─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Skegness

FRS 105 Micro Entity Accounts are prepared under the financial reporting framework that applies to qualifying companies choosing to use the UK micro-entities regime. If your company is based in Skegness and meets the relevant eligibility conditions, FRS 105 can provide a simpler, more proportionate basis for preparing and filing your annual financial statements. Professional preparation helps ensure your accounts are put together appropriately for your company’s own circumstances — its trading activity, its assets and liabilities, and the disclosures the framework requires — rather than following a one-size-fits-all template. It also helps keep the accounts consistent with the underlying financial records and with the information that needs to be reported elsewhere, so that directors can file with confidence and understand what the numbers actually say about the business. Whether you are newly incorporated, already trading, or reviewing how your accounts are currently prepared in Skegness, we can explain what FRS 105 Micro Entity Accounts involve and what is needed from you.

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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: What It Means for Micro-Entities

FRS 105 is the financial reporting standard that sits behind the UK’s micro-entities regime. In plain terms, it is a simplified accounting framework designed for the smallest companies, allowing them to prepare financial statements with less detail than larger reporting frameworks require. It is not a different set of tax rules and it is not a tax return — it governs how the accounts themselves are prepared and presented. Qualifying companies can choose to apply the micro-entities regime, and when that choice is made, FRS 105 is the standard used to prepare the financial statements. That typically means a shorter balance sheet, a simpler profit and loss account, and fewer notes than you would see under a fuller framework, while still presenting a true picture of the company’s position as required by the framework. For a Skegness-based company, understanding FRS 105 is really about understanding two things: whether the regime is available to you, and whether it suits how you want your accounts presented. Choosing the micro-entities regime is optional, and once a company is outside the eligibility conditions it can no longer rely on FRS 105 for that period, so it is worth reviewing at each year end.

Who Can Use FRS 105 in the UK? Qualifying for the Micro-Entities Regime

FRS 105 is intended for UK 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 will generally need 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 two of those conditions does not automatically mean the company can use the regime. Other eligibility rules and exclusions apply, some types of company cannot use it at all, and periods beginning before 6 April 2025 are assessed against the earlier criteria. Eligibility also needs revisiting each year, because a company that qualified last time may fall outside the regime if it has grown, or if a change in its activities brings an exclusion into play. If you run a company in Skegness and are unsure where you stand, the sensible approach is to review your figures and circumstances rather than assume either way.

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 Skegness

Preparing FRS 105 Micro Entity Accounts properly starts with your financial records — bookkeeping, bank transactions, sales and purchase information, payroll details where relevant, and any asset, loan or director’s account balances. From that information the financial statements are built in line with the micro-entities regime and FRS 105 presentation requirements, so that the balance sheet and profit and loss account reflect what has actually happened in the business. It is useful to keep the different obligations clear: the FRS 105 financial statements are the accounts, the filing of those accounts with Companies House is a separate step, and the Corporation Tax position is dealt with through a CT600 return submitted to HMRC. They overlap in the figures they draw on, but they are distinct requirements with their own rules and deadlines. We prepare the accounts from your records, explain the figures in straightforward language, and help you understand what is being reported and why, so you are not simply filing a document you have not read.

ICAEW

ACCA

AAT

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

If you would like help with FRS 105 Micro Entity Accounts for your Skegness company, get in touch and we can talk through your circumstances. It helps to have a little information to hand — your company details, recent accounts or filing history, bookkeeping records, and an idea of your turnover, balance sheet position and employee numbers — so we can consider whether the micro-entities regime is likely to be available to you and how your accounts should be approached. We will discuss what is involved, what you need to provide, and how the accounts fit alongside your other filing obligations, including Companies House filing and your Corporation Tax return. There is no obligation, and no assumption that FRS 105 is the right answer for every company; the aim is simply to give you a clear, honest picture of your options.

─── 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 exactly is FRS 105?

FRS 105 is the financial reporting standard that applies to companies using the UK micro-entities regime. It sets out how the financial statements of a qualifying micro-entity should be prepared and presented, allowing a simplified balance sheet, profit and loss account and a reduced level of disclosure compared with fuller reporting frameworks. It is an accounting standard, not a tax rule, so it governs the accounts rather than how your Corporation Tax is calculated.

Who can use FRS 105?

It is available to companies that qualify for the micro-entities regime and then choose to apply it. Qualification depends on size criteria and on a range of eligibility rules and exclusions, so a company must be assessed on its own circumstances rather than assumed to qualify because it is small. Some company types are excluded from the regime regardless of size, and the position should be reviewed for each accounting period.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available option, not a requirement. A company that qualifies can choose to apply it and prepare FRS 105 accounts, or it can prepare its accounts under a different framework such as FRS 102. Many small companies find FRS 105 attractive because the accounts are shorter and simpler, but the choice rests with the company and should be made with an understanding of the consequences.

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. Meeting two of these is not by itself a guarantee of eligibility, because other rules and exclusions can apply, and periods beginning before that date are assessed under the earlier criteria.

What is the difference between FRS 105 and FRS 102?

FRS 105 is the micro-entities standard and is deliberately simpler, with fewer disclosure requirements and a more straightforward basis for measuring items. FRS 102 is the fuller framework used by a much wider range of companies, including small companies that are not micro-entities, and it involves more detailed recognition, measurement and disclosure. Which one applies depends on whether your company qualifies for and chooses the micro-entities regime.

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

Yes — where accounts are prepared under FRS 105, they still need to be filed with Companies House in the normal way, subject to the filing requirements that apply to your company. Filing accounts is a separate obligation from filing a Corporation Tax return. The accounts are also typically used by the company for its own purposes, including as the basis for the figures reported on the tax return.

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

Yes, they are two different things. The FRS 105 accounts are the financial statements prepared under the micro-entities regime, while the CT600 is the Corporation Tax return submitted to HMRC to report the company's taxable position. The accounts usually provide the starting point for the tax return figures, but the tax computation applies its own rules, so the two documents should not be treated as interchangeable.

Can a newly incorporated limited company use FRS 105?

A new company can use FRS 105 if it meets the micro-entity eligibility conditions and chooses the regime. In the first period the size assessment works differently because there is no prior year to compare against, so it is worth checking the position rather than assuming. If the company grows beyond the criteria, or if an exclusion applies, it may need to move to a different framework in a later period.

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

Typically we need your bookkeeping records or a summary of income and expenses, bank statements, details of any assets the company owns, loan and director's account balances, payroll information where the company employs staff, and details of any share capital or dividends. Your previous year's accounts and filing history are also useful. The aim is to build the financial statements from accurate underlying records.

Are changes coming to how micro-entity accounts are prepared and filed?

Yes — company reporting and filing requirements are being updated over time, and the micro-entity size thresholds changed for accounting periods beginning on or after 6 April 2025. Software filing and the way accounts are submitted are also evolving. Because the rules change, it is sensible to check the position for your specific accounting period rather than relying on how things were done a few years ago.