─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wycombe

If your company qualifies as a micro-entity and has chosen to apply the UK micro-entities regime, FRS 105 Micro Entity Accounts are the financial statements you prepare. FRS 105 sets out the financial reporting framework for qualifying micro-entities, and it is deliberately streamlined — fewer disclosures, simpler measurement rules and a format that reflects the scale of a genuinely small business. For directors in Wycombe, the practical appeal is straightforward: accounts that are proportionate to the company, prepared without the layers of disclosure that larger reporting frameworks demand. Professional preparation helps you apply the framework appropriately to your own circumstances, from the way income and expenses are recognised through to the way the balance sheet is presented. It also helps ensure your figures are consistent with your underlying records and ready for the separate filing and tax steps that follow. Because the micro-entities regime is an option rather than an automatic entitlement, a good starting point is confirming whether your company qualifies and whether FRS 105 is the right framework for the way your business reports.

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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.

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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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 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. 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 Behind Micro-Entity Accounts

FRS 105 is the UK financial reporting standard written specifically for the micro-entities regime. In plain terms, it is the rulebook a qualifying micro-entity follows when it prepares its annual financial statements, and it exists so that very small companies are not burdened with reporting requirements designed for much larger businesses. The framework keeps measurement simple — generally historical cost and straightforward estimates rather than fair value exercises and revaluations — and it reduces the notes that accompany the accounts to a minimum set. Importantly, FRS 105 is not something every small company must use. Qualifying companies can choose to apply the micro-entities regime, and FRS 105 applies when that regime is chosen. If a company qualifies but decides not to use the regime, it would typically report under a small-entity framework such as FRS 102 instead. The result under FRS 105 is a short, clear set of financial statements: a balance sheet, a small number of notes and, depending on how the accounts are filed, limited profit and loss information. For directors in Wycombe and across the UK, that means reporting that fits the size and complexity of the business while still giving a fair picture of its financial position.

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

FRS 105 is available to companies that qualify for the UK micro-entities regime and that choose to apply it. Both parts matter: qualifying is the first step, and adopting the regime is a decision the company makes. 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 figures give you a useful indication of where the line sits, but they are not the whole test. Other eligibility rules and exclusions can apply, so satisfying the size conditions does not automatically mean a company qualifies, and it certainly does not mean it must use FRS 105. A company that qualifies may still prefer a small-entity framework such as FRS 102, particularly if it wants to present fair value information or provide fuller disclosures for lenders or investors. For directors in Wycombe running a genuinely small company, the sensible approach is to check the criteria against your own period dates, turnover, balance sheet and headcount, confirm there is no exclusion that affects you, and then decide which framework gives the clearest view of the business.

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 and Accurate Financial Reporting in Wycombe

Well-prepared FRS 105 Micro Entity Accounts start with good records and are built on a careful reading of the applicable reporting requirements. Professional preparation means working through your bookkeeping, bank transactions, invoices, payroll and asset records, then presenting the figures in a format that reflects the micro-entity framework your company has chosen. It also means thinking about the details that quietly matter: whether a cost should be treated as an expense or capitalised, how director’s loans and intercompany balances are shown, whether accruals or prepayments are needed at the year end, and whether the disclosures in the notes are complete for your circumstances. The statutory accounts and the filing steps that follow are distinct from your Corporation Tax position. Preparing and filing FRS 105 financial statements with Companies House is a separate exercise from submitting a Company Tax Return (CT600) to HMRC, and a separate exercise again from the Confirmation Statement. A well-organised process keeps those threads aligned without confusing one with another. No accountant can promise a guaranteed outcome, but working from accurate records and a clear understanding of the framework gives your accounts a sound basis and reduces the risk of queries or corrections later.

