─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Pwllheli

If your company is based in Pwllheli and you are looking for straightforward, accurate FRS 105 Micro Entity Accounts, you are in the right place. FRS 105 is the UK financial reporting standard that sets out how a qualifying micro-entity prepares its annual financial statements when it chooses to apply the micro-entities regime. It is a simplified framework, but it still has to be applied correctly, with the right accounting policies, presentation and disclosures for your company’s individual circumstances. Professional preparation helps you work from your own financial records — bank transactions, sales and purchase invoices, expenses, payroll information and asset details — and turn them into a set of financial statements that reflect what the company has actually done during the period. Whether you are filing for the first time, moving across from a different reporting framework, or simply want a second pair of eyes on your figures, we can help you understand what FRS 105 Micro Entity Accounts involve and how they fit alongside your other company filing obligations.

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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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 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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 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 It Means for Micro-Entities

In simple terms, FRS 105 is the rulebook that a qualifying micro-entity follows when it prepares its annual financial statements under the UK micro-entities regime. The micro-entities regime is an available accounting regime, not an automatic one — a company has to qualify for it, and then choose to apply it. When that choice is made, FRS 105 is the standard that applies. Compared with the frameworks used by larger companies, FRS 105 is deliberately stripped back. It focuses on a simpler presentation of the balance sheet and profit and loss account, relies on straightforward measurement of most items at cost, and requires far less disclosure by way of notes. The idea is that a genuinely small company should not have to produce the volume of detail expected of a larger one, while still giving a true and fair view of its financial position and performance in line with the standard. For a limited company in Pwllheli, that can mean less time spent on paperwork and a clearer set of accounts for the directors and shareholders to read. What FRS 105 does not do is remove the need for accurate record-keeping or careful judgement — the figures still have to be right, and the framework still has to be applied properly to your company’s own transactions and circumstances.

Who Can Use FRS 105 in the UK?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it — it is not open to every small company, and qualifying is not automatic. 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 during the period. Alongside those size conditions, there are other eligibility rules and specific exclusions that can prevent a company from using the regime even where it looks small enough on the numbers — for example, certain types of entity are excluded altogether. Companies that are part of a group, or that have particular structures or activities, may also need closer consideration. For a limited company in Pwllheli, the practical question is usually twofold: does the company qualify, and is the micro-entities regime the right choice for how the business is run and what the directors and shareholders need from the accounts? Reviewing both points before you prepare your FRS 105 Micro Entity Accounts is the sensible approach.

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.

Accurate, Professionally Prepared FRS 105 Micro Entity Accounts

Preparing FRS 105 Micro Entity Accounts is about more than putting numbers into a template. It means taking the underlying financial records for the period, checking that income and costs have been captured in the correct accounting period, confirming that assets and liabilities are recognised and measured in line with the micro-entities framework, and presenting the figures in the format that FRS 105 requires. It also means being clear about what sits where: the statutory financial statements prepared under FRS 105 are one thing, the filing of those accounts with Companies House is another step, and your Corporation Tax Return (CT600) is a separate submission to HMRC based on the taxable profits of the company. We can work with you on the accounts themselves, help you understand the figures, and make sure you know which obligations relate to which body. If your company has straightforward trading activity, the process tends to be quick and focused; if there are complications — director’s loans, stock, several income streams, or assets acquired during the year — those simply need to be worked through properly. The aim is always a set of accounts that is consistent with your records, presented clearly, and prepared with the reporting requirements that apply to your company in mind.

ICAEW

ACCA

AAT

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

If you would like help with FRS 105 Micro Entity Accounts, the next step is a straightforward conversation about where your company currently stands. Tell us about your trading activity, your accounting period, how your records are kept, and whether you have filed under a different framework before, and we can assess what is involved for your circumstances. It is also useful to know whether you are dealing with anything less usual this year, such as a first set of accounts, a change in year end, assets bought or sold, or income from more than one source. Bring your questions about eligibility, the micro-entities regime, or how FRS 105 accounts sit alongside your Companies House filing and your Corporation Tax obligations, and we will explain things in plain English. Get in touch to discuss your FRS 105 Micro Entity Accounts requirements and find out what the sensible next step looks like for your company.

─── 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 that has chosen to apply the micro-entities regime prepares its annual financial statements — the format of the balance sheet and profit and loss account, how items are measured, and what notes are required. It is a simplified framework compared with those used by larger companies, with much of the detailed disclosure reduced or removed, but it still needs to be applied correctly to your company's own figures.

Who can use FRS 105?

FRS 105 is intended for companies that both 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. Other eligibility rules and exclusions can also apply, so meeting the size conditions alone does not automatically mean a company qualifies — it is worth checking your position before deciding.

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 may choose to apply it, and FRS 105 applies when that choice is made. A qualifying company could instead report under a different framework, such as FRS 102, if that suits its circumstances better — for example where it wants to use fair value or revaluation, which FRS 105 does not permit.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company. FRS 102 is used by a much wider range of entities and, in its small-entity form, allows options such as revaluation of assets, fair value measurement of certain items, and deferred tax accounting, along with a broader set of disclosures. FRS 105 is narrower and simpler: it largely works on a cost basis, does not allow revaluation or fair value, and requires far fewer notes. Moving between the two is possible, but it has to be handled carefully and consistently.

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

Yes. Where a company prepares its annual accounts under FRS 105, those accounts form the statutory accounts for the period and are normally filed with Companies House, alongside being approved by the directors and issued to the shareholders. Micro-entity accounts are often filed in a simplified format, but the underlying financial statements still need to be prepared properly. Filing the accounts is a separate step from submitting a Corporation Tax Return to HMRC.

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

Yes, they are two distinct things. FRS 105 accounts are the company's statutory financial statements, prepared under the accounting framework and filed at Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, which deals with the company's taxable profits and tax position. The accounts usually provide the starting point for the tax computation, but the tax return is a separate filing with a separate purpose — the accounts themselves are not a tax return.

Can a new limited company use FRS 105?

It may be able to, if it qualifies under the micro-entities rules and chooses to apply the regime. Newly incorporated companies are assessed on the same size conditions, with the thresholds adjusted proportionately where the first accounting period is shorter than a year. Because there is no prior-year history to look back on, and because a first period can be affected by start-up costs or an unusual pattern of activity, it is worth reviewing the position before deciding which framework to use.

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

In practice, we would normally ask for your accounting records for the period: bank and credit card statements, sales invoices and receipts, purchase invoices and expense records, payroll information if you employ anyone, details of assets bought or sold, any loans to or from the company, and stock or work-in-progress figures if relevant. Your previous year's accounts and, where applicable, your company registration details are also helpful. The better the records, the more efficiently the accounts can be prepared.

What changes are coming to micro-entity accounts filing?

Company filing requirements in the UK continue to evolve, with reforms introduced under the Economic Crime and Corporate Transparency Act being brought in on a staged basis, including a shift towards filing accounts through compatible software rather than manual submissions. Because the practical details and timing of these changes matter, and because different companies are affected in different ways, it is sensible to review your filing arrangements each year rather than assuming last year's approach will still apply. We can talk you through what the current requirements mean for your FRS 105 Micro Entity Accounts.