Fixed asset register

A list of everything the business owns that lasts, with what it cost and what it is worth now.

What it means

A fixed asset register records each item of equipment, vehicle or fit-out: description, purchase date, cost, depreciation policy, accumulated depreciation and net book value.

Why it matters

It supports the balance sheet, it drives the depreciation charge and the capital allowances claim, and it is the first thing a buyer or a lender asks for.

What it looks like in practice

Keep it current as things are bought and disposed of. Record disposals properly — an asset sold or scrapped and left on the register overstates the balance sheet indefinitely.

What to watch out for

Ghost assets: equipment that was scrapped years ago and is still carried at a value. It is common, it overstates the accounts, and it takes an afternoon to fix.

Where to get proper advice

Your accountant. This is exactly the kind of question they answer in ten minutes and most owners never ask.