─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Powys

FRS 105 provides the financial reporting framework for qualifying micro-entities that choose to apply the UK micro-entities regime, and it is designed to keep statutory accounts straightforward without losing accuracy. For directors running a small company in Powys, the appeal is simple: a simpler measurement and disclosure framework, and financial statements that reflect the company’s actual trading position. Professional preparation helps ensure your FRS 105 Micro Entity Accounts are put together appropriately for your company’s circumstances — from the way transactions are recorded through to how the balance sheet and notes are presented. Because eligibility depends on the relevant size conditions and other rules and exclusions, the starting point is always a proper look at your company’s position before deciding that the micro-entities regime is the right route. Whether you are newly incorporated, already filing annually, or reviewing how your current accounts are prepared, getting the framework right from the outset saves rework later.

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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
  
 
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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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   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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 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.
  
 
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─── FRS 105 EXPLAINED

FRS 105 Explained: What the Micro-Entities Regime Means for Your Small Company

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sits alongside the micro-entities regime in company law: if a company qualifies as a micro-entity and chooses to apply that regime, FRS 105 is the accounting framework used to prepare its financial statements. In plain terms, it is a stripped-back version of the accounting rules larger companies follow. There is no fair value accounting, no revaluation of assets, no deferred tax and far fewer disclosure notes, which means the accounts focus on what the business owns, what it owes and the profit or loss it has made. FRS 105 does not change how you run the business or how much tax is due — it changes how the numbers are recognised, measured and presented in the statutory accounts. It is a choice rather than an automatic outcome, and only companies that meet the qualifying conditions and are not caught by the relevant exclusions can use it. For directors in Powys weighing up their options, understanding FRS 105 early makes it much easier to keep records clean through the year and to know what will be needed when the accounts are prepared.

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. For accounting periods beginning on or after 6 April 2025, the size test generally requires a company 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 during the period. Meeting those conditions does not, on its own, guarantee eligibility. The legislation also contains other rules and exclusions that can rule a company out — for instance where it forms part of an ineligible group or falls within certain excluded categories of business — and some entities simply cannot use the micro-entities regime regardless of size. Companies in Powys and across the UK therefore need to consider both the size conditions and the wider rules before deciding that FRS 105 is the right framework. Where a company qualifies but does not wish to apply the regime, FRS 102 remains available, so the choice should reflect how the accounts will be used.

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

Well-prepared FRS 105 Micro Entity Accounts start with good records. We work from your bookkeeping, bank statements, invoices, expense records, asset information and any other supporting documents to build a set of financial statements that reflects the company’s transactions for the period and is prepared in line with the applicable reporting requirements for a micro-entity. That means checking that the figures hang together, that the balance sheet agrees to the underlying records, and that the disclosures included are the ones appropriate to the framework being applied. It is worth separating the moving parts: the preparation of the financial statements is one task, filing the accounts at Companies House is another, and the Corporation Tax Return (CT600) submitted to HMRC is a separate obligation entirely, based on the company’s tax position rather than the accounting framework alone. We can help you understand how these fit together and where the information overlaps, so nothing is missed. To be clear, no one can guarantee acceptance of a filing or promise a particular outcome — what professional preparation offers is a careful, documented approach built on your own records and the rules that apply to your circumstances.

ICAEW

ACCA

AAT

Get Help with Your FRS 105 Micro Entity Accounts in Powys

If you would like your FRS 105 Micro Entity Accounts prepared with care and explained in language that makes sense, get in touch and tell us about your company. Sharing a few basics — your company’s year end, what the business does, how your records are currently kept and whether you already file under the micro-entities regime — gives us what we need to assess your circumstances and talk through the available options. We can then explain how the work would be handled, what information we would need from you and how the accounts, Companies House filing and Corporation Tax obligations fit together, so you can make a properly informed decision before anything is submitted.

─── 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 applies when a company qualifies for the micro-entities regime and chooses to use it. Compared with the standards used by larger companies, FRS 105 removes a number of measurement options and simplifies disclosure: assets are generally not revalued, fair value accounting is not used, deferred tax is not recognised, and the notes to the accounts are much shorter. The result is a set of statutory financial statements that is easier to prepare and easier to read, while still showing the company's financial position and performance for the period.

Who can use FRS 105?

FRS 105 is available to companies that qualify as micro-entities and decide to apply the micro-entities regime. Qualifying is not just about size — other rules and exclusions also apply, so some companies that look small on paper may not be eligible. Certain entities, including those in an ineligible group and certain investment or financial businesses, are excluded from the regime. Because eligibility depends on the specific rules, it is sensible to check your company's circumstances against the current criteria before assuming FRS 105 is available to you.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a compulsory one. A company that qualifies as a micro-entity can choose whether to apply it, and FRS 105 applies when that regime is chosen. Some qualifying companies prefer to use FRS 102 instead, for example where they want to apply accounting policies that FRS 105 does not permit, or where a lender, investor or group requires a different presentation. The decision is usually best made with an eye on who will read the accounts and what the company expects to do in the coming years.

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 the 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 over the period. Meeting those conditions is a starting point rather than the whole test, because other eligibility rules and exclusions can affect whether the micro-entities regime is actually available. Earlier accounting periods were assessed against different thresholds, so the period you are dealing with matters.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are designed for different sizes of company. FRS 102 is the standard generally used by small and medium-sized companies, and it offers more accounting policy choices, such as revaluation of certain assets, fair value measurement in some cases, and recognition of deferred tax. FRS 105 strips most of that away in exchange for simpler recognition, measurement and disclosure. In practice this means FRS 105 accounts are usually shorter and more straightforward, while FRS 102 accounts can present a more detailed picture where that is wanted or required.

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

Yes. A limited company must file annual accounts at Companies House, and where the micro-entities regime is used, those accounts are filed as micro-entity accounts. FRS 105 governs how the financial statements are prepared; the filing requirement comes from company law. Micro-entity accounts filed at Companies House are presented in a simplified form, and the level of detail made publicly available differs from what is prepared for the directors and shareholders. Filing the accounts is a separate step from the company's Corporation Tax obligations.

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

Yes, they are two distinct obligations. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime and filed at Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, which deals with the company's tax position. The accounts usually provide the starting point for the tax computation, but the figures are then adjusted for tax purposes, so the profit shown in the accounts is not necessarily the same as the taxable profit. Both need to be dealt with, and it helps to keep the two processes clearly separated in your mind.

What changes are coming to micro-entity accounts filing?

The framework around company accounts and filing has been under review, with a general direction of travel towards more detailed information being required and software-based filing at Companies House. For small and micro-entity companies this can mean that information which was previously omitted from publicly filed accounts, such as profit and loss figures, may need to be included, and that accounts will increasingly need to be submitted using compatible software rather than other formats. Because these requirements are being introduced in stages, the exact position depends on your accounting period. It is worth checking the current requirements with us before your next filing date.