FRS105 Micro Entity Service

FRS105 Micro Entity

We are licensed to sign off and file Limited Company accounts for Micro Entities with H.M.R.C and Companies House.

Do we meet the criteria?

To be eligible, your company will need to meet the criteria specified in the last two financial years to qualify as a Micro Entity. You need to meet at least two of the following conditions.

Criteria

  1. Turnover no more than £632,000
  2. Balance Sheet total no more than £316,000
  3. Number of employees no more than 10

Great I think I qualify – do we need to do this?

The Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn effective from January 2015.

Therefore for companies with accounting periods beginning on or after 1st January 2016 the option to report under FRSSE is no longer available.

Reporting under FRS105 is an option for Micro Entities, however the other alternatives are reporting under FRS102 or FRS102 section 1A.

Which ever reporting method is chosen (if you haven’t already done so) there are changes to be considered.

Why would we want to make this change?

One of the main advantages in reporting under FRS105 is that the preparation and filing of accounts is much simpler and more time efficient.

 

For more information please click here for further details. If you have any questions or would like to discuss your eligibility please contact us directly at sfcpnb@gmail.com or call Sue on 07733 885134.