─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Truro — Prepared for Companies That Qualify

FRS 105 Micro Entity Accounts are financial statements prepared under the micro-entities regime, the simplified reporting framework available to companies that meet the qualifying size conditions and choose to apply it. If your company operates in or around Truro and you believe it may fall within the micro-entities regime, professional preparation can help ensure your accounts are put together appropriately for your circumstances — reflecting your actual transactions, your accounting records and the disclosure requirements that apply to FRS 105. Because eligibility depends on more than turnover alone, a useful first step is a straightforward conversation about your company’s size, structure, trading history and any exclusions that may be relevant. From there, FRS 105 Micro Entity Accounts can be prepared in a clear, consistent format designed to be understood by directors, lenders and other readers of the accounts.

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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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   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 that sits behind the micro-entities regime. In plain terms, it is a simplified accounting framework that allows qualifying companies to prepare accounts using a more streamlined approach than the fuller standards used by larger businesses. Instead of a long list of disclosures, FRS 105 accounts focus on a condensed balance sheet, a small number of notes and a simpler measurement basis, which many owner-managed companies find easier to work with. It is important to understand the order of events: a company must first qualify for the micro-entities regime, and then choose to apply it — FRS 105 applies when that choice is made. Qualifying is not automatic and not every small company will be eligible, so the regime should be considered alongside the company’s size, sector and any applicable exclusions. For directors in Truro weighing up their options, understanding FRS 105 early makes it easier to plan the accounts and keep the reporting process straightforward.

Who Can Use FRS 105 Micro Entity Accounts in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and actively choose to apply it. The starting point is size. 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. Meeting those conditions is a strong indicator, but it is not the whole picture. Other eligibility rules and exclusions can apply depending on the company’s legal form, its sector and what it does, so a company that comfortably sits within the size limits may still not be able to use the regime. There is also an element of choice — qualifying does not compel a company to apply the micro-entities regime, and some directors prefer a fuller framework for their own reasons. For companies in Truro and across Cornwall, the practical approach is to look at the actual figures and circumstances together before deciding whether FRS 105 Micro Entity Accounts are the right fit.

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

Preparing FRS 105 Micro Entity Accounts well starts with good records. The figures in your accounts are drawn from your bookkeeping, bank transactions, invoices, expenses, asset purchases and any loans or director balances, so the quality of the underlying information directly affects the quality of the finished statements. Professional preparation means those records are reviewed, the appropriate accounting policies and measurement basis for FRS 105 are applied, and the resulting financial statements are presented in a format that is clear and consistent. It is worth separating two distinct obligations: the accounts themselves and any filing at Companies House on the one hand, and Corporation Tax on the other. A CT600 is a separate Corporation Tax filing submitted to HMRC, and the tax position is calculated under tax rules rather than simply read off the accounts. A Confirmation Statement is a further, separate filing. Keeping these requirements distinct helps directors in Truro understand what is being prepared, why, and by when.

ICAEW

ACCA

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Discuss Your FRS 105 Micro Entity Accounts With Us

If you would like help with FRS 105 Micro Entity Accounts, the best place to start is a conversation about your company. Tell us about your trading activity, your accounting period, how your records are kept, whether you have prepared accounts before and anything unusual that has happened during the year — a change of director, a new asset, a loan or a period of reduced activity. That information lets us assess whether the micro-entities regime is likely to be available to you and explain what would be involved in preparing your accounts. We can also talk through how the accounts sit alongside your other filing obligations, including any Corporation Tax Return and Confirmation Statement, so nothing is overlooked. Clear, transparent pricing and a straightforward process are part of how we work, and there is no obligation to proceed simply because you got in touch.

─── 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 used by companies that qualify for, and choose to apply, the micro-entities regime. It is a simplified framework, so the accounts are typically shorter than those prepared under fuller standards — commonly a condensed balance sheet with a limited number of notes rather than a lengthy set of disclosures. FRS 105 is about how the accounts are prepared and presented, not about how much tax a company pays.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and decide to apply it. Qualifying is based on the company's size, and other eligibility rules and exclusions can also apply, so meeting the size conditions on their own does not automatically mean a company is eligible. It is also a choice: a qualifying company may instead prepare accounts under a fuller framework if it prefers or if its circumstances suit that better.

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 may choose to apply it, in which case FRS 105 sets out how the accounts should be prepared. Equally, a qualifying company may choose a fuller reporting framework. Directors should consider which option best fits the company's circumstances, including what lenders, investors or other readers of the accounts may expect to see.

What are the current micro-entity size 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. These are size tests only — additional eligibility rules and exclusions can affect whether the micro-entities regime is actually available to a particular company, so the criteria should be applied carefully to your own figures.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the fuller UK financial reporting standard used by a wide range of companies, including those that are small but not micro-entities. It generally involves more detailed recognition and measurement requirements and a longer set of disclosures than FRS 105. FRS 105 is deliberately pared back for qualifying micro-entities, which makes the accounts shorter and often simpler to read — but it also offers less flexibility in how certain items are presented.

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

FRS 105 accounts are the company's statutory financial statements, so where accounts are due to be filed, they are filed with Companies House in accordance with the applicable filing requirements. Filing obligations differ depending on whether the company is filing its first accounts or subsequent accounts, and on whether it is dormant or trading. The accounts filed are separate from the company's Corporation Tax Return and from its Confirmation Statement.

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

Yes. FRS 105 Micro Entity Accounts are the company's financial statements, whereas a CT600 is the Corporation Tax Return submitted to HMRC. The accounts provide the starting point for the tax computation, but the taxable profit is calculated using tax rules, which can include adjustments for items such as depreciation and capital allowances. Preparing the accounts does not, on its own, complete the company's Corporation Tax obligations.

Can a new limited company use FRS 105?

It can be possible, but it depends on the company's circumstances rather than simply on being newly incorporated. Eligibility is based on the applicable size conditions and on whether any exclusions apply, so a newly formed company that has only just started trading may have a different profile from an established one. It is also a choice — a company that qualifies does not have to apply the micro-entities regime. Reviewing your first period's figures is the sensible way to decide.

What information is needed to prepare FRS 105 accounts?

Typically we would need your bookkeeping or accounting records, bank statements and reconciliations, details of sales and purchases, expense records, information on assets purchased or sold, and details of any loans, director balances or share capital movements. If you use accounting software, granting access is usually the quickest route. Anything unusual during the period — a change in activity, a new lease or a one-off transaction — is worth flagging early, as it may affect how the accounts are prepared.