─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Watchet

FRS 105 Micro Entity Accounts are prepared under the financial reporting framework that applies to qualifying micro-entities that choose to use the UK micro-entities regime. FRS 105 is intentionally streamlined: it sets out simpler measurement and disclosure requirements than the fuller standards, which is why it can suit a small company whose reporting needs are straightforward. Professional preparation starts with your bookkeeping and records, then applies the framework to your circumstances — the nature of your trade, the assets you hold, any loans or director’s loan balances, and whether the company qualifies for the regime at all. Because eligibility depends on the size conditions and on other rules and exclusions, it should be reviewed rather than assumed. For companies in Watchet and the surrounding area, that means accounts that reflect what actually happened in the business and are presented in a way that fits the micro-entity regime where it properly applies.

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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: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In simple terms, it is the rulebook a qualifying company follows when it prepares its annual financial statements under the micro-entities regime. The regime is optional: a company that meets the relevant conditions can choose to apply it, and when that choice is made, FRS 105 is the standard that applies. Choosing it usually means shorter accounts, fewer notes and less complex measurement, because FRS 105 strips out many of the options and disclosures found in the larger standards. In practice, that can mean reporting assets at simpler amounts, avoiding fair value and revaluation treatments, and not recognising deferred tax. What it does not do is change your underlying obligations — the accounts still need to be accurate and based on proper records, and the company still has separate filing and tax responsibilities to deal with.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it. Qualifying is a two-part question. First, the company has to meet the size conditions: for accounting periods beginning on or after 6 April 2025, it generally needs to satisfy at least 2 of the 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. Second, it must not fall within any of the exclusions that prevent a company from using the regime, and other rules may apply in areas such as group situations or periods that are not a full year. Meeting the thresholds on their own does not automatically guarantee eligibility, and even where a company does qualify, using the regime remains a decision rather than a requirement. For a Watchet-based company weighing this up, the practical answer comes from looking at the specific figures, the type of company and how its accounts will be used.

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 is about working from reliable records and applying the reporting requirements that actually apply to your company. That means checking the figures behind your sales, costs, stock, fixed assets, loans and any director’s loan account, then presenting them in a set of financial statements that is consistent with the micro-entities regime. It also means keeping distinct tasks separate: the preparation of the financial statements, the filing of accounts with Companies House, and the company’s Corporation Tax obligations are different processes with different rules and different recipients. A Corporation Tax Return (CT600) is submitted to HMRC and is not the same thing as the accounts filed at Companies House, even though the figures are related. Our role is to prepare the accounts carefully from the information you provide, explain the basis on which they have been prepared, and flag anything that needs your attention before the accounts are finalised.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Watchet

If you run a small company in Watchet and think the micro-entities regime may suit you, the sensible next step is a straightforward conversation about your circumstances. Tell us about your trading year, the records you keep, any assets or loans in the company, and whether this is your first set of accounts or an ongoing arrangement. We can then look at whether FRS 105 Micro Entity Accounts are likely to be appropriate for your company, explain what information we need from you, and set out how we will prepare the financial statements. Where your accounts also need to be filed, we can talk through that side of things separately from your Corporation Tax position, so you know what is due, to whom, and when. Clear, transparent pricing and a practical approach to getting the work done.

─── 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 applicable to the micro-entities regime. It is a short, simplified standard that qualifying companies can follow when preparing their annual financial statements. Compared with larger standards, it offers fewer accounting policy choices, fewer disclosure notes and simpler measurement rules, so the resulting accounts are typically shorter and more straightforward. FRS 105 only comes into play when a company both qualifies for the micro-entities regime and chooses to apply it.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is available to companies that qualify, but applying it is a choice. A qualifying company that decides not to use it would generally prepare its accounts under a fuller standard instead. Many micro-entities do choose FRS 105 because it reduces the reporting burden, but the decision should be based on the company's circumstances, its stakeholders and whether the regime is genuinely available to it.

What are the micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of these 3 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 conditions is not the whole test. The micro-entities regime also has exclusions — certain investment undertakings and other specified types of company cannot use it — and additional rules can apply, including where a company is part of a group or where the accounting period is not a full year. Eligibility therefore needs to be reviewed for each company rather than assumed.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the fuller UK standard used by most small and medium-sized companies. It permits or requires a wider range of accounting treatments and asks for more disclosures in the notes. FRS 105 is reserved for micro-entities and removes much of that complexity: for example, it does not allow revaluation or fair value accounting for most items and does not recognise deferred tax. The practical effect is that FRS 105 accounts are usually shorter and simpler, while FRS 102 accounts give a more detailed picture with more supporting notes.

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

A company's annual accounts, including accounts prepared under FRS 105 where the micro-entities regime applies, generally need to be filed at Companies House. Micro-entity accounts can usually be filed in a reduced form, but the filing requirements, formats and options have been changing as part of wider Companies House reforms, so it is worth confirming the current position for your filing date. Filing the accounts is a separate exercise from preparing them, and from anything owed to HMRC.

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

Yes, they are two distinct things. The FRS 105 financial statements are the company's accounts, prepared under the accounting framework and filed at Companies House. The CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits and calculate the tax due. The accounts usually provide the starting point for the tax computation, but adjustments are commonly needed because accounting profit and taxable profit are not always the same figure.

Can a new limited company use FRS 105?

A newly incorporated company can use the micro-entities regime if it meets the relevant conditions and does not fall within an excluded category. Its first accounting period often covers more or less than a full year, and where a period is shorter than a year the size thresholds are typically scaled to reflect that. Because first-period rules and incorporation dates interact, it is worth checking the position early rather than waiting until the accounts are due.

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

In most cases we will need your bookkeeping or accounting records for the period, bank and credit card statements, sales invoices and purchase receipts, details of any stock held at the year end, records of assets bought or sold, information about loans and director's loan account movements, and payroll details if the company employs anyone. If accounts have been prepared before, the previous year's figures are helpful as a comparison. The more complete and accurate the records, the smoother the preparation, and any gaps can usually be worked through together.