT600 is the Corporation Tax Return submitted to HMRC. The accounts and the tax return draw on the same underlying records and both need to reflect the company's activity accurately, but they are prepared for different purposes and filed with different bodies. Micro-entity accounts do not remove the need to deal with Corporation Tax obligations.

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

We usually need your bookkeeping or accounting records for the period, bank and credit card statements, details of sales and purchases, payroll and employee information, records of any assets bought or sold, loan or lease agreements, and details of any director's loan movements. It also helps to know your company's registered details, accounting period dates and whether anything unusual happened during the year. Once we see what you have, we can tell you exactly what is missing and how to fill the gaps.