─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Purley

FRS 105 Micro Entity Accounts are the streamlined financial statements prepared under the UK micro-entities regime — the accounting framework designed for qualifying companies that want a simpler, more proportionate way to report their financial position. FRS 105 is not a filing exemption and it is not automatic: it applies where a company both meets the relevant eligibility conditions and chooses to apply the micro-entities regime for its accounting period. For directors in Purley and the surrounding area, professional preparation helps ensure the accounts are built up correctly from the company’s own financial records, that the figures are presented in line with the framework chosen, and that the resulting financial statements are ready for the appropriate Companies House filing. If you are weighing up whether FRS 105 Micro Entity Accounts suit your company, the starting point is a proper review of your turnover, balance sheet position, employee numbers and any rules that might exclude you from the regime.

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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. 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: What the Micro-Entities Regime Means for Your Company

FRS 105 is a UK financial reporting standard written specifically for micro-entities. In plain terms, it sits behind the micro-entities regime and sets out how a qualifying company’s financial statements should be put together when that regime is chosen — fewer disclosures, simpler measurement rules, and a shorter set of accounts than you would normally see under the fuller standards. Under FRS 105, assets are generally measured on a historical cost basis, with no revaluations or fair value adjustments of the kind permitted elsewhere, and the disclosure requirements are considerably lighter so the statements stay concise and readable. It is important to be clear on one point: a company does not automatically move onto FRS 105 just because it is small. It qualifies for the micro-entities regime only if it meets the applicable size conditions, and it then needs to decide to apply that regime — FRS 105 applies when that choice is made. Companies that qualify but prefer a fuller reporting framework may instead prepare accounts under FRS 102, which brings additional disclosures and more complex measurement options. For directors of small companies in Purley, understanding which road you are on makes it much easier to plan your year-end and to know what your finished accounts will look like.

Who Can Use FRS 105 in the UK? Eligibility for Purley Companies

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, 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 size conditions is the starting point rather than the whole test. The micro-entities rules also include exclusions — for example, certain types of company and companies within an ineligible group cannot use the regime whatever their size — and eligibility is assessed period by period, so a company that qualified last year may not qualify this year, and vice versa. A company that qualifies is not obliged to use the regime; it is a choice, and some directors prefer to prepare accounts under FRS 102 instead. For companies in Purley, the practical approach is to review your turnover, balance sheet total and average employee numbers alongside the relevant rules and exclusions, then decide which framework best suits how you report.

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 and Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts properly means working methodically from your company’s financial records — bank statements, sales and purchase invoices, expense receipts, payroll information, asset purchases and any loans or director balances — and then translating those records into a set of financial statements that follow the micro-entity framework. The balance sheet, and any accompanying notes required under that framework, need to reflect what actually happened in the business rather than a template filled in with round numbers. It also helps to keep two separate strands of work clearly in view. One is the preparation of the financial statements and the statutory accounts filing at Companies House, which is governed by company law and the reporting framework the company has chosen. The other is Corporation Tax, where a CT600 is submitted separately to HMRC and is based on the company’s taxable profits rather than simply mirroring the accounts. These are connected but distinct exercises with different audiences and different rules, and treating them as one job is a common source of confusion and avoidable corrections. Working with an experienced accountant on your FRS 105 Micro Entity Accounts in Purley gives you a considered review of your figures, a clear explanation of the basis on which the accounts have been prepared, and a straightforward route through the year-end process, including where your reporting duties extend beyond the accounts themselves — such as your Confirmation Statement and other company filing requirements.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Purley

If you would like your FRS 105 Micro Entity Accounts prepared with care and a clear explanation of the framework behind them, get in touch to talk through your requirements. The most useful starting point is a short conversation about your company: how long you have been trading, your approximate turnover, what sits on your balance sheet, how many people you employ, and how your records are currently kept. From there, we can look at whether the micro-entities regime is likely to be available to you, whether FRS 105 or a fuller framework such as FRS 102 is the better fit for your circumstances, and what information we would need from you to prepare the financial statements. Bring us your bookkeeping, bank records, invoices and any prior year accounts, and we can take it from there. Whether you are preparing your first set of accounts or moving to a simpler reporting framework, we are happy to review your position and explain the options in plain English.

─── 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's financial statements should be prepared when the micro-entities regime is chosen, using simpler measurement rules and far fewer disclosures than the fuller reporting standards. The result is a shorter, more proportionate set of accounts that focuses on the balance sheet and the notes the framework requires.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the 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 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.

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 choose to apply it and therefore prepare FRS 105 accounts, or it can choose a fuller framework such as FRS 102. Companies sometimes prefer the larger framework because of the extra information it provides to lenders, investors or group companies, and that is a legitimate choice even when the micro-entity conditions are met.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, the size conditions are 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, with at least 2 of those 3 generally needing to be met. Eligibility is not decided on size alone — the applicable rules include exclusions for certain companies and circumstances, and the position can change from year to year as your figures move.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of entity and produce different accounts. FRS 105 is the micro-entity standard: it uses a simpler, largely historical cost basis, does not permit the revaluations and fair value accounting found elsewhere, and requires limited disclosures. FRS 102 is the standard for larger small companies and other entities, and it brings more measurement options and a more extensive set of disclosures. Which one applies depends on the regime the company qualifies for and chooses.

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

Yes — preparing accounts under FRS 105 does not remove the need to file statutory accounts. A company that prepares its financial statements under the micro-entity framework still has to deliver accounts to Companies House in line with its filing obligations. The framework chosen affects how the accounts are prepared and what they contain, not whether they need to be filed. Companies House filing requirements do evolve, so it is worth checking the current position for your filing period.

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

Yes, they are two distinct exercises. FRS 105 accounts are the statutory financial statements prepared under the micro-entity framework, and they are filed at Companies House. A CT600 is a Corporation Tax Return submitted separately to HMRC, based on the company's taxable profits after tax adjustments. The accounts normally provide the starting point for the tax computation, but the CT600 is not the same document as the accounts and is not filed with them.

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

In practice, we usually need your accounting records for the period — bookkeeping or a trial balance, bank and credit card statements, sales and purchase invoices, payroll or employee information, details of any loans, asset purchases or disposals, and any director's loan movements. Prior year accounts and your company registration details help set the opening position. If your records are incomplete, that is not a barrier to getting started; we can talk through what is missing and how best to pull the information together.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105, but eligibility is assessed against the company's own circumstances and the rules that apply to its accounting period rather than simply assumed because the business is new or small. First-year figures can look unusual, for example where trading starts partway through the period, and certain companies are excluded from the micro-entities regime regardless of size. It is worth reviewing the position before you prepare your first set of accounts.