FRS 105 micro-entity accounts in Okehampton

FRS 105 accounts for Okehampton 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 Okehampton businesses: local facts

Okehampton is in the West Devon council area, in the South West region. In West Devon, 2,935 of the 3,200 VAT- and PAYE-registered businesses in the 2026 ONS count have fewer than ten employees, around 92%. If you run a company in Okehampton, you are in good company.

The largest groups of micro businesses in West Devon are agriculture, forestry and fishing (935), construction (355) and wholesale and retail (335). For agriculture, forestry and fishing companies in Okehampton, seasonal income, grants and farm equipment need careful year-end treatment, so we tie your accounts to bank records and an asset register. That puts agriculture, forestry and fishing at 32% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Okehampton (West Devon 002) has 265 VAT- or PAYE-registered businesses, and 235 of them (89%) are micro businesses.

West Devon ranks 1038 of the 1105 areas we serve by number of micro businesses, and its micro share of 92% is above the 89% average across them. In construction (355 micro businesses in West Devon), Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared. In wholesale and retail (335 micro businesses in West Devon), closing stock and the VAT treatment of different product lines are the usual pressure points, so we value stock carefully and check your VAT records.