FRS 105 micro-entity accounts for a property SPV: what they are and what to file where

Updated July 2026

Every limited company must prepare statutory accounts each year, even one that just owns a single buy-to-let. The good news: most property SPVs qualify as micro-entities and can use FRS 105, the simplest accounting standard there is — a short profit and loss account, a one-page balance sheet, and almost no notes.

Does your company qualify?

A company is a micro-entity if it meets at least two of three size tests. For financial years beginning before 6 April 2025 the limits are turnover ≤ £632,000, balance sheet total ≤ £316,000 and ≤ 10 employees; for years beginning on or after that date the first two roughly double, to £1m and £500k. A typical SPV collecting under £632,000 of rent with no employees qualifies comfortably — the balance sheet test looks at gross assets, and even where the property pushes past the old £316,000 limit, the turnover and employee tests carry it. Some companies are excluded regardless of size (investment undertakings, certain financial entities), but an ordinary residential letting company is fine.

The FRS 105 quirk landlords should know: no revaluation

Under the bigger standard (FRS 102) investment property is carried at fair value, remeasured every year. FRS 105 doesn't allow revaluation at all: the property sits at historical cost less depreciation, full stop. That means simpler accounts and no annual valuation exercise, but also that your balance sheet won't show the property's market value — which occasionally matters to mortgage lenders. Depreciation charged in the accounts isn't tax-deductible; it's added back in the tax computation, which our engine does automatically.

What the accounts actually contain

Statement	For a typical SPV
Profit and loss account	Rent, expenses, mortgage interest, tax charge, profit after tax — a dozen lines.
Balance sheet	Property at cost less depreciation; cash and any rent arrears; the mortgage and any director's loan as creditors; share capital and retained profits.
Notes	Minimal — mainly the statement that the accounts are prepared under the micro-entity provisions, plus any director advances.

FRS 105 also requires prior-year comparatives; a first-year company simply shows zeros.

One set of accounts, two different filings

This trips up more landlords than anything else. The same accounts go to two places, on different deadlines, in different forms:

	HMRC	Companies House
What	Full accounts + tax computation + CT600, all iXBRL-tagged	Micro-entity accounts (balance sheet and notes; the P&L may be omitted from the public record)
When	Return due 12 months after period end (tax payable at 9 months + 1 day)	9 months after period end
How	Commercial software only, since HMRC's free service closed in March 2026	Directly with Companies House for now; software-only filing arrives April 2028

This site prepares the HMRC filing — iXBRL accounts, computation and CT600 — and then walks you through the separate Companies House submission so nothing falls through the gap.