─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Porthmadog

FRS 105 Micro Entity Accounts are prepared under the financial reporting framework that applies to qualifying micro-entities in the UK — and for many small limited companies in Porthmadog, that framework is the simplest and most cost-effective route to compliant financial statements. FRS 105 sets out how a micro-entity’s financial statements should be put together once the company has chosen to apply the micro-entities regime, and it is deliberately pared back compared with the fuller standards used by larger businesses. That simplicity is helpful, but it still requires a proper understanding of what should be included, how the figures should be presented, and whether the company genuinely meets the conditions and rules for the regime in the first place. Professional preparation helps ensure your FRS 105 Micro Entity Accounts are built from accurate, well-organised financial records and presented in a way that reflects your company’s actual circumstances, rather than a generic template. It also gives you a clear picture of your reported position and profit before anything is submitted to Companies House, so there are no surprises later in the year.

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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  
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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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 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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 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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 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard that sits alongside the micro-entities regime. In simple terms, it tells you how the smallest qualifying companies should prepare their annual financial statements once they have decided to use that regime. Because the micro-entities regime is a choice rather than an obligation, a qualifying company can either apply the regime — in which case FRS 105 applies — or follow a fuller accounting framework instead. The idea behind FRS 105 is straightforward: fewer disclosures, simpler measurement, and accounts that are shorter and easier to read. It generally works on a historical cost basis, so assets are not revalued upwards and certain fair value adjustments are not recognised. That can be a real advantage for a Porthmadog-based owner-managed company that wants tidy, understandable accounts without layers of notes. The trade-off is that some figures may look different from what a fuller framework would show, and there are limits on what the accounts can reflect. Understanding that balance — simplicity against the information you actually want to see — is where good advice makes a difference to your FRS 105 Micro Entity Accounts.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it — both parts matter. 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. Qualifying is not the same as being required though; the regime is optional, and a qualifying company may prefer a fuller framework instead. It is also important to be realistic about the wider picture. Meeting the size conditions does not guarantee eligibility, because certain companies are excluded from the micro-entities regime, some entities are ineligible by their legal form or the nature of their activities, and the rules can treat groups, parent and subsidiary relationships, and prior-period positions in particular ways. Thresholds have also been revised over time, so the test that applied to an earlier accounting period may differ from the one that applies now. For Porthmadog-based companies, the sensible approach is to confirm eligibility against the rules for your specific accounting period before deciding that FRS 105 Micro Entity Accounts are the right route.

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 for Porthmadog Companies

We prepare FRS 105 Micro Entity Accounts by working from your company’s own financial records — bank transactions, sales and purchase documentation, payroll data, asset purchases and disposals, loans and any other relevant information. Those records are reviewed, adjusted where needed, and used to build a set of financial statements that reflects the framework applicable to your company and the accounting policies it has adopted. Where a decision genuinely belongs to you as a director — such as whether to apply the micro-entities regime at all — we explain the practical implications so you can make that call with your eyes open. Preparation of the financial statements and filing them with Companies House are handled as distinct steps, and both are separate from your Corporation Tax obligations. A CT600 is a tax return submitted to HMRC, based on the tax rules rather than simply the figures in your accounts, so the two deadlines and the two sets of numbers should never be treated as one job. If you would like us to look at Corporation Tax as well, we can discuss that alongside your FRS 105 Micro Entity Accounts.

ICAEW

ACCA

AAT

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

Whether you are preparing your first set of accounts as a new limited company or you simply want the annual process taken off your desk, we are happy to talk through 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, roughly how it is structured, and whether you have previously filed under a different framework. From there, we can ask for the records and information needed to assess your circumstances properly — bank statements, sales and purchase records, payroll information and details of any assets, loans or director transactions. Once we understand your position, we can explain the practical options and the information we would need to move forward. Get in touch with us in Porthmadog to discuss your requirements.

─── 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 sets out how qualifying micro-entity companies prepare their annual financial statements — covering recognition, measurement and disclosure — and it is intentionally the lightest framework within UK GAAP. Financial statements prepared under FRS 105 are usually short, based largely on historical cost, and supported by only limited notes.

Who can use FRS 105?

FRS 105 is available to companies that both qualify for the micro-entities regime and actively 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 eligibility rules and exclusions can also apply, so meeting the size conditions alone does not automatically mean the regime is available to a particular company.

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 for it may choose to apply the regime — in which case FRS 105 applies — or it may instead prepare its accounts under a fuller framework. The choice usually comes down to which framework best suits the company's circumstances, its asset and liability profile, and the level of information the directors want reflected in the accounts.

What is the difference between FRS 105 and FRS 102?

FRS 105 is the micro-entities standard and is deliberately simpler: it works on a historical cost basis, does not permit revaluation of assets, and requires far fewer disclosures. FRS 102 is a broader standard used by many small and medium-sized companies, and its small-entities section allows more measurement options and requires more supporting notes. Because of these differences, the same company can report noticeably different figures depending on which framework it adopts, so the choice is worth considering carefully rather than by default.

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

Yes — like other companies, a micro-entity must file its annual accounts with Companies House. Choosing the micro-entities regime affects how the accounts are prepared and presented, but it does not remove the filing obligation itself. Companies House filing requirements are evolving, with digital filing and the information that small and micro-entity accounts must include being subject to change, so it is worth checking the current position before you file.

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

Yes, they are two distinct jobs with two distinct purposes. Your FRS 105 Micro Entity Accounts are financial statements prepared under the micro-entities framework, while the CT600 is a Corporation Tax Return submitted to HMRC. Taxable profit is calculated under tax rules, which can differ from the profit shown in your accounts — for example because of capital allowances or disallowable expenses. Preparing the accounts does not, by itself, settle your Corporation Tax position.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use the micro-entities regime for its first set of accounts if it satisfies the relevant size conditions and does not fall within any of the applicable exclusions. Eligibility for a first accounting period is assessed against the rules that apply to that period, and the thresholds have changed over time, so it is worth confirming your position before assuming FRS 105 applies.

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

Typically we would look for your company's accounting records for the period, including bank statements and reconciliations, sales and purchase documentation, payroll and employee information, details of any assets bought or sold, loans and hire purchase agreements, stock or work in progress where relevant, and any director's loans or expenses. If you have previous accounts or an existing bookkeeping system, sharing those helps us understand how your figures have been treated historically and keeps the current year consistent.