─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Teignmouth

If your company qualifies for the micro-entities regime and you choose to apply it, FRS 105 Micro Entity Accounts provide the financial reporting framework for your annual accounts. FRS 105 is a simplified framework, but simplified does not mean automatic: the balance sheet, notes and disclosures still need to reflect your company’s actual transactions, assets, liabilities and circumstances accurately. In Teignmouth and across the surrounding area, we help directors work through the detail, from reviewing the underlying bookkeeping to presenting the figures in a form that is consistent with the framework and with your company’s activities. Professional preparation can help you avoid the common errors that creep in when simplified accounts are assembled without a proper look at the records, and it gives you a clear picture of what has been included and why. Whether you are preparing FRS 105 accounts for the first time or moving from another reporting framework, we can help you understand the requirements and prepare accounts that are appropriate for your company’s circumstances.

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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 for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard written specifically for companies that qualify for the micro-entities regime. In practical terms, it is the simplest set of rules available for preparing annual accounts, and it is designed to reduce the amount of note disclosure and accounting adjustment that a very small company has to produce. A company that meets the eligibility conditions can choose to apply the micro-entities regime, and where that choice is made, FRS 105 is the framework used to prepare the financial statements. The accounts themselves typically centre on a simple balance sheet showing what the company owns and owes at the year end, together with the notes required by the standard. FRS 105 sits alongside, but is separate from, the rest of your company’s obligations — it governs how the annual accounts are put together, rather than how your Corporation Tax is calculated or how your Confirmation Statement is filed. Because the framework is deliberately streamlined, the judgement sits in deciding whether your company qualifies, whether the regime is the right fit, and whether the figures in your records support the accounts being prepared.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and that choose to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 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. Those conditions are assessed using the applicable rules, which include how figures are measured and which period is being looked at, and a company’s position can change from year to year. Meeting the size conditions is not the whole story. There are additional eligibility rules and exclusions — some types of company are not permitted to use the micro-entities regime at all, and certain entities are excluded regardless of their size. For that reason, meeting the thresholds does not guarantee eligibility, and eligibility does not oblige you to use the regime. If your company is based in Teignmouth or elsewhere in the UK and you are considering FRS 105 Micro Entity Accounts, it is worth reviewing your specific position rather than assuming the framework applies.

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

FRS 105 Micro Entity Accounts are prepared from your company’s financial records and the reporting requirements that apply to it. That means starting with the bookkeeping — bank transactions, sales and purchase records, expenses, assets and liabilities — and then translating those records into a balance sheet and the accompanying notes in line with the framework. Where it is relevant, we also handle the preparation of the financial statements and the separate filing of those accounts with Companies House, while keeping that work distinct from your Corporation Tax position. Filing accounts with Companies House and submitting a Corporation Tax Return to HMRC are two different obligations with different purposes, and it helps to keep them that way in your own planning. Our role is to prepare your FRS 105 accounts carefully and to explain the basis on which the figures have been presented, so you understand what has been included and where any judgement has been applied. We cannot promise a particular filing result or outcome, but we can make sure the accounts are built on your records and on the requirements that apply to your company.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts

If you would like help with your FRS 105 Micro Entity Accounts, the best starting point is a conversation about your company and where it stands. Tell us about your trading activity, your year end, how your records are kept, whether you have reported under a different framework before, and anything unusual that happened during the period — a new asset, a director’s loan, a change in ownership or a quiet year with limited activity. That information lets us assess whether the micro-entities regime looks appropriate for your circumstances and what will be needed to prepare the accounts. From there, we can talk you through the process, the information we will ask for and the options available to you, including clear, transparent pricing. Get in touch with your questions and we will help you work out the next step.

─── 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 to prepare their annual accounts under the micro-entities regime. It is the most streamlined of the UK accounting frameworks, with limited note disclosure and a focus on a simple balance sheet format. It is an accounting framework, so it governs how the financial statements are prepared rather than how much tax a company pays.

Is FRS 105 compulsory for every micro-entity?

No. Qualifying for the micro-entities regime does not mean you must use it. The regime is an option, and FRS 105 applies when a qualifying company chooses to apply it. Some companies prefer to report under a different framework, for example because a lender, investor or group parent wants more detailed information, or because the company has transactions that are simpler to present under fuller standards.

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. Other rules and exclusions also apply — certain company types are not eligible for the regime regardless of size — so meeting the size conditions alone does not automatically mean your company qualifies. It is worth checking your position properly before deciding which framework to use.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the main UK financial reporting standard and applies to a much wider range of companies, including those reporting under the small companies regime. FRS 105 is narrower and simpler, and is available only to companies using the micro-entities regime. FRS 102 generally requires more disclosure and involves more accounting adjustments, such as recognising certain items that FRS 105 treats differently. Choosing between them usually comes down to eligibility, the needs of anyone who reads your accounts, and how much detail you want or need to provide.

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

Where accounts are prepared for a company that is required to file annual accounts, those accounts normally need to be delivered to Companies House within the applicable filing period. The accounts you send must meet the filing requirements that apply to your company, and the version filed may need to be adapted from the full accounts prepared for the members. Filing accounts is a separate obligation from submitting a Corporation Tax Return to HMRC, and both need to be dealt with.

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

Yes, they are two different things. FRS 105 Micro Entity Accounts are the company's financial statements, prepared under the micro-entities regime and normally filed with Companies House. A CT600 is the Corporation Tax Return submitted to HMRC, which calculates the tax due based on the company's taxable profits and reliefs. The figures in your accounts and the figures in your tax return are related, but the documents themselves have different purposes, different formats and different recipients.

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 a company's first period, the size assessment is generally based on the figures for that period rather than on an average of earlier years, so a small start-up may well qualify. That said, eligibility also depends on the type of company and the transactions involved, so it is sensible to confirm your position before preparing your first set of accounts.

What information is needed to prepare FRS 105 accounts?

In most cases you will need complete records for the period: bank statements and reconciliations, sales and purchase records, expense documentation, details of any assets purchased or sold, loan balances including director's loans, and information about any share changes or dividends. It also helps to know your accounting period dates, whether you have filed accounts before, and whether anyone else — such as a lender or a parent company — will be reading the accounts. The cleaner your records, the more straightforward the preparation tends to be.