Fixed assets are items bought for long-term use by your party. For example, property, office equipment, furniture, plus investments such as stocks, shares and investment property. Under Generally Accepted Accounting Practice in the UK (UK GAAP), fixed assets are also known as non-current assets.
The categories recorded under fixed assets are:
- Property
- Fixtures and fittings
- Office equipment
- Investment property
- Other investments
Property
Property is any premises owned by and used for your party’s business.
You should record the total value of the property.
The value of the property should be recorded as the original price.
If the property is professionally revalued, you may decide to record the new value. If this is the case, then you should include a sentence in the note box explaining this.
Fixtures and fittings
Fixtures and fittings are non-structural items within a property. For example, furniture, carpets, white goods and light fittings.
The value should be recorded at the original purchase price. You should not carry out revaluations.
If you do not know the original purchase price of an asset, you should make a reasonable estimate of its original value.
Office equipment
Office equipment includes electronic and IT supplies such as computers, printers, photocopiers and telephones.
The value should be recorded at the original purchase price. You should not carry out revaluations.
If you do not know the original purchase price of an asset, you should make a reasonable estimate of its original value.
Investment property
Investment property is any property owned by your party, but not used for party activities.
You should record the total value of investment property.
The value of the property should be recorded at its original price, or the price given by a professional valuation. If the property is revalued during the year, you should include a sentence in the note explaining this.
If the investment property is held by a trust or a holding company, you should only record the value that is attributed to your party.
For example, if your party controls 50% of an investment property, only 50% of the value should be recorded.
Other investments
Other investments include stocks and shares, or other assets that are likely to appreciate or depreciate in value. This includes cryptocurrency and other digital currencies.
The total value of all other investments owned by your party should be included on the balance sheet.
The value of the investment should be recorded at its original cost, or the price given by a professional valuation.
Stocks and shares should be recorded at their market value on the 31 December. For example, if you are submitting a record of assets and liabilities in September, any stocks and shares your party owns should be recorded at the value at 31 December of the previous year.
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