─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Waterbeach

FRS 105 provides the financial reporting framework for qualifying micro-entities that choose to apply the micro-entities regime, and for many smaller companies in Waterbeach it can offer a simpler, more proportionate way to prepare annual accounts. The standard is built around historic cost accounting and a reduced set of disclosure requirements, so the resulting financial statements tend to be shorter and more straightforward than those prepared under other frameworks. Eligibility is not automatic: a company needs to satisfy the relevant size conditions and any other applicable rules before the regime can be used, and the choice should be reviewed as the business grows or its circumstances change. Professional preparation helps ensure your FRS 105 Micro Entity Accounts are put together appropriately for your company’s own situation — reflecting the underlying records accurately, applying the framework consistently, and producing figures that are ready for the directors to review and approve before any filing is considered.

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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: What the Micro-Entities Regime Means for Your Company

FRS 105 is the UK financial reporting standard that sits behind the micro-entities regime. In plain terms, it is a simplified accounting framework designed for the smallest companies, allowing them to prepare financial statements using historic cost only, without the fair value adjustments, revaluations or deferred tax calculations that larger frameworks typically require. The disclosure notes are also far shorter, which keeps the accounts concise and easier to follow. It is important to understand that the micro-entities regime is an available accounting regime rather than a compulsory one: qualifying companies can choose to apply it, and FRS 105 is the standard that applies when that choice is made. If a company does not qualify, or decides the regime is not right for it, a different framework such as FRS 102 would normally be used instead. For directors of small companies in Waterbeach, understanding this distinction is the first step towards deciding how their annual financial statements should be prepared.

Who Can Use FRS 105 in the UK? Qualifying for the Micro-Entities Regime

FRS 105 is intended for companies that qualify for the UK micro-entities regime and 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. Even where those conditions are met, other eligibility rules and exclusions can apply — certain types of company and certain group structures are not able to use the regime — so meeting the size thresholds does not, on its own, guarantee eligibility. Companies in Waterbeach that are considering FRS 105 Micro Entity Accounts should therefore review their position each year, particularly where turnover or headcount is growing, where the company’s activities change, or where it becomes part of a group. Where the regime is available and appropriate, applying it can make the annual reporting process noticeably simpler.

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 is largely about getting the detail right. The figures need to be built up from your bookkeeping records, bank statements, sales and purchase information, asset details and any loan or lease arrangements, then presented in the format the framework requires. That means a balance sheet, a profit and loss account where applicable, and a small set of supporting notes, with the accounts prepared on the basis that applies to a qualifying micro-entity. It also means keeping two separate obligations in view: preparing and filing the financial statements with Companies House, and dealing with Corporation Tax, which is reported separately to HMRC through a Company Tax Return (CT600). The accounts and the tax return draw on the same underlying records, but they are distinct filings with different purposes and different deadlines. Working with an experienced preparer helps keep the accounts consistent with your records and with the reporting requirements that apply to your company.

ICAEW

ACCA

AAT

Speak to Us About Your FRS 105 Micro Entity Accounts in Waterbeach

If you would like help preparing FRS 105 Micro Entity Accounts for your company, the best starting point is a conversation. Tell us about your business, your accounting period, what you do with your records and any changes that have happened over the year, and we can look at your circumstances and explain the options available to you. It also helps to have your bookkeeping up to date and your key documents to hand — bank statements, sales and purchase records, details of assets, loans and any share or director changes. From there we can talk through how your accounts would be prepared, what information we would need, and how the accounts fit alongside your other filing and tax obligations. Get in touch to discuss your requirements and take the next step with confidence.

─── 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 financial reporting standard that applies to companies using the UK micro-entities regime. It is a simplified framework based on historic cost, with a much smaller set of disclosure notes than other standards. It covers how the balance sheet, profit and loss account and supporting notes are presented for qualifying micro-entities that have chosen to apply the regime.

Who can use FRS 105?

FRS 105 can be used by companies that qualify for the micro-entities regime and decide to apply it. Qualifying is not just about size — other rules and exclusions apply, so a company needs to check its own position rather than assume it is eligible. Companies that do not qualify, or that choose not to use the regime, would normally prepare accounts under a different framework.

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 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 alone does not automatically make a company eligible, because other rules and exclusions can apply, and eligibility should always be confirmed against the specific circumstances of the company.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A company that qualifies can choose to apply it and therefore prepare FRS 105 accounts, or it can decide to use a different framework. The decision often depends on the level of detail the directors want to show, the needs of lenders or investors, and how the accounts interact with the rest of the company's reporting.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a broader framework used by many small and medium-sized companies. It allows or requires more complex accounting treatments — such as certain fair value measurements, revaluations and deferred tax — and comes with a much larger set of disclosure notes. FRS 105 is narrower and simpler, restricted to qualifying micro-entities, and keeps the accounts closer to a straightforward historic cost position with fewer notes.

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

Yes. A company's annual accounts are filed with Companies House, and where the micro-entities regime is used, the accounts are prepared under FRS 105. Filing the accounts is separate from the company's Corporation Tax obligations, which are dealt with through HMRC. Companies House has also been changing the way accounts can be filed, including a move towards filing through software, so it is worth confirming the current filing method before you submit.

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 framework and filed at Companies House. A CT600 is a Corporation Tax Return submitted to HMRC to report the company's taxable profits. They are usually based on the same underlying records, but they serve different purposes and are filed with different bodies.

What information is needed to prepare FRS 105 accounts?

In most cases we would ask for up-to-date bookkeeping or a trial balance for the period, bank statements, sales and purchase records, details of any assets, and information about loans, leases, share capital or changes in directors. Prior year accounts are also helpful for comparison and consistency. Having these ready makes the preparation process smoother and helps ensure the figures reflect what actually happened in the business.