─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wisbech

FRS 105 Micro Entity Accounts give qualifying companies in Wisbech a simpler, more proportionate way to prepare their annual financial statements. FRS 105 is the financial reporting framework that applies to companies which qualify for the UK micro-entities regime and choose to use it, so the accounts need to be built on that basis from the start rather than adapted at the last minute. Professional preparation helps ensure your figures are presented appropriately for your circumstances, that the reduced disclosure requirements of the micro-entities regime are reflected correctly, and that the financial statements are consistent with the records you have kept during the year. Eligibility depends on more than simply being a small company, so it is worth reviewing your position before the accounts are drafted. Whether you run a sole director company, a family business or a growing contractor in or around Wisbech, we can help you understand what FRS 105 Micro Entity Accounts involve and prepare them on the right footing.

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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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   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 
 
 
 
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─── FRS 105 EXPLAINED

FRS 105 Explained: The Reporting Framework Behind Micro-Entity Accounts

In plain terms, FRS 105 is the UK accounting standard written specifically for the micro-entities regime. It sets out how a qualifying company prepares its annual financial statements, including the balance sheet, the profit and loss account and the limited notes that accompany them, using a simplified measurement basis and far fewer disclosures than larger reporting frameworks require. The important point to understand is that the micro-entities regime is a choice, not an automatic label. A company must qualify for it, and where the directors decide to apply it, FRS 105 is the standard that governs the accounts. That is why the accounts and the underlying records need to line up properly, and why some figures are treated differently under FRS 105 than they would be under a fuller framework. For owners of small companies in Wisbech, the practical appeal is straightforward: FRS 105 accounts are shorter, clearer and less onerous, while still giving a true picture of the company’s position for the year.

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

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, 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 tests is an important part of the picture, but it is not the whole story. Other eligibility rules and exclusions can apply, and some companies are not able to use the micro-entities regime regardless of their size. It is also worth noting that qualifying does not force the directors to use FRS 105; the regime is a choice. For companies in Wisbech and the surrounding area, the practical approach is to review your turnover, balance sheet position and employee numbers alongside the wider rules before deciding whether FRS 105 Micro Entity Accounts are the right basis for your year end.

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 not simply a case of copying figures across. The accounts should be built from your bookkeeping, bank records, invoices, expense evidence and asset information, then presented in the format and on the measurement basis that FRS 105 requires for a company applying the micro-entities regime. That includes getting the balance sheet classifications right, handling areas such as fixed assets and debtors sensibly, and keeping the notes proportionate to the framework. It is also worth being clear about the moving parts of a company’s year-end obligations: the financial statements are prepared for the members and filed with Companies House, while Corporation Tax is dealt with separately through a CT600 submitted to HMRC. A Confirmation Statement is a further, distinct filing. Preparing FRS 105 Micro Entity Accounts properly means each of these is handled on its own terms, with the accounts based on your financial records and the applicable reporting requirements rather than assumptions.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Wisbech

If you would like support with your FRS 105 Micro Entity Accounts, the next step is a straightforward conversation about your company. Tell us about your trading activity, the year end you are preparing for, and how your records are currently kept, and we can look at whether the micro-entities regime is likely to suit your circumstances and what the accounts preparation involves. Bring along your bookkeeping or accounting software access, bank statements, sales and purchase records, details of any assets or loans, and any previous year’s accounts. From there we can explain the options clearly, including fixed-fee arrangements and transparent pricing, so you know what to expect before anything is prepared. Whether you are filing for the first time or switching from another basis of preparation, we are happy to talk through your FRS 105 Micro Entity Accounts requirements and help you decide how to proceed.

─── 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 sets out how the annual financial statements should be prepared, including the format of the balance sheet and profit and loss account and the limited notes required. It is designed to be simpler and shorter than fuller reporting frameworks, which is why it appeals to very small companies that want proportionate accounts without unnecessary detail.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it. Qualifying is not just about being small in a general sense: the company must meet the applicable size conditions and must not fall within any of the exclusions that apply to the regime. Because both the size tests and the exclusions matter, it is sensible to confirm your position before preparing the accounts on that basis.

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 where that choice is made, FRS 105 is the standard used to prepare the financial statements. Some qualifying companies may instead prepare accounts under a different framework, for example where the directors want fuller disclosure or where another framework is required for other reasons.

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 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 alone does not guarantee eligibility, because other rules and exclusions can apply. Eligibility should therefore be assessed against the company's specific circumstances.

What is the difference between FRS 105 and FRS 102?

Both are UK accounting standards, but they are aimed at different sizes of company. FRS 105 is the micro-entities standard, with a simplified measurement basis and very limited disclosure requirements. FRS 102 is the standard used by small and larger entities, and it generally involves more detailed accounting treatments and fuller disclosures. A company that qualifies for the micro-entities regime may still choose to report under FRS 102 if that better suits its needs.

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

Preparing FRS 105 Micro Entity Accounts and filing them are two connected but distinct steps. The financial statements are prepared for the company and its members, and the accounts are then filed with Companies House in the required format for the accounting period. The filing process follows Companies House requirements, which is separate from how the accounts are prepared under FRS 105. Because filing formats and requirements can change over time, it is worth checking the current position for your period.

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

Yes, they are separate. FRS 105 governs how the company's financial statements are prepared under the micro-entities regime. Corporation Tax is a different obligation, reported to HMRC through a CT600, which is based on the company's taxable profits rather than the accounting framework alone. Preparing accounts under FRS 105 does not replace the need to deal with Corporation Tax, and the two should be handled together so the figures stay consistent.

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 the directors choose to apply it. In practice, a first-year company often has modest turnover and few employees, but eligibility still depends on the full set of rules and exclusions rather than size alone. It is also worth planning ahead, because the basis of preparation affects how transactions are recorded during the year, not just how the accounts look at the end of it.