─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Rickmansworth: Clear, Straightforward Reporting for Micro-Entities

FRS 105 is the UK financial reporting standard that sets out how qualifying micro-entities prepare their annual accounts when they choose to apply the micro-entities regime. If your company is eligible and the directors decide that this regime suits it, FRS 105 Micro Entity Accounts in Rickmansworth can be prepared using a simpler recognition and measurement basis and a shorter set of disclosures than accounts prepared under FRS 102. Professional preparation matters because the regime is not automatic. Eligibility depends on the company meeting the relevant size conditions and not falling within any of the applicable exclusions, and the figures still need to be presented correctly — from the balance sheet and accompanying notes through to the statements that go into the filing. Working with accountants who deal with the micro-entities regime regularly helps ensure the accounts reflect your company’s actual circumstances, that the basis of preparation is appropriate, and that the figures agree with the underlying records before anything is submitted.

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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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   Matthew Lyon 
 
 
 
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─── FRS 105 EXPLAINED

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

FRS 105 is the financial reporting framework for UK micro-entities. In plain terms, it is the rulebook a qualifying small company can use when it chooses to apply the micro-entities regime, and it exists so that the smallest companies do not have to follow the fuller — and more time-consuming — requirements of FRS 102. Under FRS 105, FRS 105 Micro Entity Accounts are prepared on a simpler basis: fewer accounting policy choices, no revaluation or fair value accounting for most items, and a much shorter set of notes. The result is a set of financial statements that still reports the company’s financial position and performance, but in a more compact form that is quicker and less costly to produce. Two points are worth being clear about. First, the micro-entities regime is optional — it is available to qualifying companies, and FRS 105 applies when that regime is chosen. Second, FRS 105 relates to the accounts themselves, so it does not replace the company’s other obligations, such as its Corporation Tax Return (CT600) or its Confirmation Statement.

Who Can Use FRS 105 in the UK? Companies That Qualify for and Choose the Micro-Entities Regime

FRS 105 is intended for companies that qualify as micro-entities under UK company law and that choose to apply the micro-entities regime. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 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 size conditions is the starting point rather than the whole answer. Other eligibility rules and exclusions can apply, so a company that fits the size test comfortably may still not be able to use the regime, and the criteria are assessed against the relevant financial year’s figures, with particular considerations applying to a company’s first period. Because of that, it is worth having your position checked rather than assuming that FRS 105 applies. If the directors decide the regime is right for the company, FRS 105 Micro Entity Accounts in Rickmansworth can then be prepared on that basis; if not, FRS 102 accounts are usually the alternative.

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 in Rickmansworth

FRS 105 Micro Entity Accounts are built from your company’s financial records: the year-end bookkeeping, supporting schedules, and any adjustments identified after those records are reviewed. The work involves checking that the accounts have been prepared on the correct basis under the micro-entities regime, that the balance sheet and profit and loss account are presented in a permitted format, and that the notes reflect what the company has actually done during the period. From there, the accounts can be finalised and filed at Companies House as part of the company’s annual accounts submission. That filing is a separate exercise from Corporation Tax: the CT600 and its supporting computations are submitted to HMRC, and while both draw on the same underlying figures, they are different documents prepared for different purposes. A company may need accounts preparation, a tax return, or both, and each can be handled as its own piece of work. What this process does is bring the accounts together properly, on the basis of your records and the reporting requirements that apply to your company — it does not guarantee any particular outcome, tax position, or acceptance of a filing.

ICAEW

ACCA

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Get Help with Your FRS 105 Micro Entity Accounts in Rickmansworth

If you are unsure whether your company qualifies for the micro-entities regime, or you would simply like your FRS 105 Micro Entity Accounts in Rickmansworth prepared and filed without the guesswork, get in touch. Tell us a little about your company — what it does, the accounting period involved, and how your records are kept — and we can look at your circumstances and explain what is needed. Where accounts, a Corporation Tax Return, or both are required, we can set out clearly which services are involved, how the process works, and the options available on fees.

─── 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 choosing the micro-entities regime. It sits within UK GAAP alongside FRS 102 and sets out a simplified basis for recognising and measuring items, together with a much shorter set of disclosure notes. In practice, it is the framework used to prepare micro-entity financial statements, and it relates to the annual accounts only — it is not a tax return and it does not determine how much Corporation Tax a company pays.

Who can use FRS 105, and what are the current micro-entity eligibility criteria?

A company can use FRS 105 if it qualifies as a micro-entity under UK company law and the directors choose to apply the micro-entities regime. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 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. Meeting those size conditions is the starting point rather than the whole answer, because other eligibility rules and exclusions can apply, and the criteria are assessed against the figures for the relevant financial year.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one, so a company that qualifies still has a choice. It can apply the micro-entities regime and prepare FRS 105 accounts, or it can prepare its accounts under FRS 102, which provides fuller recognition, measurement and disclosure requirements. The decision is normally made by the directors, often with input from an accountant, and it can take account of how the accounts will be used by lenders, investors or other readers.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the fuller financial reporting standard, with more accounting policy options and a wider set of disclosures. FRS 105 is deliberately narrower: it removes options such as revaluing tangible fixed assets, using fair value measurement for most items, and recognising deferred tax, and it requires far fewer notes. The trade-off is that FRS 105 accounts are quicker and cheaper to prepare, but they carry less information, which some lenders and other users may want to see. Accounts prepared under FRS 105 must also make clear that they are prepared under the micro-entity provisions.

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

Yes — for a company within scope of the filing requirement, the annual accounts for the period must be filed at Companies House, and accounts prepared under FRS 105 form that filing. Preparing the accounts and filing them are two separate steps, and the filing obligation is separate again from anything submitted to HMRC. Companies House has been bringing in and consulting on changes to how small and micro-entity accounts are filed, including moves towards software-only filing, so it is worth checking the current guidance before you submit.

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

Yes, they are separate documents with separate purposes. FRS 105 Micro Entity Accounts are the company's annual accounts and are filed at Companies House. The CT600 is the Corporation Tax Return, submitted to HMRC, and it is accompanied by tax computations that may include adjustments, capital allowances and other tax-specific treatments that do not appear in the accounts themselves. The two should be consistent with each other, but preparing one does not automatically complete the other.

Can a new limited company use FRS 105?

It may be able to, if it qualifies as a micro-entity and the directors choose the micro-entities regime. Newly formed companies often have low turnover and few or no employees, so they can fall within the size conditions, but the full eligibility rules and any exclusions still have to be considered, and the way the conditions are assessed in a company's early periods is not identical to later years. It is sensible to confirm the position before the first set of accounts is prepared rather than assuming FRS 105 applies.

What information is needed to prepare FRS 105 accounts?

As a starting point, we need the records covering the accounting period: bank statements and reconciliations, sales and purchase records, expense receipts, payroll information if the company employs staff, details of fixed assets and any loans or finance agreements, and details of share capital and any director's loan account movements. It also helps to have the previous year's accounts and any schedules used to prepare them, plus confirmation of the accounting period dates and whether the micro-entities regime is to be applied. If the bookkeeping is not up to date, that can be dealt with first so the accounts are built on complete records.