─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Somerton

If your company is a qualifying micro-entity, FRS 105 Micro Entity Accounts can offer one of the simplest ways to report your financial position. FRS 105 is the UK financial reporting standard that applies when a qualifying company chooses to use the micro-entities regime, and it comes with its own format, disclosure requirements and measurement rules. Preparing FRS 105 Micro Entity Accounts well means understanding how that regime applies to your particular circumstances — your trading activity, your balance sheet, your company structure and any transactions that need careful treatment. For directors in Somerton, professional preparation helps ensure the accounts are built from your financial records in line with the applicable reporting requirements, are presented in the correct micro-entity format, and are ready for the filings that follow. It is important to note that not every small company qualifies for the micro-entities regime, and meeting the size tests alone does not automatically mean FRS 105 is available or appropriate. We look at your company’s position, confirm whether the regime can be applied, and explain the options clearly before any accounts are prepared.

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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 
 
 
 
 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 Micro-Entities Regime in Plain English

FRS 105 is the financial reporting standard that sits behind what many people simply call micro-entity accounts. The UK micro-entities regime is an optional accounting framework available to companies that qualify for it, and when a company chooses to apply that regime, FRS 105 is the standard it follows. In practical terms, FRS 105 allows a much shorter and simpler set of financial statements than the fuller frameworks used by larger companies. It focuses on a straightforward, largely historic cost approach, with a reduced set of notes and a simplified profit and loss account and balance sheet. That can mean less time spent on complex accounting treatments and a set of accounts that is easier for a director to read and understand. The trade-off is that FRS 105 accounts give a more limited picture than accounts prepared under a fuller framework, which is why choosing the regime is a genuine decision rather than a formality. Qualifying companies can choose to apply the micro-entities regime, and FRS 105 applies when that regime is used. We help Somerton directors understand what that means for their own figures before anything is drafted.

Who Can Use FRS 105 in the UK?

FRS 105 is designed for companies that qualify for the UK micro-entities regime and choose to apply it. Size is the starting point. 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 during the period. Where two of those conditions are met, the company may fall within the micro-entity size band — but that is only part of the picture. Other eligibility rules and exclusions can apply, which means meeting the size thresholds alone does not guarantee that the regime is available. Some companies are excluded regardless of their size, and certain situations require a closer look at the detailed rules. On top of that, qualifying companies are not obliged to use the regime; they can choose a fuller framework instead if that better suits their circumstances. We assess the position for your company in Somerton against the rules that apply to your accounting period, explain whether the micro-entities regime looks available, and then prepare FRS 105 Micro Entity Accounts on that basis.

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 for Accurate Financial Reporting

Accurate financial reporting starts with accurate records. We prepare FRS 105 Micro Entity Accounts from the information you provide — your bookkeeping, bank records, invoices, expenses, asset details and any relevant notes about the year — and present them in the format that the micro-entities regime requires. That includes the micro-entity profit and loss account and balance sheet, along with the limited disclosures that apply. Where your circumstances raise questions, such as director’s loans, asset purchases, or income that spans more than one period, we work through those points with you so the treatment adopted is consistent with the applicable reporting requirements for your company. It is worth being clear about how the different obligations fit together: the preparation of your financial statements and the filing of those accounts with Companies House is one strand of work, while your Corporation Tax position and any Corporation Tax Return (CT600) submitted to HMRC is a separate matter with its own rules, deadlines and computations. We can help you keep those strands joined up, so the figures reported in your FRS 105 Micro Entity Accounts are consistent with the numbers used for tax purposes. Nothing about this process constitutes approval or endorsement by Companies House or HMRC, and no outcome can be guaranteed — what we offer is careful, informed preparation based on the records and information available.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Somerton

Whether you are preparing micro-entity accounts for the first time or want a second pair of eyes on figures you have already drafted, we are happy to talk through your FRS 105 Micro Entity Accounts requirements. Tell us about your company — what it does, how it is structured, the accounting period in question and roughly what your turnover, balance sheet total and employee numbers look like — and we can assess whether the micro-entities regime is likely to be available to you and what preparing FRS 105 financial statements would involve. It also helps to have your records to hand: bookkeeping or accounting software access, bank statements, sales and expense information, details of any assets or loans, and anything you already hold from previous periods. If you also need support with your Corporation Tax Return (CT600) or your Confirmation Statement, mention that at the same time so everything can be looked at together. Get in touch to discuss your circumstances and the next practical steps.

─── 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 sets out how the financial statements should be prepared and presented, including the format of the balance sheet and profit and loss account, the measurement basis to use, and the limited disclosures required. It is deliberately pared back compared with fuller standards, which is what makes micro-entity accounts shorter and simpler to produce.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the micro-entities regime and then choose to apply it. Qualifying is not the same as being required to use it — it is a choice. Eligibility depends on the company's size and also on other rules and exclusions set out in company law and accounting standards, so two companies of a similar size may not always have the same position. We check your specific circumstances rather than assuming the regime applies.

Is FRS 105 compulsory for every micro-entity?

No. FRS 105 applies when a qualifying company chooses to apply the micro-entities regime. A company that qualifies for the regime may instead prepare its accounts under a fuller framework such as FRS 102, which provides more detail and more disclosure. The right choice depends on what the company needs from its accounts — for example, whether lenders, investors or group companies require a more detailed picture.

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 those size tests is not the end of the assessment. Other eligibility rules and exclusions can apply, so eligibility should always be confirmed against the rules in force for your particular accounting period before FRS 105 is used.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they serve different purposes. FRS 105 is the streamlined standard for micro-entities, with simpler measurement and far fewer disclosures. FRS 102 is a fuller framework used by small, medium and larger entities, and it covers areas such as more extensive fair value accounting, deferred tax and a broader set of note disclosures. In short, FRS 105 gives a shorter, simpler set of accounts, while FRS 102 gives a more detailed and comprehensive one.

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

Where a company prepares FRS 105 Micro Entity Accounts and is required to file accounts, those accounts are generally filed with Companies House in the usual way, using the micro-entity format and the filing method available for that period. Filing obligations and available options can vary depending on the company's circumstances, so it is worth confirming the position for your own company rather than relying on a general rule of thumb.

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

Yes, they are separate things. FRS 105 relates to the accounting and financial reporting framework used to prepare your company's financial statements. A CT600 is a Corporation Tax Return submitted to HMRC, with its own tax computations and its own requirements. The two are connected because the figures in the accounts usually feed into the tax return, but preparing accounts and filing a CT600 are distinct pieces of work.

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

Typically we need your bookkeeping or accounting records for the period, bank statements and reconciliations, sales and purchase information, details of expenses, a list of assets owned by the company with purchase dates and costs, details of any loans or amounts owed to or by the company, and share capital information. If accounts were prepared for a previous period, those help too. The more complete and organised the records, the smoother the preparation process tends to be.