─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Shetland

FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime — a simplified UK reporting framework available to companies that qualify as micro-entities and choose to apply it. For a small company in Shetland, whether you trade from Lerwick, Scalloway or further afield, the regime can mean shorter, more straightforward accounts with less disclosure than a full set under FRS 102. Professional preparation helps you apply the framework appropriately to your actual circumstances: your trading activity, your balance sheet, any loans or assets, and the transactions recorded in your bookkeeping. It also helps ensure your financial statements are consistent with the information you report elsewhere, so your Companies House filing, your Corporation Tax position and your internal records all tell the same story.

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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 Reporting Framework Behind Micro-Entity Accounts

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sits within the UK’s micro-entities regime, which is a simplified accounting framework that qualifying companies may choose to adopt instead of the larger-company standards. When a company applies the micro-entities regime, FRS 105 is the standard that its financial statements are prepared under. In practice, FRS 105 keeps things deliberately lean. There is less disclosure to prepare, fewer accounting policy choices, and a focus on historic cost rather than complex fair value measurement. A typical set of FRS 105 financial statements includes a balance sheet with supporting notes, prepared from the company’s bookkeeping records. Importantly, applying the regime is a choice — a company must first qualify as a micro-entity and then decide that FRS 105 is the right basis for its accounts, which is where professional guidance is genuinely useful.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and then choose to apply it. Qualification is a two-part test. First, the company must meet the size conditions: for accounting periods beginning on or after 6 April 2025, that generally means meeting at least two of three thresholds — 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. Normally the conditions need to be satisfied in the current financial year and the preceding one, so a growing company can move in or out of the regime over time. Second, other eligibility rules and exclusions apply, which means meeting the size thresholds alone does not automatically guarantee that a company qualifies. A company that qualifies still has a choice: it may use the micro-entities regime, or it may prepare accounts under a different framework such as FRS 102 Section 1A. For companies across Shetland, that decision usually comes down to how simple or complex the business’s affairs are and what the directors need from the accounts.

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 in Shetland

Preparing FRS 105 Micro Entity Accounts properly starts with your records. We work from the bookkeeping, bank transactions, invoices, expense records and asset details you provide, then prepare financial statements that reflect the micro-entity framework as it applies to your company. That means the right format, the right notes and figures that reconcile back to the underlying records. It is worth being clear about how the different obligations fit together. The statutory accounts are prepared under the applicable reporting requirements and, where required, filed at Companies House. Corporation Tax is a separate matter: a CT600 is submitted to HMRC and is supported by figures drawn from your accounts, but it is not the same document and does not follow the same rules. Your Confirmation Statement is separate again. We can help you keep each of these distinct and handled in the right order, based on the information you give us.

ICAEW

ACCA

AAT

Get Help with Your FRS 105 Micro Entity Accounts in Shetland

If you run a small company in Shetland and think the micro-entities regime could suit you, the sensible next step is a straightforward conversation. Tell us about your company — when it was incorporated, what it does, roughly where it sits on turnover, balance sheet total and employee numbers, and whether it has traded for a full financial year yet. Share your bookkeeping or accounting records, any previous accounts, and details of loans, fixed assets or anything unusual. From there we can look at whether FRS 105 Micro Entity Accounts are likely to be appropriate for your circumstances, explain what needs preparing, and set out clear, transparent pricing for the work involved.

─── 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 using the micro-entities regime. It is a simplified standard, designed to reduce both the amount of disclosure and the complexity of measurement compared with standards written for larger companies. When a qualifying company chooses the micro-entities regime, FRS 105 is the framework its financial statements are prepared under — a balance sheet with supporting notes, drawn from the company's own accounting records.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an option, not an obligation. A company must first qualify as a micro-entity, and even then it can choose to prepare accounts under a different framework, such as FRS 102 Section 1A. FRS 105 applies when the company decides to use the micro-entities regime. That decision can be influenced by how the company is structured, what it owns, whether it has any unusual transactions, and what the directors and any lenders or investors need from the accounts.

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 two of three 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 the size test is not the whole story — other rules and exclusions can affect whether a company qualifies, and the conditions normally need to be satisfied for the current financial year and the preceding one. It is always worth checking your specific position.

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 105 is the micro-entity standard and is deliberately simpler: fewer disclosures, less emphasis on fair value, and a more streamlined presentation. FRS 102 is a fuller standard used by small and larger entities, and it brings in more disclosure and more detailed measurement requirements. Because FRS 105 is narrower, it suits straightforward companies — but it is not the best fit for every micro-entity, particularly where assets or arrangements need more explanation.

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

A company that prepares accounts under the micro-entities regime still has to file its statutory accounts with Companies House, usually in a balance sheet format with the required notes. Filing the accounts and preparing them are two separate steps: the accounts must be prepared from the company's records, approved by the directors, and then delivered to Companies House within the applicable filing window. The exact deadline depends on your company's year end and whether it is a first set of accounts, so it is worth confirming your dates.

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

Yes — they are different documents with different purposes. FRS 105 Micro Entity Accounts are the statutory financial statements prepared under the micro-entities regime and, where required, filed at Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, and it follows tax rules rather than accounting presentation rules. The figures usually start from the accounts, but adjustments such as capital allowances and disallowable expenses mean the taxable profit can differ from the accounting profit. Both need attention, but one does not replace the other.

Can a new limited company use FRS 105?

A newly incorporated company can use FRS 105 if it qualifies as a micro-entity and chooses to apply the regime. In the first financial year there is no preceding accounting period to compare against, so the assessment focuses on the conditions for that period, alongside the other eligibility rules. Practically, many start-ups begin trading well within the size limits, which makes the micro-entities regime worth considering from the outset. As the business grows, eligibility should be reviewed each year.

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

We need a clear picture of your company's financial position at the year end. That normally means your bookkeeping or accounting records for the period, bank statements and reconciliations, sales and purchase records, payroll information, details of any loans or directors' current accounts, a list of fixed assets with purchase dates and costs, and stock or work-in-progress figures where relevant. Previous years' accounts, your company registration details and any correspondence about your filing obligations are also helpful. The cleaner the records, the more straightforward the preparation.

What changes are coming to micro-entity accounts filing?

Companies House has been consulting and legislating on changes to what smaller companies file, including proposals around filing profit and loss information alongside the balance sheet. Because the final requirements and timings can shift, the practical point is to stay flexible: the accounts still need to be prepared properly each year, and the filing format may need to be adapted as the rules come into force. We can help you keep track of what currently applies to your company and what may change.