We prepare and submit company accounts under the relevant UK Financial Reporting Standards (FRS) depending on your company’s size and reporting needs. The accounting standard applied determines the level of detail, disclosure, and what is filed publicly at Companies House.
FRS 105 – Micro-Entity Accounts
FRS 105 is designed for very small companies that meet the micro-entity thresholds. These accounts are the simplest format available and meet all statutory filing requirements with minimal disclosures.
Eligibility thresholds (must meet at least two):
- Turnover: up to £1,000,000
- Balance sheet total: up to £500,000
- Average employees: 10 or fewer
Key features:
- Basic balance sheet format; no detailed profit and loss or extensive notes.
- Profit and loss page can be excluded from Companies House filings, leaving only a summary balance sheet and accountant’s report on public record.
- Ideal for small, straightforward companies that prefer limited public disclosure.
Please note additional disclosures that would still be required where applicable would be loans or advances to directors or guarantees made by the company on behalf of a director, and any financial commitments, guarantees and contingencies, such as future lease payments or potential obligations under disputes.
Although the filed accounts are brief, we also prepare detailed internal accounts (including profit and loss and comparative figures) for your own review and for tax purposes. These are not filed with Companies House.
FRS 102 Section 1A – Small Company Accounts
FRS 102 Section 1A applies to small companies that exceed the micro thresholds but still qualify as “small” under the Companies Act 2006.
Eligibility thresholds (must meet at least two):
- Turnover: up to £15 million
- Balance sheet total: up to £7.5 million
- Average employees: 50 or fewer
These accounts include fewer disclosures than medium or large entities but more informative than micro accounts and are usually suited to growing companies or those needing a fuller picture for lenders or investors.
Full FRS 102 – Medium and Large Company Accounts
Full FRS 102 is required for medium and large companies, or where a fuller disclosure is needed for stakeholders or auditors.
If you’re unsure which accounting standard applies to your company, we’ll confirm this as part of your accounts preparation and explain what each option means for your reporting and public filing.
If you would like to discuss this in more detail, please feel free to contact us or book a free online meeting.
