─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Otley

If your company is based in or around Otley and is considering the simplest possible route to statutory financial statements, FRS 105 Micro Entity Accounts may be the right fit. FRS 105 is the financial reporting framework used by qualifying micro-entities that choose to apply the UK micro-entities regime, and it allows for a much shorter balance sheet, a simplified profit and loss account and significantly reduced disclosure compared with larger reporting frameworks. It is important to be clear that this is a choice rather than an automatic outcome: meeting the size conditions does not by itself mean a company must or can use FRS 105, because additional eligibility rules and exclusions can apply. Professional preparation helps you confirm whether the micro-entities regime suits your circumstances, ensures the figures are built from your own accounting records, and presents the accounts in a form that is appropriate for a micro-entity.

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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.

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 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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 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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 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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 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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 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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 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Reporting Framework for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In plain terms, it is the rulebook that sets out how a very small company’s annual financial statements should be put together when that company qualifies for the micro-entities regime and decides to use it. The regime sits within UK company law, and FRS 105 is the accounting framework that applies once the regime is chosen. Because FRS 105 is built around simplicity, it allows a qualifying company to prepare accounts with far less detail than FRS 102 or the larger frameworks — a shorter balance sheet, a basic profit and loss account and a reduced set of notes. It also applies historical cost accounting with a simplified approach to areas such as revaluations. The trade-off is that FRS 105 accounts are designed to be minimal, so they may not give a detailed picture to lenders, investors or others who want richer information. For many Otley-based owner-managed companies, that simplicity is exactly what is wanted, but it should be a considered decision rather than an assumption.

Who Can Use FRS 105 in the UK? Guidance for Otley Companies

FRS 105 is available to 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 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 conditions is necessary but not automatically sufficient. Other eligibility rules and exclusions can apply — some company types are excluded from the regime entirely, and the way the tests interact across consecutive periods, along with the treatment of parent and subsidiary relationships, can affect whether a company qualifies in a particular year. In practice, that means an Otley-based limited company should look at its own facts rather than relying purely on the headline thresholds. If it does qualify and the directors decide the micro-entities regime is appropriate, FRS 105 is the framework that will be used to prepare the financial statements.

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

FRS 105 Micro Entity Accounts should reflect what actually happened in your business, so preparation starts with your bookkeeping, bank records, invoices, expense records and any other supporting documentation you hold. From there, the figures are compiled into a balance sheet, a profit and loss account and the small number of notes that FRS 105 requires, using the presentation and measurement rules of that framework. It is worth separating the different obligations at this point: preparing financial statements under FRS 105 is one task, filing the accounts with Companies House is another, and dealing with Corporation Tax — including a CT600 Corporation Tax Return submitted to HMRC — is a separate exercise again, even though all three are built from the same underlying records. Professional involvement helps ensure your accounts are internally consistent, follow the applicable reporting requirements for a micro-entity, and are ready to be delivered alongside the rest of your company’s filings. We can also explain what each document is for, so you always know which obligation is being met.

ICAEW

ACCA

AAT

Let's Talk About Your FRS 105 Micro Entity Accounts

Whether you are preparing accounts for the first time under the micro-entities regime, moving across from FRS 102, or simply want a second pair of eyes on the numbers, we are happy to help with your FRS 105 Micro Entity Accounts. The most useful starting point is a short conversation about your company: what it does, how long it has been trading, who uses the accounts, and where your records currently sit. From there we can review your circumstances, talk you through whether the micro-entities regime looks suitable, explain what is involved in preparing and filing, and set out our clear, transparent pricing so there are no surprises. If it turns out that FRS 105 is not the right fit, we will tell you honestly and talk through the alternatives. Get in touch with your Otley-based company’s details and we can take it from there.

─── 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 micro-entities. It sets out how a qualifying company that has chosen the micro-entities regime prepares its annual financial statements, and it is deliberately simplified — a short balance sheet, a basic profit and loss account and minimal notes. It exists so that very small companies can meet their reporting obligations without the disclosure burden that applies under larger frameworks such as FRS 102.

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 may apply it, but it may equally choose to prepare accounts under a different framework such as FRS 102 — for example, if a lender, investor or group parent wants more detail than FRS 105 provides. FRS 105 applies only when the micro-entities regime is actually chosen and applied.

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. These tests are a starting point rather than the whole answer — certain company types and situations are excluded from the regime, and the rules around qualifying in a given period can be more nuanced than they first appear. It is worth checking your specific position rather than relying on the headline figures alone.

What is the difference between FRS 105 and FRS 102?

Both are UK accounting frameworks, but they are aimed at very different sizes of company. FRS 105 is the micro-entity framework and is intentionally minimal, with reduced disclosures and a simplified measurement approach. FRS 102 is the framework used by most other companies, including small companies that do not use the micro-entities regime, and it requires considerably more disclosure and a wider range of accounting treatments. In practice, the key difference is how much information the accounts contain and how much judgement and disclosure is involved in producing them.

Do FRS 105 Micro Entity Accounts need to be filed with Companies House?

Yes — where a company is required to file annual accounts, those accounts are submitted to Companies House regardless of which framework is used, including FRS 105. The filing itself is a company law obligation and is quite separate from your tax position. Filing accounts with Companies House does not, on its own, settle anything relating to Corporation Tax, which is dealt with separately through HMRC.

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

Yes, they are two distinct submissions. The FRS 105 accounts are the financial statements of the company, prepared under the micro-entities framework and filed with Companies House. The CT600 is the Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. Although both are based on the same underlying accounting records, they serve different purposes, go to different bodies, and are prepared and submitted separately.

Can a new limited company use FRS 105?

A newly incorporated company can apply the micro-entities regime from its first accounting period if it qualifies and chooses to do so, and many do start out on that basis. That said, eligibility depends on the company's own circumstances — its size, its type, and any exclusions that apply — and a first-year company may have particular considerations such as pre-trading costs or a short or extended accounting period. It is worth confirming the position for your first set of accounts rather than assuming, because changing framework later can affect comparatives.

What information do you need to prepare FRS 105 Micro Entity Accounts?

As a starting point, we would usually ask for your bookkeeping records or a trial balance covering the accounting period, bank and credit card statements, sales and purchase information, details of any fixed assets purchased or sold, stock or work in progress where relevant, and particulars of any loans, directors' balances or share capital movements. If you are moving from another framework, the previous year's accounts and comparatives are helpful too. The exact list depends on how your business operates, and we will confirm what is needed once we understand your circumstances.

Will FRS 105 accounts give a full picture of my company's finances?

Not a detailed one — and that is by design. FRS 105 accounts are the minimum required financial statements, so they carry far less narrative and fewer notes than accounts prepared under FRS 102. For a small owner-managed company filing at Companies House, that is often all that is needed. However, if you rely on the accounts to support a mortgage application, attract investment, or report into a group, it is worth discussing whether the reduced disclosure would work against you before you commit to the framework.