Assets are the things a business owns or is owed that have value, from cash and equipment to money owed by customers. This guide covers current and fixed assets.
Published July 2026 · Updated July 2026
Assets are the valuable things a business owns or is owed: cash in the bank, stock, equipment, vehicles, property, and money customers owe you. They're one side of the accounting equation (assets = liabilities + equity).
Current assets are expected to become cash within a year, cash itself, stock, and trade debtors. Fixed (non-current) assets are longer-term, like machinery, vehicles and premises. The split matters for judging short-term financial health.
Yes, amounts customers owe you (trade receivables or debtors) are a current asset until they pay.
They can be, intangible assets include things like goodwill, trademarks and software, if they meet the recognition rules.
Source: Investopedia ↗. This glossary is written for small business owners, so definitions are simplified. Tax rates and thresholds reflect 2026/27 UK rules and change over time. Berified does not provide accounting, tax or legal advice; always check the source or a qualified adviser.