─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Petersfield

FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime for companies that qualify for it and choose to apply it. FRS 105 is the UK financial reporting standard written specifically for micro-entities, and it allows a simpler, more streamlined set of accounts than the frameworks used by larger companies. For a Petersfield-based company, that can mean shorter financial statements, reduced disclosure and a reporting format that reflects the straightforward nature of a small business. Whether FRS 105 is the right framework depends on your company’s size, its legal form, the nature of its activities and whether any exclusions apply — qualifying is not automatic just because a company is small. Professional preparation helps you work through those questions, prepare the financial statements from your bookkeeping and records, and make sure the accounts presented are appropriate for your company’s particular circumstances and the accounting framework it has chosen.

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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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   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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 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 Micro-Entities Reporting Framework

FRS 105 is the financial reporting standard that applies when a qualifying UK company chooses to use the micro-entities regime. In plain terms, it is the simplest accounting framework available under UK GAAP, designed for very small companies that want financial statements which are accurate but far less detailed than those produced under FRS 102. Under FRS 105, accounts are generally prepared on a historical cost basis, with simpler measurement rules and a much shorter set of disclosures. The result is a set of FRS 105 financial statements that still show the company’s financial position and performance, but in a format suited to a micro-entity rather than a larger business. It is important to understand that the micro-entities regime is a choice available to qualifying companies — it is not something every small company must use, and some companies are excluded from it. Where the regime is chosen and the company qualifies, FRS 105 is the framework applied. For directors in and around Petersfield, that usually means a clearer, more proportionate set of FRS 105 Micro Entity Accounts that are easier to review and to file.

Who Can Use FRS 105 in the UK?

FRS 105 is designed for UK companies that qualify for the micro-entities regime and actively choose to apply it. The starting point is size. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 3 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 criteria is a strong indicator, but it is not the whole picture — the regime is subject to additional rules and exclusions, and certain companies and activities are not eligible regardless of size. Charities, some financial sector entities and companies that fall within specific excluded categories are among those that cannot simply opt in. There is also a distinction between qualifying for the regime and deciding to use it: a qualifying company is not obliged to prepare FRS 105 accounts. For businesses in Petersfield considering FRS 105 Micro Entity Accounts, the practical route is to review the company’s structure, activity, size over the relevant period and any exclusions, then confirm whether the micro-entities regime is available and appropriate before the accounts are prepared.

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

Preparing FRS 105 Micro Entity Accounts starts with your financial records — bank transactions, sales and purchase information, payroll details, asset purchases and any loans or director balances — and turns them into a structured set of financial statements. The work involves confirming the figures reconcile to your bookkeeping, applying the recognition and measurement rules that FRS 105 requires, and presenting the accounts in the disclosure format appropriate to a micro-entity. It is worth separating two distinct obligations here. Preparing and filing the financial statements with Companies House is one requirement; a Corporation Tax Return (CT600) submitted to HMRC is a separate filing with its own rules, deadlines and tax calculations. A Confirmation Statement is separate again. Good practice is to prepare the accounts and the tax position together so the figures are consistent, while treating each filing as its own task. The aim is accurate, well-supported FRS 105 accounts that reflect your company’s circumstances and the framework it has chosen — no one can guarantee a particular filing outcome, but careful preparation and clear record-keeping give you the best foundation.

ICAEW

ACCA

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Talk to Us About Your FRS 105 Micro Entity Accounts in Petersfield

If you run a small company in Petersfield and want to understand whether the micro-entities regime suits you, or you simply need your FRS 105 Micro Entity Accounts prepared accurately and on time, we are here to help. Tell us about your company — its trading activity, the accounting framework you currently use, your bookkeeping records and any changes in size or structure — and we can assess how your circumstances fit the micro-entity rules. We can then explain the options, the information we need from you, and how the accounts work alongside your other filing obligations. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements and take the next step with clear, transparent pricing and a straightforward process.

─── 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 companies using the micro-entities regime. It sits within UK GAAP and is the simplest framework available, allowing qualifying micro-entities to prepare financial statements on a largely historical cost basis with far fewer disclosures than FRS 102. It covers how the accounts are measured and presented, rather than tax or filing deadlines.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the micro-entities regime and 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. Other rules and exclusions can apply, so meeting those figures alone does not automatically guarantee eligibility.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting framework, not a mandatory one. A company that qualifies may still choose to prepare accounts under a different framework such as FRS 102, depending on its circumstances, its lender or investor requirements, or the preferences of its directors. FRS 105 applies when the micro-entities regime is the framework chosen.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the standard framework used by most UK companies and permits a wider range of accounting policies, including fair value and revaluation options, with substantially more disclosure requirements. FRS 105 is deliberately narrower: it is built for qualifying micro-entities, generally uses historical cost, and produces much shorter financial statements. In short, FRS 102 offers more flexibility and more detail, while FRS 105 offers simplicity and reduced reporting.

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

Yes — where accounts are prepared under FRS 105, they still form the company's statutory annual accounts and are filed with Companies House. The micro-entity format means the accounts filed are shorter and contain fewer disclosures, but the filing obligation itself is unchanged. Filing the accounts is separate from filing a Confirmation Statement and separate from your Corporation Tax Return.

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

Yes, they are two different things. The FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime and filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC, which calculates the tax due based on the company's taxable profits. The figures are normally linked, but the documents, the recipients and the deadlines are distinct.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 for its first accounts if it qualifies for the micro-entities regime and chooses to apply it. In practice, a new company will usually need to consider its expected turnover, balance sheet total and employee numbers, together with any exclusions that may apply. Because the first period can be longer or shorter than a year in some cases, it is worth checking the position before deciding on a framework.

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

Typically you would provide your bookkeeping or accounting records, bank statements, sales and purchase ledgers, payroll information, details of fixed assets and any additions or disposals, loan and hire purchase agreements, director's loan account movements, stock or work-in-progress figures where relevant, and the previous year's accounts. Having clear, complete records makes the preparation quicker and reduces the number of queries raised along the way.

What changes are coming to micro-entity accounts filing?

The way accounts are filed with Companies House is moving towards software-based, tagged filing for more companies, and the micro-entity size thresholds were updated for accounting periods beginning on or after 6 April 2025. Because filing requirements and eligibility rules can change, it is sensible to check the current position for your own accounting period rather than relying on older guidance.