─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Newmarket

FRS 105 Micro Entity Accounts give qualifying Newmarket companies a simpler, more proportionate way to prepare and report their annual financial statements. FRS 105 is the financial reporting standard that applies when a company qualifies for the UK micro-entities regime and chooses to adopt it. It sits alongside the small companies regime rather than replacing it, so eligibility and the decision to apply it should always be considered carefully for your own circumstances. Professional preparation helps ensure your accounts are built properly from your underlying financial records, that the reduced disclosure requirements are applied correctly, and that the figures presented are consistent with the rest of your company’s filing obligations. Whether you have recently incorporated in Newmarket, have traded quietly for years, or are reviewing how your accounts are currently put together, we can talk through what FRS 105 Micro Entity Accounts would mean in practice for your business.

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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
  
 
      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.
  
 
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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.
  
 
      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: The Micro-Entities Reporting Framework

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sets out how a qualifying company prepares its annual financial statements when it chooses to apply the micro-entities regime, and it is deliberately streamlined: the accounts are shorter, the disclosure notes are far fewer, and the emphasis is on presenting a straightforward, historical-cost picture of the company’s assets, liabilities and results. In simple terms, FRS 105 is the “lightest touch” option available under UK GAAP. It is not something a company is forced into, and it is not automatic — a company must fit the micro-entity size criteria and any other applicable rules, and then decide to apply the regime. If it does, FRS 105 is the standard that governs how those FRS 105 financial statements are drawn up. For many small owner-managed companies in and around Newmarket, that means less paperwork, clearer figures and accounts that are easier to read, while still meeting the company’s legal reporting obligations.

Who Can Use FRS 105 in the UK?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it. The size test is the natural starting point. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 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. Meeting two out of three does not, on its own, guarantee eligibility. Other rules apply, certain companies are excluded from the micro-entities regime regardless of size, and the position can change from one accounting period to the next as a business grows, takes on staff, secures new borrowing or changes its structure. For Newmarket companies, the practical question is therefore a two-part one: does the company meet the criteria, and is applying the micro-entities regime the right decision for how the business is run and who relies on its accounts? We can work through both parts with you.

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 Accounts and Accurate Financial Reporting

Even the shortest set of accounts has to be right. FRS 105 Micro Entity Accounts are prepared from your company’s financial records — bookkeeping, bank transactions, sales and purchase information, payroll details, asset records and any relevant agreements — and then shaped into financial statements that follow the applicable reporting requirements for the micro-entities regime. In practice that means we look at what your company has done during the period, consider whether the micro-entities regime remains appropriate, and prepare the accounts accordingly, including the balance sheet, the notes required under FRS 105 and the supporting information needed for the filing. It is worth keeping two things clearly separate in your mind: the preparation of the financial statements and the subsequent filing of those accounts at Companies House on the one hand, and your Corporation Tax position on the other. A Corporation Tax Return (CT600) is a separate submission made to HMRC and is not the same thing as the accounts themselves, even though the two are closely connected. We can help with both, but they are distinct pieces of work with distinct deadlines and distinct audiences.

ICAEW

ACCA

AAT

Need Help With Your FRS 105 Micro Entity Accounts in Newmarket?

If you are weighing up whether the micro-entities regime suits your company, or you simply want your FRS 105 Micro Entity Accounts prepared properly and on time, get in touch and let’s talk it through. The most useful starting point is a short conversation about your company: what it does, how it is structured, how it has traded during the period, and what records you already hold. From there we can discuss your eligibility position, what the accounts will look like under FRS 105, and how the preparation and filing process will work in practice. Bring along your bookkeeping, bank statements, details of any assets or loans, and anything else that shapes your numbers, and we can assess your circumstances and explain the options clearly — including clear, transparent pricing and fixed-fee options where these are available.

─── 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 that applies to micro-entities. It governs how a qualifying company prepares its annual financial statements when it chooses to apply the micro-entities regime, setting out recognition and measurement rules and a much reduced set of disclosure requirements compared with larger reporting frameworks. In practice, FRS 105 accounts are shorter and simpler than accounts prepared under FRS 102, with the focus on a clear, historical-cost view of the company's position.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the UK 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 3 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 is not the whole story, though — other eligibility rules and exclusions can apply, and some companies are excluded from the regime altogether. Eligibility should always be checked against your company's specific circumstances.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A company that qualifies can generally choose whether to apply it, and FRS 105 applies when that choice is made. Some qualifying companies prefer the slightly fuller reporting that comes with the small companies regime under FRS 102 Section 1A, particularly where a lender, investor or customer expects more detail. It is a decision worth reviewing periodically rather than treating as permanent.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are pitched at different sizes of company. FRS 105 is the micro-entities standard: it is the most streamlined option, with simplified measurement rules and minimal disclosures. FRS 102 is the standard used more broadly, including by small companies applying Section 1A, and it generally involves more accounting judgements, more disclosure and a longer set of financial statements. If your company grows beyond the micro-entity criteria, or if it is excluded from the regime, a move to FRS 102 may become necessary.

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

Where a company prepares FRS 105 Micro Entity Accounts for its statutory reporting, those accounts are generally the ones filed at Companies House, subject to the filing requirements that apply to the company. Filing accounts is separate from filing a Corporation Tax Return. The accounts go to Companies House, while the CT600 goes to HMRC, and each has its own content and its own deadline. Preparing the accounts and submitting them are best treated as two connected but distinct steps.

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

Yes. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities reporting framework. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. The accounts usually inform the tax return, and the two should be consistent with one another, but they are separate documents, prepared under different rules and sent to different bodies.

Can a new limited company use FRS 105?

A newly incorporated company can potentially qualify for the micro-entities regime if it meets the applicable conditions and is not excluded, so it is not unusual for a first set of accounts to be prepared under FRS 105. That said, a first accounting period can bring its own complications — pre-trading costs, share capital, director's loans, or a period that is longer or shorter than twelve months — so it is worth reviewing the position rather than assuming FRS 105 will apply.

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

The starting point is a complete and accurate set of records for the period: bookkeeping or accounting software exports, bank statements and reconciliations, sales and purchase records, payroll information if the company employs staff, details of any fixed assets and depreciation, loan and finance agreements, and share capital information. It also helps to know about anything unusual that happened in the period, such as a new loan, a significant purchase, or a change in the company's activities. The fuller the records, the more straightforward the preparation of the accounts tends to be.