─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wells

FRS 105 Micro Entity Accounts are the streamlined financial statements prepared under the micro-entities regime — the simplest accounting framework available to qualifying UK companies. FRS 105 provides the financial reporting framework that applies when a company qualifies for the micro-entities regime and chooses to use it. For directors in Wells running a small limited company, that can mean shorter, more straightforward accounts than those prepared under a larger reporting framework. Professional preparation of FRS 105 Micro Entity Accounts helps ensure the figures are built from your actual financial records, the disclosure requirements of the framework are followed, and the accounts reflect your company’s particular circumstances. It also helps to keep the accounting and reporting work separate from other obligations, such as Corporation Tax filing. Eligibility is not automatic — a company needs to meet the applicable size conditions and any other relevant rules and exclusions before the micro-entities regime can be applied, and we can talk that through with you 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 Reporting Framework

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In plain terms, it is the rulebook that sets out how a qualifying company’s annual accounts should look when it applies the micro-entities regime: what appears on the balance sheet, what appears in the profit and loss account, and the limited notes that accompany them. It sits alongside the UK’s micro-entities regime, which is a size-based regime for the smallest companies. The important point is that the regime is a choice — a company first needs to qualify, and then the directors decide whether to apply it. When that choice is made, FRS 105 is the framework that applies to those financial statements. Compared with fuller frameworks, FRS 105 keeps things deliberately lean: fewer disclosures, simpler measurement, and a format designed to be readable by the directors, the shareholders and anyone else entitled to see the accounts. For a small company in Wells, that can reduce the time and cost involved in annual reporting while still producing accounts that are properly prepared and filed at Companies House.

Who Can Use FRS 105 in the UK?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it — those two elements both have to be present. 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 during the period. This is a helpful starting point, but it is not the entire test. Certain companies are excluded from the regime altogether, and additional rules can affect whether the size conditions are measured in the way you might expect — for example where a company is part of a group, has changed its accounting period, or falls under specific restrictions. That means meeting the turnover, balance sheet and employee thresholds does not, by itself, guarantee that a company can use FRS 105. Directors in Wells should treat eligibility as something to confirm against the company’s own facts before the accounts are prepared, and consider whether the micro-entities regime genuinely suits the business or whether a fuller framework is a better 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

Well-prepared FRS 105 Micro Entity Accounts start with well-kept records. We work from your bookkeeping, bank information, invoices, expenses and any other supporting detail to build a set of financial statements that reflects what actually happened in your company during the period. The accounts are then prepared in line with FRS 105 as it applies to a micro-entity, including the balance sheet, the profit and loss account and the disclosures the framework requires, so that the reporting is consistent, complete and understandable. It is worth separating the moving parts: preparing the financial statements, filing the accounts with Companies House, and dealing with Corporation Tax are three distinct pieces of work. A CT600 is a separate Corporation Tax filing submitted to HMRC on the basis of the company’s taxable position, and it is not the same thing as the FRS 105 accounts — although the figures need to tell a consistent story. A Confirmation Statement is different again. We can help with the accounts themselves and explain how they fit alongside your other filings, so you know what is being submitted, where it is going and why.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts in Wells

If your company may qualify for the micro-entities regime and you would like your accounts prepared on that basis, get in touch and tell us about your business. It helps if you can share a little about your trading activity, your income and costs for the period, how your records are currently kept, and whether you have already filed accounts previously. That lets us assess where your company stands against the eligibility conditions, confirm whether FRS 105 is likely to be the right framework for you, and set out clearly what is involved and how we work. If FRS 105 is not suitable for your circumstances, we will say so and discuss the alternatives rather than push your company into a framework that does not fit.

─── 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 for micro-entities. It sets out the format and content of the annual accounts — principally the balance sheet, the profit and loss account and the accompanying notes — for companies that qualify for the micro-entities regime and choose to apply it. Its purpose is to give the smallest companies a simpler, shorter set of financial statements than fuller reporting frameworks require.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and decide to apply it. Meeting the size conditions is part of the picture, but it is not the whole test: other eligibility rules and exclusions can apply, and some companies are prevented from using the regime regardless of their size. Because the conditions are specific, it is worth checking your company's position before assuming the micro-entities regime is available to you.

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 the 3 applicable size conditions, subject to the relevant rules and exclusions. Those conditions are 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. Meeting two of the three is not automatically the end of the story, as further rules and exclusions can still affect whether the regime is available.

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 can choose to apply it — and if it does, FRS 105 is the framework that applies to its financial statements. Qualifying companies may instead report under a fuller framework such as FRS 102, and the right choice depends on the company's circumstances, its stakeholders and what the directors want from the accounts.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company. FRS 105 is the micro-entities standard and is deliberately minimal, with limited disclosures and simplified measurement. FRS 102 is a fuller framework used by small and larger entities, and it requires more disclosure and more judgement in areas such as fair value and financial instruments. In practice, FRS 105 produces shorter accounts with less narrative, while FRS 102 provides more detailed information for readers.

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

Where a company prepares and files statutory annual accounts, those accounts are delivered to Companies House. FRS 105 affects how those accounts are prepared, not whether they are filed. Filing the accounts is a separate act from preparing them, and it is also separate from your Corporation Tax position. We can handle both the preparation and the filing so the accounts that go on the public record match the financial statements you have approved.

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

Yes — the two are distinct. A CT600 is a Corporation Tax return submitted to HMRC, which sets out the company's taxable profits and the tax due for the period. FRS 105 accounts are the statutory financial statements prepared under the micro-entities framework. They are prepared from the same underlying records and should be consistent with one another, but they are different documents, produced for different purposes and sent to different bodies.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 for its first set of accounts if it qualifies for the micro-entities regime and the directors choose to apply it. New companies sometimes have partial or unusual first periods, so the size conditions need to be considered carefully against the actual figures. It is also worth remembering that a first period involves additional decisions about accounting dates, records and reporting, so it is sensible to plan the accounts well before the period ends.

What information is needed to prepare FRS 105 accounts?

Typically we need your bookkeeping or accounting records for the period, bank and credit card statements, sales invoices and receipts, purchase invoices and expense records, payroll or employee information, details of any assets purchased or sold, and details of loans, director's current account movements and share capital. If your records are incomplete or held in a spreadsheet, that is workable — the sooner we see them, the easier it is to identify what is missing and to prepare the financial statements properly.