Financial statements - FRS 105

FRS 105 is the Financial Reporting Standard applicable to the Micro-entities Regime, which permits a micro-entity company to meet the requirement of providing a true and fair view of its annual financial statements with the minimal amount of information.

A micro-entity company can choose between two reporting standards, either FRS 105 or the more extensive FRS 102 Section 1A Small Entities, to present its financial statements.

The micro-entity template offers a quick and convenient way to create financial statements under FRS 105 in the iXBRL format required by HMRC. Note that the template is for companies limited by shares, not those limited by guarantee.

A company will qualify as a micro-entity if it does not exceed at least two of these annual thresholds:

How does it work?

The template runs on Windows and requires a recent version of Microsoft Excel. A modern web browser with a broadband internet connection is also required. Click the Download button to get a copy of the latest version of the template and save the file on your computer.

At any time after data has been entered into the template, a preview of the financial statements can be generated at no cost, so you can ensure they are correct.

To create the financial statements in iXBRL format, first set up a user account using the Register button below, or from within the template itself, and purchase one or more iXBRL conversion credits. You can then generate the iXBRL statements from within the template.

The statements are available within seconds, just save them on your computer and submit them to HMRC with the Company Tax Return using tax software.

The cost of a single micro-entity iXBRL conversion credit is £30, less if you buy multiple credits, and you can purchase conversion credits via PayPal using the Buy button below.

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