─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Snaith

If your company qualifies as a micro-entity and you have chosen to apply the micro-entities regime, FRS 105 Micro Entity Accounts provide the financial reporting framework used to prepare your annual accounts. FRS 105 is a simplified, largely historical cost basis of accounting designed for very small companies, and it produces a shorter, more streamlined set of financial statements than the larger reporting frameworks. Preparing FRS 105 Micro Entity Accounts in Snaith involves more than entering figures into a template: the accounts need to reflect your company’s actual transactions, its accounting records and the disclosure requirements that apply at the time of preparation. Professional support can help you confirm whether the micro-entities regime is the right fit, prepare the financial statements consistently with the framework, and keep the accounts and any related Companies House filing aligned with your wider record-keeping. Eligibility for FRS 105 is not automatic — it depends on the company meeting the relevant size conditions and on the applicable rules and exclusions — so it is worth reviewing your circumstances before the accounts are drawn up.

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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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   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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 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: The Micro-Entities Regime in Simple Terms

FRS 105 is the UK financial reporting standard that sits behind the micro-entities regime. In plain terms, it is a simplified accounting framework that qualifying micro-entities can choose to apply when preparing their annual financial statements. Where a company meets the micro-entity size conditions and decides to use the micro-entities regime, FRS 105 applies to the accounts it prepares, which typically means a shorter balance sheet, a simpler profit and loss account, and a much reduced set of notes compared with fuller frameworks such as FRS 102. FRS 105 accounts are still real statutory accounts — they must be prepared from proper accounting records, they must give the information the framework requires, and they are generally filed at Companies House in the normal way. What makes them different is the level of detail and the measurement simplifications permitted, which can suit the owner-managed companies that make up so much of the business community around Snaith and the wider East Yorkshire area. It is important to remember that the micro-entities regime is an available option rather than a default: a qualifying company can choose to apply it, and some companies choose a fuller framework instead because of their lenders, investors or group requirements.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the micro-entities regime and then choose to apply it — qualification alone does not put a company on the regime. Eligibility is assessed against the size conditions in force for the accounting period, and for periods beginning on or after 6 April 2025 a company generally needs to meet at least 2 of 3 applicable conditions, subject to the relevant rules and exclusions: 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. Those thresholds are not the whole story. Certain companies and circumstances are excluded from the regime, and some companies that would otherwise qualify decide against it because a lender, investor, parent or other stakeholder expects fuller information. There is also the question of consistency from one period to the next, which can affect whether moving into or out of the regime is sensible. For a company based in Snaith or elsewhere in the UK, the practical answer is to check the size conditions against the actual figures for the period, confirm no exclusion applies, and then decide whether the micro-entities regime is the right framework for the accounts you need to prepare.

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

FRS 105 Micro Entity Accounts need to be built from your company’s own financial records — bank transactions, sales and purchase information, payroll details, asset records and any loans or director balances — and then presented in the format the framework requires. That means recognising the transactions that actually took place, applying the measurement rules of FRS 105 consistently, and including the disclosures that apply to your circumstances. Professional preparation helps here because the accounts are usually only part of the picture: a company will often need financial statements prepared for its members, a set of accounts filed at Companies House, and separately a Corporation Tax Return (CT600) submitted to HMRC. Those are distinct exercises with different purposes, deadlines and underlying rules, and treating them as one task can lead to confusion. A properly organised approach keeps the accounts, the Companies House filing and the tax position consistent with one another without blurring the boundaries between them. We prepare FRS 105 Micro Entity Accounts for companies in Snaith and the surrounding area on the basis of the information and records provided, working to applicable reporting requirements and explaining the key figures so you understand what has been produced. No firm can guarantee how a filing will be received or promise a particular tax outcome, so our focus is on careful, well-documented work that stands up to scrutiny.

ICAEW

ACCA

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Get Help With Your FRS 105 Micro Entity Accounts in Snaith

Whether you are preparing FRS 105 Micro Entity Accounts for the first time, moving across from a fuller reporting framework, or simply want your annual accounts handled carefully, we can help. Get in touch to talk through your company’s circumstances — your accounting period, the nature of your income and costs, how your records are kept, and what you already file at Companies House and with HMRC. The more we understand about your business, the more useful our guidance can be on whether the micro-entities regime is appropriate for you and what is needed to prepare the accounts. Bring along your latest accounts, bookkeeping records, bank statements, payroll information and details of any loans, assets or director balances, and we can assess what is required and set out clear, transparent options for taking things forward.

─── 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 the micro-entities regime. It sets out a simplified basis for preparing annual accounts, allowing qualifying micro-entities that choose that regime to produce a shorter balance sheet, a simpler profit and loss account and a much reduced set of notes. It is one of several UK accounting frameworks, and it is tailored to very small companies rather than to larger or more complex businesses.

Who can use FRS 105?

FRS 105 can be used by companies that qualify for the micro-entities regime and that choose to apply it. Qualification is based on the applicable size conditions plus the wider rules and exclusions in the regime — meeting a size threshold on its own does not automatically mean a company is eligible. Some companies are excluded, and others may prefer a fuller framework because of lenders, investors or group reporting needs, so eligibility and suitability are worth checking before accounts are prepared.

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 FRS 105 applies when that choice is made. A qualifying company may instead decide to prepare its accounts under a fuller framework, for example where a bank, investor or parent company expects more detailed information. The decision is usually best taken with a clear view of the company's reporting obligations and who will be reading 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 2 of 3 applicable size conditions, subject to the relevant rules and exclusions: 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. These are the headline size conditions only — other eligibility rules and exclusions can still affect whether the micro-entities regime is available, so the position should always be confirmed against your company's specific circumstances.

What is the difference between FRS 105 and FRS 102?

FRS 105 is the more simplified framework and is available to qualifying micro-entities that choose the micro-entities regime, while FRS 102 is a fuller standard used by a much wider range of companies, including small companies that do not use the micro-entities regime. FRS 105 permits a narrower set of measurement options and requires far fewer disclosures, which can make the accounts shorter and more straightforward. FRS 102 generally gives a more detailed picture, with additional accounting policy choices and disclosure requirements.

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

FRS 105 accounts are still statutory accounts, and in the usual case they are filed at Companies House in line with the filing requirements that apply to the company. The framework affects how the accounts are prepared and how much detail they include rather than whether they are filed. Companies House does not approve, endorse or review accounts as part of the filing process; it receives them. We can help prepare the accounts and deal with the filing separately from your tax obligations.

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

Yes — they are two different things. FRS 105 accounts are the company's financial statements, prepared under the micro-entities regime and generally filed at Companies House. A Corporation Tax Return, usually submitted as a CT600, is a separate filing made to HMRC that reports the company's taxable profits and calculates the tax due. The figures in the accounts often inform the tax return, but the documents serve different purposes and follow different sets of rules and deadlines.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. In the first period a company has no prior accounting history, so eligibility is normally assessed against the applicable conditions for that period, along with the relevant rules and exclusions. It can be sensible to review the position early, because the framework chosen shapes how the first set of accounts is prepared and what information you will need to keep during the year.

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

As a starting point, we would usually need your accounting period dates, bookkeeping or accounting records, bank statements for all business accounts, sales and purchase information, payroll details if you employ staff, and records of any assets, loans, director balances or share capital. Details of any Companies House filing already made, and of your current tax position, are also helpful. Every company is different, so we will confirm exactly what is required once we understand how your business operates.