─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Welshpool

FRS 105 provides the financial reporting framework for UK companies that qualify for the micro-entities regime and choose to apply it. For directors and owners of small limited companies in Welshpool, it offers a simplified route to statutory financial statements: a short, prescribed format, minimal notes and a structure built around the needs of genuinely small businesses rather than larger trading groups. Professional preparation helps ensure those figures are drawn correctly from your records, presented in the required layout and supported by the disclosures the framework expects, while also reflecting your company’s particular circumstances, such as its first period of trading, any fixed assets or director’s loan movements. It is worth being clear from the outset that qualifying for the micro-entities regime is not automatic and not every small company will meet the conditions, so eligibility is best checked against the current rules before accounts are prepared on that basis.

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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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 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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 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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 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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 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. 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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─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard written specifically for the micro-entities regime, which is a simplified accounting framework available to companies that qualify and choose to use it. In practical terms, it means fewer disclosure notes, a simpler balance sheet and no need for some of the more complex measurement rules found in other standards — for example, fair value accounting and revaluation are not permitted under FRS 105. The result is a set of financial statements that is easier and usually cheaper to produce, and which still has to give a true and fair view of the company’s position for the period. The standard sits alongside the other UK reporting frameworks, so a qualifying company may apply the micro-entities regime and FRS 105, or alternatively prepare accounts under a different framework if that suits its circumstances better. For a Welshpool-based micro-entity, the key point is that FRS 105 applies when the micro-entities regime is chosen, and that the choice should be made deliberately, having checked the eligibility conditions and any exclusions that may affect the company.

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, which typically means the smallest private limited companies, including many owner-managed businesses in and around Welshpool. 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. Those thresholds give a useful indication of where the line sits, but they are only part of the test. Other eligibility rules and exclusions apply to particular types of company and to certain circumstances, and the conditions must be considered for the period in question rather than assumed from a previous year. Meeting the size thresholds alone does not guarantee that a company can or should use FRS 105, and a change in turnover, headcount or balance sheet size can move a company in or out of the regime. It is also a choice: a qualifying company may prefer to prepare its accounts under a different UK framework if that better reflects how the business is run or what its stakeholders need.

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 Micro Entity Accounts

Professionally prepared FRS 105 Micro Entity Accounts start with the company’s own financial records — bank and credit card transactions, sales and purchase documentation, payroll information, asset purchases and disposals, stock figures where relevant, loan balances and any director’s loan movements through the year. Those records are used to build a balance sheet and supporting notes in the format required by FRS 105, with figures reconciled and unexplained items investigated before anything is finalised. It is useful to keep two things clearly separate in your mind: the preparation of the financial statements and their filing with Companies House on one side, and your company’s Corporation Tax position on the other. A Corporation Tax Return, the CT600, is submitted to HMRC separately and is based on the taxable profit for the period, which is not the same thing as the accounts themselves. Good preparation therefore focuses on accurate financial reporting for the period, with the accounts figures available to support the tax return rather than being confused with it.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts

If your Welshpool company may be eligible for the micro-entities regime, or you simply want to understand whether FRS 105 is the right framework for your next set of accounts, get in touch and we can talk it through. Tell us a little about your business — what it does, when the accounting period ends, whether this would be your first set of accounts or a continuation from a previous year, and how your records are currently kept. From there we can look at whether the size conditions and other rules appear to be met, explain what information we would need to prepare your FRS 105 Micro Entity Accounts, and answer any questions about how the accounts relate to your other filing obligations. There is no obligation, and clear, transparent pricing is available so you know where you stand before work begins.

─── 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 using the micro-entities regime. It is a simplified framework that reduces the amount of disclosure required and sets out a shorter, prescribed format for the balance sheet, so accounts are usually quicker and less costly to prepare. It still has to show a true and fair view of the company's financial position for the period, but it removes or restricts some of the more complex measurement options available under broader standards.

Who can use FRS 105?

It is intended for companies that both 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 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. Meeting those size conditions is not the whole picture, as further eligibility rules and exclusions can apply, so qualification should be confirmed for your own company before the regime is adopted.

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 and prepare accounts under FRS 105, but it is not obliged to do so — a different UK reporting framework may be used instead where that suits the company's circumstances, such as a group situation or a need for more detailed disclosures.

What is the difference between FRS 105 and FRS 102?

FRS 102 is a much broader standard covering a wide range of entities and transactions, and small companies using it typically apply the reduced disclosure requirements in Section 1A. FRS 105 is narrower and more simplified still: it is designed solely for the micro-entities regime, permits fewer accounting policy choices, does not allow fair value accounting or revaluations, and requires fewer notes. In short, FRS 102 offers more flexibility and detail, while FRS 105 prioritises simplicity for the smallest companies.

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

Micro-entity accounts prepared under FRS 105 form part of a company's statutory accounts, and a company with filing obligations is generally expected to file accounts with Companies House. The exact filing position depends on the company's circumstances and the rules in force for that period, and the deadline is set by reference to the accounting reference date. Accounts preparation and the Companies House submission are handled as distinct steps, so it is worth planning both rather than treating them as one task.

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

Yes, they are separate. FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities framework, while the CT600 is a Corporation Tax Return submitted to HMRC. The tax return draws on the accounts figures but adjusts them for tax purposes, so the profit shown in the accounts is rarely identical to the taxable profit. A company may therefore need to deal with accounts filing and a Corporation Tax filing as two separate exercises.

What information is needed to prepare FRS 105 accounts?

The starting point is a complete and tidy set of records for the period: bank and credit card statements, sales invoices and purchase receipts, payroll and pension information, details of any equipment or vehicles bought or sold, closing stock figures where applicable, loan agreements and balances, and records of money introduced or withdrawn by directors. If there were accounts for a previous period, those help establish opening balances and comparative figures. Providing everything at once, rather than in stages, generally makes the process smoother.

What changes are coming to micro-entity accounts filing?

Companies House has signalled reforms that will affect small and micro-entity companies, including a move towards filing accounts through software and the expectation that profit and loss information will need to be filed alongside the balance sheet for small and micro-entity accounts. The detail and timing of these changes continue to be confirmed, so it is sensible to check the current position before each filing rather than relying on how things worked in previous years. Planning ahead with your accountant helps avoid surprises when the new requirements take effect.

Can a new limited company use FRS 105?

A newly incorporated company can use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it, and many very small new companies do. One practical point is that a first accounting period is often longer or shorter than twelve months, and the turnover and balance sheet conditions are adjusted proportionately for periods that are not a full year. The same eligibility rules and exclusions still apply, so a new company should confirm its position rather than assuming the regime is available.