ICAEW

ACCA

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Get Help With Your FRS 105 Micro Entity Accounts in Wycombe

Whether you are preparing FRS 105 Micro Entity Accounts for the first time or want your existing reporting reviewed, it helps to talk through your circumstances with someone who works with the micro-entities regime regularly. Get in touch to discuss your company’s position — your accounting period, your income and expenses, your balance sheet items and how your accounts need to be filed. Have your records to hand: bank statements, sales and purchase information, payroll details, asset purchases and any previous accounts. With that information, we can assess whether your company appears to qualify for the micro-entities regime, explain what FRS 105 reporting involves in practice, and set out your options on a clear, transparent basis. We can also confirm how the accounts, the Companies House filing and your separate Corporation Tax obligations fit together, so nothing is left until the last minute.

─── 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 the micro-entities regime. It sets out how a qualifying micro-entity prepares its annual financial statements when it chooses to use that regime, covering what is recognised, how items are measured and which notes are required. It is intentionally the lightest of the UK reporting frameworks: it leans on historical cost rather than fair value, keeps disclosures to a short list, and produces concise accounts suited to a very small company.

Who can use FRS 105?

FRS 105 is intended for companies that qualify for the micro-entities regime and that choose to apply it. Qualifying is not just a matter of size — the relevant rules and exclusions also apply, so a company that appears small enough on paper may still fall outside the regime, for example where it forms part of an ineligible group or is otherwise disqualified. If a company qualifies but decides not to use the micro-entities regime, it would normally report under a small-entity framework instead. Because eligibility depends on your specific circumstances, it is worth confirming before you build your reporting around FRS 105.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime, not a mandatory one. A company that qualifies can choose to apply it, in which case FRS 105 applies, or it can choose a different framework such as FRS 102. The choice is usually made with an eye on what gives the clearest and most useful picture of the business, and it should be applied consistently once adopted. Changing framework later is possible but is treated as a change in accounting policy, so it is better to make the decision deliberately rather than by default.

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 these 3 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 the size conditions is a starting point rather than the whole answer — other eligibility rules and exclusions can apply, so qualifying is a question of your company's particular position, not simply whether it crosses a threshold.

What is the difference between FRS 105 and FRS 102?

Both are UK reporting frameworks, but they are aimed at different sizes of company. FRS 105 supports the micro-entities regime and is the simpler of the two: measurement is largely based on historical cost, revaluations and fair value accounting are not permitted in the same way, deferred tax is not recognised, and the disclosure requirements are minimal. FRS 102 — including the small-entity provisions in Section 1A — offers more flexibility in areas such as fair value and revaluation, but comes with a fuller set of notes and disclosures. In practice, the choice often comes down to how much information the directors want to present and how the company is structured.

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

Yes. A company's statutory accounts, including FRS 105 Micro Entity Accounts, are generally filed at Companies House as part of its annual filing obligations. Micro-entity accounts can be filed in a simplified format, which is one of the practical benefits of the regime. It is worth being aware that the filing landscape is changing: requirements are being introduced that will mean profit and loss information is filed for small and micro-entity accounts, alongside a move towards filing through software rather than paper or basic web forms. Checking the current position for your own filing is sensible, particularly if your company has been filing the same way for several years.

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

Yes, they are separate things. FRS 105 governs how your financial statements are prepared and reported, while a CT600 is the Corporation Tax Return submitted to HMRC to report your company's taxable profits and calculate the tax due. The accounts are usually the starting point for the tax computation, but adjustments are commonly needed — for example for disallowable expenses or capital allowances — so the taxable figure will not always match the accounting profit. Filing your accounts with Companies House does not discharge your Corporation Tax obligations, and neither does the Confirmation Statement.

What information is needed to prepare FRS 105 accounts?

At a minimum, you will need complete records for the accounting period: bank and credit card statements, sales and purchase information, payroll details, details of assets bought or sold, stock or work in progress where relevant, loan and director's current account balances, and the previous year's accounts for comparison. It also helps to know your accounting period dates, how the company is structured, and whether anything unusual happened in the year that needs reflecting in the accounts. The cleaner and more complete the records, the more straightforward the preparation — and the easier it is to answer any questions that arise afterwards.