─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Preston

FRS 105 Micro Entity Accounts provide the financial reporting framework for companies that qualify as micro-entities and choose to apply the micro-entities regime. For directors in Preston running a small limited company, FRS 105 accounts can offer a simpler, more streamlined way to present the company’s financial position, using a reduced set of disclosures compared with larger reporting frameworks. Professional preparation helps ensure your accounts are put together appropriately for your company’s own circumstances, reflecting the transactions, balances and accounting policies that actually apply to your business — rather than being adapted from a generic template. It also helps keep the figures in your statutory accounts consistent with the records you hold and with the information you rely on for other filings and internal decisions. Whether FRS 105 is the right fit depends on your company’s eligibility and on the regime you choose to adopt, so a short conversation about your circumstances is usually the sensible starting point.

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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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   3rd Hub 
 
 
 
 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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   Matthew Lyon 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great speedy service and very personable. Anum dealt with my income certificate and did everything quickly and helped me out massively. Very happy with the service provided.

─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Simple Terms

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In plain terms, it sets out how a qualifying small company can prepare its annual financial statements when it chooses to apply the micro-entities regime. The idea behind it is simplification: micro-entity accounts are typically shorter and more straightforward than accounts prepared under a fuller framework, with a reduced set of notes and disclosure requirements. FRS 105 also works on the basis that the accounts are prepared on a historical cost basis, which keeps the reporting relatively uncomplicated. It is important to understand the sequence here — the micro-entities regime is an available accounting regime for companies that qualify, and FRS 105 is the standard that applies when a qualifying company decides to use that regime. Meeting the size conditions does not automatically mean a company must use FRS 105, and it does not automatically mean FRS 105 is the best choice in every situation. For directors in Preston, the practical question is usually a balance between simplicity and the level of detail that lenders, investors or other users of the accounts might expect to see.

Who Can Use FRS 105 in the UK?

FRS 105 is available to UK companies that qualify for the micro-entities regime and that choose to apply it. 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 during the period. Those figures are the starting point, not the whole picture. The micro-entities regime also comes with eligibility rules and exclusions that can affect whether a company is able to use it — for example, certain types of entity and certain regulated or group situations are treated differently. That means a company could meet all three size conditions and still not be eligible, so the size test alone should never be treated as confirmation. If you are a director in Preston considering FRS 105 Micro Entity Accounts, the practical approach is to review your company’s position against both the size conditions and the wider eligibility rules, and then decide whether applying the micro-entities regime is the right choice for your circumstances.

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 properly starts with your underlying financial records — bookkeeping, bank transactions, sales and purchase information, payroll details where relevant, and supporting documentation for the balances on your balance sheet. From there, the accounts are built up in line with the applicable reporting requirements for the micro-entities regime, including the recognition and measurement rules that FRS 105 sets out and the presentation format expected of micro-entity financial statements. Where relevant, the work involves preparing the financial statements themselves and, separately, dealing with the Companies House filing of those accounts. It is worth being clear that this is distinct from Corporation Tax: a CT600 Corporation Tax Return is a separate submission made to HMRC, calculated on its own basis and subject to its own rules, even where the underlying figures are drawn from the same records. Professional preparation is about applying the framework accurately and consistently to your company’s circumstances, keeping your records and filings aligned, and flagging anything that needs your attention before the accounts are finalised.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Preston

If you would like to talk through your FRS 105 Micro Entity Accounts, get in touch and we can discuss where your company stands. It helps to share some background first — your company’s trading activity, the accounting period you need accounts for, your bookkeeping records, any relevant agreements or asset information, and whether you have already decided to apply the micro-entities regime. From there, we can talk through your circumstances, explain the options available to you, and set out what would be involved and how our fees work, with clear, transparent pricing and fixed-fee options where these suit your situation. If you are unsure whether FRS 105 is the right framework for your company, that is a perfectly reasonable place to start the conversation.

─── 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 micro-entities. It sets out how a qualifying company prepares its annual financial statements when it has chosen to apply the micro-entities regime. In practice, FRS 105 accounts are usually shorter and simpler than accounts prepared under a fuller framework, with fewer notes and disclosures, and they are prepared on a historical cost basis.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and that choose to apply it. Qualifying is a two-part test: a company must fall within the size conditions and must not be excluded by the other eligibility rules. Because those rules and exclusions can apply in individual cases, meeting the size thresholds alone does not guarantee that FRS 105 is available or appropriate for a particular company.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one. A company that qualifies can generally choose to apply it, and FRS 105 is the standard that applies when that choice is made. Some qualifying companies prefer to prepare accounts under a different framework, for example because of what lenders, investors or other users of the accounts expect to see.

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 are size conditions only — other eligibility rules and exclusions can also apply, so it is worth confirming your position rather than assuming you qualify.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the broader UK financial reporting standard that applies to a much wider range of companies, while FRS 105 is a simplified standard written specifically for the micro-entities regime. The key practical difference is the level of disclosure and complexity: FRS 105 accounts typically include far fewer notes and use a simpler measurement basis, whereas FRS 102 generally requires more detailed disclosures and can involve more complex accounting treatments.

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

Statutory accounts prepared under FRS 105 are still statutory accounts, so they generally need to be filed with Companies House in the usual way, using the filing option that applies to micro-entity accounts. Filing the accounts is a separate step from preparing them, and it is also separate from your Corporation Tax filing. Filing requirements and accepted filing methods can change over time, so it is sensible to check the current position before you file.

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

Yes. FRS 105 accounts are the company's financial statements, prepared under the micro-entities regime and generally filed with Companies House. A CT600 is a Corporation Tax Return submitted to HMRC and is calculated under tax rules, which are not the same as accounting rules. The two are related because the tax computation often starts from the accounts, but they are distinct documents with distinct purposes and deadlines.

Can a new limited company use FRS 105?

A newly incorporated company can apply the micro-entities regime if it qualifies and chooses to do so. In the first period, the size conditions are generally assessed on the basis that applies to a company's first accounting period, and the usual exclusions still need to be considered. If your company is new, it is worth reviewing your expected turnover, balance sheet and employee numbers before deciding which framework to adopt.

What information is needed to prepare FRS 105 accounts?

Typically you would provide your bookkeeping or accounting records for the period, bank statements and reconciliations, sales and purchase information, payroll details if you employ staff, details of any loans or finance agreements, fixed asset information including purchases and disposals, stock or work in progress figures where relevant, and the previous year's accounts if there are comparative figures. The more complete and organised your records are, the more straightforward the preparation process tends to be.