─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wilmington: Focused Financial Reporting for Qualifying Companies

FRS 105 Micro Entity Accounts in Wilmington are prepared under the UK micro-entities regime for companies that qualify and choose to apply it. FRS 105 provides a streamlined financial reporting framework, with simpler measurement and disclosure requirements than larger reporting standards. Professional preparation can help ensure your accounts are put together appropriately for your company’s circumstances, based on the financial records you provide and the applicable reporting rules. It can also help separate the accounts preparation and Companies House filing process from other obligations, such as a Corporation Tax Return (CT600) or a Confirmation Statement. Eligibility for the micro-entities regime is not automatic, so the first step is usually to review your company’s size, accounting period and any relevant exclusions before deciding whether FRS 105 is suitable.

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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 
    
 
 
 
   
 
 
       Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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 .
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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 UK Micro-Entities Regime in Plain English

FRS 105 is the UK financial reporting standard used by companies that qualify for, and choose to apply, the micro-entities regime. In simple terms, it offers a lighter set of accounting and disclosure requirements for smaller companies, making annual financial statements more straightforward while still reporting the company’s financial position. When the micro-entities regime is chosen, FRS 105 applies to the preparation of those financial statements. This can include a balance sheet, a profit and loss account and limited notes, depending on the company’s circumstances and the applicable rules. For a Wilmington-based company, using FRS 105 Micro Entity Accounts can help keep reporting focused on the information that matters, but it is not a one-size-fits-all option: the company must first be eligible and decide that the regime is right for its needs.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for UK companies that qualify for the micro-entities regime and choose to apply it. For accounting periods beginning on or after 6 April 2025, the size conditions generally require a company to meet at least 2 of 3 applicable tests: 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. However, other eligibility rules and exclusions can apply, so meeting these size conditions alone does not guarantee that a company can use FRS 105. Companies in Wilmington and across the UK should review their position before deciding whether the micro-entities regime is suitable, and professional advice can help clarify the options.

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.

Professional Preparation of FRS 105 Micro Entity Accounts in Wilmington

FRS 105 Micro Entity Accounts can be prepared from your company’s financial records and the reporting requirements that apply to your accounting period. Professional support can help you organise bank transactions, sales and purchase records, expenses, payroll information and other relevant documents into financial statements that reflect the company’s activity. The accounts preparation process is separate from Corporation Tax: FRS 105 financial statements are UK GAAP accounts, while a CT600 is a Corporation Tax Return submitted to HMRC. Filing accounts with Companies House is also separate from filing a Confirmation Statement. We focus on accurate, understandable reporting based on the information provided, and we can explain the steps involved so you can review the accounts before they are finalised and submitted.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Wilmington

If your company may qualify for the micro-entities regime, speaking to us about your FRS 105 Micro Entity Accounts in Wilmington can help you understand the options and the information required. Tell us about your accounting period, current records, company structure and filing needs, and we can assess how best to support you. Whether you are preparing accounts for the first time or moving from another reporting framework, we can discuss the next steps and what you need to provide. Get in touch to talk through your requirements.

─── 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 companies that qualify for and choose to apply the micro-entities regime. It sets out simplified accounting and disclosure requirements, allowing a qualifying micro-entity to prepare financial statements that are shorter and less complex than those prepared under larger frameworks. FRS 105 Micro Entity Accounts typically include a balance sheet, a profit and loss account and limited notes, depending on the company's circumstances.

Who can use FRS 105?

FRS 105 can be used by 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 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. Other eligibility rules and exclusions can apply, so meeting the size conditions alone does not always mean a company can use FRS 105.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime for qualifying companies, not a compulsory one. If a company qualifies and chooses to apply the regime, FRS 105 applies when preparing its financial statements. A qualifying company may instead use another applicable framework, such as FRS 102, if that better suits its circumstances and reporting needs.

What is the difference between FRS 105 and FRS 102?

FRS 105 is designed for micro-entities and provides a simpler reporting framework with fewer disclosure requirements and reduced accounting options. FRS 102 is a broader UK financial reporting standard used by many small, medium and larger entities, and it generally includes more detailed recognition, measurement and disclosure requirements. The right framework depends on eligibility, the company's circumstances and what the users of the accounts need.

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

Yes, companies are generally required to file annual accounts with Companies House. If a company prepares FRS 105 Micro Entity Accounts, those accounts may be filed subject to the applicable Companies House filing requirements, exemptions and deadlines for the company. Filing the accounts is separate from filing a Confirmation Statement and separate from submitting a Corporation Tax Return (CT600) to HMRC.

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

Yes. FRS 105 accounts are financial statements prepared under the UK micro-entities regime. A CT600 is a Corporation Tax Return submitted to HMRC to report taxable profits and calculate Corporation Tax. The figures in the accounts often form the starting point for the tax return, but tax adjustments and the CT600 filing itself are separate from the accounts preparation and Companies House filing process.

Can a new limited company use FRS 105?

A new limited company may be able to use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. Eligibility depends on the company's size and other applicable rules, including any exclusions. A newly incorporated company may not have a full year of trading or employee data yet, so the position should be reviewed based on its accounting period and circumstances. FRS 105 is not automatic simply because the company is new or small.

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

To prepare FRS 105 Micro Entity Accounts, an accountant typically needs records such as bank statements, sales invoices, purchase receipts, expense records, payroll information, loan or finance agreements, asset purchases, VAT records where relevant, prior year accounts and details of the accounting period. Company and director information may also be required. Providing complete and accurate records helps the accounts preparation process run more smoothly and reduces the need for follow-up questions.