Assets that you intend to keep for longer than twelve months.

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A long-term asset used in producing or supplying goods or services, renting to others, or administrative purposes. Fixed assets are not intended for sale in the ordinary course of business and are expected to provide economic benefits for more than one reporting period. Examples include machinery, vehicles, land, and buildings. They are recorded on the balance sheet at their purchase cost and then depreciated over their useful life.

Example:

•   Manufacturing Company: A factory's production line equipment, worth £250,000, is a fixed asset that helps the company produce its goods.

•   Service Company: A delivery company's vans are fixed assets that allow the company to provide transportation services.