─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wombourne

If you run a small limited company in Wombourne and you are looking for a simpler, more proportionate way to report your finances, FRS 105 Micro Entity Accounts may be the right fit. FRS 105 is the financial reporting standard that applies to qualifying companies that choose to adopt the UK micro-entities regime, and it is designed to reduce the reporting burden while still producing financial statements that are clear and consistent with the framework. Professional preparation can help ensure your FRS 105 Micro Entity Accounts are put together appropriately for your company’s own circumstances — reflecting your actual trading activity, assets and liabilities, and the disclosures the framework requires. Eligibility is not automatic, so it is worth reviewing your position carefully: a company generally needs to meet at least 2 of the 3 applicable size conditions, subject to the relevant rules and exclusions. If you are unsure whether FRS 105 Micro Entity Accounts suit your business, a short conversation about your turnover, balance sheet and staffing levels is usually the quickest way to find out.

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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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   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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 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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   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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 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 Reporting Framework for Qualifying Micro-Entities

FRS 105 is the UK financial reporting standard written specifically for micro-entities. In simple terms, it is the rulebook a qualifying company follows when it prepares its annual financial statements under the micro-entities regime — the lightest-touch accounting regime available to small UK companies. The micro-entities regime is a choice, not an obligation: a company that qualifies can decide to apply it, and if it does, FRS 105 is the standard that governs how the accounts are prepared. FRS 105 takes a simplified approach. It focuses on straightforward historical cost accounting, keeps disclosure requirements to a minimum, and avoids much of the complexity found in fuller frameworks. In practice, that means financial statements that show what the company owns and owes, what it earned, and what it is worth, without layers of notes and adjustments that many smaller businesses simply do not need. For many owner-managed companies in Wombourne, that makes FRS 105 Micro Entity Accounts a practical and proportionate way to meet their reporting responsibilities while keeping the numbers understandable. The trade-off is that FRS 105 is not suitable for every business — where more complex transactions, group arrangements or particular accounting treatments are involved, a fuller framework may be more appropriate. That is why eligibility and suitability should always be considered together before the regime is adopted.

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. Qualifying and choosing are two separate steps — eligibility opens the door, but the company must decide to use the regime. 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. There is more to it than those three numbers, however. Other eligibility rules and exclusions can apply, and certain types of company are not able to use the regime at all. Meeting the size conditions alone does not automatically guarantee that a company qualifies, and a company that qualifies in one year may not do so in the next. Companies that are part of a group, that have changed shape during the year, or that have more complex arrangements may find their position is not straightforward. Because the tests are applied to the accounting period in question, it is worth reviewing your circumstances each year rather than assuming your position stays the same. If you are a limited company in Wombourne weighing up whether FRS 105 Micro Entity Accounts are right for you, an eligibility review against your own figures is the sensible starting point.

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 starts with your company’s financial records — bookkeeping, bank and payment records, sales and purchase information, payroll details, asset and liability balances, and any relevant agreements or loan arrangements. From those records, financial statements are prepared in line with FRS 105 and the requirements of the micro-entities regime, including a balance sheet, a profit and loss account where applicable, and the limited notes the framework calls for. It is worth being clear about how the different pieces fit together. FRS 105 Micro Entity Accounts are the statutory financial statements, and they are typically filed at Companies House as the company’s annual accounts. A Corporation Tax Return (CT600) is a separate submission made to HMRC to report the company’s taxable profits, and a Confirmation Statement is another separate filing that confirms the company’s registered details are up to date. These are distinct obligations with different purposes, and preparing one does not automatically deal with the others. Working with an experienced preparer helps ensure your FRS 105 Micro Entity Accounts are built on accurate, well-organised records, are presented consistently from year to year, and reflect the accounting policies and disclosures the framework requires for your circumstances. Where your situation involves anything outside the ordinary — unusual transactions, changes in structure, or questions about whether the micro-entities regime still fits — those points can be identified and discussed before the accounts are finalised, rather than after.

ICAEW

ACCA

AAT

Speak to Us About Your FRS 105 Micro Entity Accounts

Whether you are preparing to file for the first time or reviewing whether the micro-entities regime is still the right choice for your company, we are happy to talk through your FRS 105 Micro Entity Accounts requirements. Tell us about your company’s structure, your approximate turnover, your balance sheet position and your average number of employees, and share what records you already keep — that is usually enough for us to assess how your circumstances fit the eligibility conditions and what the preparation process would involve. If you have previous accounts, management figures, or details of any unusual transactions, bring those along too. We will explain the options in plain English, set out what is needed from you and when, and outline clear, transparent pricing so you know where you stand before anything begins. Get in touch to start the conversation about your FRS 105 Micro Entity Accounts.

─── 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 the simplest of the UK accounting frameworks, built around historical cost accounting with minimal disclosure requirements. If a qualifying company chooses to apply the micro-entities regime, FRS 105 is the standard it uses to prepare its annual financial statements.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and then 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 alone does not guarantee eligibility, because other rules and exclusions can apply, so your specific circumstances should always be reviewed.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an option rather than a requirement. A company that qualifies may choose to apply it, but it is equally entitled to prepare its accounts under a fuller framework such as FRS 102. The decision usually comes down to whether the simplified approach genuinely suits the business, and it is worth considering whether your company expects anything more complex in the year ahead before you commit to it.

What is the difference between FRS 105 and FRS 102?

FRS 105 is designed specifically for the micro-entities regime and is deliberately stripped back: historical cost accounting, very limited disclosures, and no scope for things like revaluations or certain fair value adjustments. FRS 102 is a broader framework that permits more accounting treatments and requires considerably more disclosure. FRS 102 also contains a section tailored to small entities, so a company that does not fit the micro-entities regime still has a proportionate option. In short, FRS 105 is simpler, but it is also more restrictive.

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

Yes. Where a company prepares its annual accounts under FRS 105, those financial statements are the statutory accounts and are normally filed at Companies House in the usual way, along with whatever approvals and supporting documentation are required. Filing FRS 105 Micro Entity Accounts is separate from your Corporation Tax obligations and from your Confirmation Statement, even though the underlying figures may overlap. The deadline that applies depends on your company's particular situation and whether it is filing for the first time, so always check the current Companies House guidance or ask us to confirm your position.

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 regime and filed at Companies House. A CT600 is a Corporation Tax Return submitted to HMRC, which reports the company's taxable profits and calculates the tax due. One does not replace the other, and a company applying FRS 105 still has to deal with its Corporation Tax responsibilities separately.

Can a new limited company use FRS 105?

A newly incorporated limited company can apply the micro-entities regime, and therefore FRS 105, if it meets the applicable eligibility conditions for its accounting period and chooses to do so. A first set of accounts raises a few extra practical points — for example, deciding on an accounting reference date, dealing with the period from incorporation, and making sure the company's records are set up properly from the start. It is worth discussing your plans before your first accounting period gets underway so the right approach is in place early.

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

Preparation is built from your company's records. Typically that means bookkeeping or accounting software data, bank statements and reconciliations, records of sales and purchases, payroll and employee details, details of any loans or finance agreements, information on assets owned and any depreciation applied, and the previous year's accounts for comparison. If you have relevant contracts, hire purchase agreements or unusual transactions, include those too. The clearer and more complete the records, the more straightforward the preparation process tends to be.