FRS 105 Micro-entity Accounts London
Expert Financial Reporting Standard 105 (FRS 105) micro-entity accounts preparation for qualifying small companies under UK GAAP. Simplified accounts preparation for micro-entities.
FRS 105 Micro-entity Accounts Preparation
Financial Reporting Standard 105 (FRS 105) micro-entity accounts preparation for qualifying small companies under UK GAAP. FRS 105 provides a simplified accounting framework for micro-entities, reducing the reporting burden while maintaining compliance with UK accounting standards. Our team has extensive experience in FRS 105 compliance, ensuring your accounts meet micro-entity requirements efficiently.
What is a Micro-entity?
A company qualifies as a micro-entity if it meets at least two of the following criteria:
- Turnover: £632,000 or less
- Balance sheet total: £316,000 or less
- Average number of employees: 10 or fewer
Micro-entities can prepare simplified accounts under FRS 105, which reduces the reporting requirements compared to FRS 102.
FRS 105 Accounts Preparation Services
- FRS 105 micro-entity accounts preparation in accordance with Financial Reporting Standard 105
- Simplified FRS 105 financial statements including balance sheet and profit & loss account
- FRS 105-compliant accounts with reduced disclosure requirements for micro-entities
- Companies House filing of FRS 105 micro-entity accounts
- HMRC corporation tax return preparation aligned with FRS 105 accounts
- FRS 105 compliance reviews and assurance on micro-entity reporting
FRS 105 Key Features
FRS 105 provides simplified accounting for micro-entities:
- Simplified Balance Sheet: Reduced disclosure requirements compared to FRS 102
- Simplified Profit & Loss Account: Streamlined income statement presentation
- No Cash Flow Statement: Micro-entities are not required to prepare a cash flow statement
- Reduced Notes: Minimal notes to the accounts required
- No Directors' Report: Micro-entities are not required to prepare a directors' report
- Simplified Accounting Policies: Reduced accounting policy choices compared to FRS 102
FRS 105 vs FRS 102
Understanding the differences between FRS 105 and FRS 102 helps determine which standard applies:
- FRS 105 applies to micro-entities, while FRS 102 applies to medium and large companies
- FRS 105 has significantly reduced disclosure requirements compared to FRS 102
- FRS 105 does not require a cash flow statement, while FRS 102 does
- FRS 105 has fewer accounting policy choices than FRS 102
- FRS 105 accounts are simpler and quicker to prepare than FRS 102 accounts
Why Choose Acumon for FRS 105 Accounts?
- Extensive experience in FRS 105 micro-entity accounts preparation
- Deep understanding of FRS 105 requirements and micro-entity eligibility
- Efficient, cost-effective preparation that meets regulatory deadlines
- Clear, simplified reporting tailored to micro-entity needs
- Ongoing support and advice on FRS 105 matters and eligibility changes
- Seamless transition to FRS 102 if your company grows beyond micro-entity thresholds
Integration with Other Services
Our FRS 105 accounts preparation services integrate seamlessly with our other services:
- Accounts and Bookkeeping Services - Supporting bookkeeping for FRS 105 reporting
- Tax Advisory Services - Tax planning aligned with FRS 105 reporting
- Year-End Accounts Preparation - Comprehensive accounts preparation services
- FRS 102 Accounts Preparation - Transition services if you grow beyond micro-entity thresholds
Next steps
Get in touch with our FRS 105 accounts team to discuss your micro-entity accounts requirements. Our experienced team will provide expert FRS 105 accounts preparation services tailored to your micro-entity needs.