─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wymondham

If your company qualifies for the UK micro-entities regime and you have chosen to apply it, FRS 105 Micro Entity Accounts provide the financial reporting framework used to prepare your statutory accounts. FRS 105 is the financial reporting standard that sits behind the micro-entities regime, and it is designed to keep reporting straightforward while still producing accounts that reflect your company’s financial position. For directors in Wymondham running a small, owner-managed limited company, that can mean a simpler set of financial statements with reduced disclosure requirements compared with the small companies regime. Eligibility is not automatic, however. A company generally needs to meet at least two of the three applicable size conditions for accounting periods beginning on or after 6 April 2025, and other rules and exclusions can affect whether the regime is available. Working with an experienced preparer helps you confirm whether FRS 105 is appropriate for your circumstances, gather the records needed, and have your FRS 105 Micro Entity Accounts prepared in line with the framework and the information you provide.

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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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─── FRS 105 EXPLAINED

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

FRS 105 is the financial reporting standard used by UK companies that qualify for, and choose to apply, the micro-entities regime. Put simply, it is the simplest accounting framework available to small limited companies, allowing them to prepare financial statements on a historic cost basis with a reduced set of disclosures. Under FRS 105, the accounts are prepared using the recognition and measurement principles of FRS 102 but with many of the more complex options stripped out — for example, revaluations, fair value accounting and certain provisions are not permitted, which keeps the numbers more predictable and easier to follow. The framework covers the balance sheet, the notes and the accompanying statements, and the resulting accounts form your company’s statutory financial statements. It is important to be clear about what FRS 105 is not: it is not a tax return, and it does not replace your Corporation Tax obligations. FRS 105 Micro Entity Accounts are about how your company’s results are reported and filed, while tax is dealt with separately. For businesses in Wymondham, the practical appeal is a reporting framework that fits the scale of a micro-entity without unnecessary complexity — provided the regime genuinely applies to your 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. Size is the starting point. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least two of three applicable 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. Earlier accounting periods were subject to different thresholds, so the test depends on when the period begins. Importantly, meeting the size conditions does not automatically guarantee eligibility. Certain companies and activities are excluded from the micro-entities regime, and other rules can affect whether it is available to you. There is also a decision to make: qualifying companies are not obliged to use the regime. Directors of companies in Wymondham may weigh up the simplicity of FRS 105 against the additional flexibility and disclosure offered by the small companies regime under FRS 102 Section 1A. We can help you review which framework fits your company based on its turnover, balance sheet, headcount, ownership and activities.

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 for Wymondham Companies

Preparing FRS 105 Micro Entity Accounts properly starts with accurate bookkeeping and a clear understanding of the framework. We work from your company’s financial records — bank statements, sales and purchase information, expense details, asset records, payroll figures and any prior-year accounts — to build a set of financial statements that reflects your trading position for the period. The accounts are then prepared in line with the requirements of FRS 105 and the disclosures that apply to a company using the micro-entities regime. It is worth separating the pieces of the process: the preparation of your FRS 105 financial statements is one task, filing those accounts with Companies House is another, and your Corporation Tax Return (CT600) is a separate submission made to HMRC. Each has its own information requirements and timescales. We can support you across these areas so you are not trying to match one document against another. Where judgement is needed — for example on whether a particular item is recognised, or whether the regime remains suitable — we will discuss the position with you based on the facts and records available, rather than making assumptions.

ICAEW

ACCA

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Talk to Us About Your FRS 105 Micro Entity Accounts in Wymondham

Whether you are preparing your first set of accounts or reviewing how your company reports, we are happy to talk through your FRS 105 Micro Entity Accounts requirements. Tell us about your company — its trading activity, the accounting period in question, your current record-keeping and any previous accounts — and we can assess how your circumstances fit with the micro-entities regime and what information we would need from you. If you are unsure whether FRS 105 is the right framework for your company, that is a perfectly normal place to start, and we will explain the position clearly. Get in touch with the team to begin the conversation about your FRS 105 Micro Entity Accounts in Wymondham.

─── 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 a qualifying micro-entity prepares its financial statements, including the balance sheet and the notes. It is deliberately simpler than the standards used by larger companies: revaluations, fair value accounting and various complex measurement options are not available, and the disclosure requirements are reduced. The result is a set of accounts that is easier to produce and to read, while still reflecting the company's financial position under a defined framework.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it. Eligibility depends on meeting the relevant size conditions and on not being excluded by other rules that apply to certain types of company or activity. It is a two-part test in practice: you must qualify, and you must decide to use the regime. Choosing the micro-entities regime means FRS 105 applies for that set of accounts. If your company qualifies but prefers a different framework, the small companies regime under FRS 102 Section 1A may be available instead.

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 meets the qualifying conditions can choose whether to apply it. Some directors prefer the micro-entities regime for its simplicity, while others opt for the small companies regime because it allows certain accounting treatments that FRS 105 does not, or because they want to present more information. The choice should reflect your company's circumstances, its transactions and what the users of the accounts need to see.

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 two of three 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. Different thresholds applied to earlier accounting periods, so the relevant figures depend on when your period begins. Meeting the size conditions is not the whole story — other eligibility rules and exclusions can apply, which is why it is worth checking your specific position rather than assuming the regime is available.

What is the difference between FRS 105 and FRS 102?

FRS 102 is the main financial reporting standard for UK companies and is used by the small companies regime in its Section 1A form, as well as by larger entities. FRS 105 is a separate, lighter framework for micro-entities. It borrows the recognition and measurement principles of FRS 102 but removes many of the options and most of the disclosure requirements. In practice this means FRS 105 accounts are more straightforward to prepare and shorter to read, but they offer less flexibility — for example, you cannot revalue assets or use fair value measurement in the same way.

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

Where FRS 105 accounts are prepared as the company's statutory financial statements, those accounts are the ones used for the company's annual accounts filing with Companies House. Filing the accounts is a separate exercise from preparing them and from your Corporation Tax Return (CT600), which is submitted to HMRC. Companies House filing requirements for small and micro-entity companies have been changing, with further reforms planned, so it is sensible to confirm the current position and format that applies to your particular accounting period before you file.

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

Yes — they are two distinct things. Your FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime, showing your company's position and performance for the period. A CT600 is the Corporation Tax Return submitted to HMRC, which calculates the tax due based on the company's taxable profits after the relevant tax adjustments. The accounts usually form the starting point for the tax computation, but the figures are not identical, because tax rules treat some items differently from accounting rules. Both need attention, and they are handled through different channels.

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

We typically need your company's records for the accounting period: bank and credit card statements, sales invoices or summaries, purchase and expense records, details of any assets bought or sold, payroll information if you employ staff, loan or finance agreements, and the previous year's accounts or filing if there is one. Company details such as the registered number and period dates are also useful. The cleaner and more complete your records, the more straightforward the preparation process tends to be. If your bookkeeping is behind, we can discuss what is needed to bring it up to date first.