Fixed Asset Registers
imeldabye
Registered Posts: 147 Dedicated contributor 🦉
I am doing first year accounts for a new partership who design and build furniture. So I am compiling a list of assets, and wonder if there is a "material" amount which should be used- ie a tool costing £50- not a huge investment but one nonetheless and one that continues to be used in the business- but the list they have provided me with is extensive - as it was a start-up- do I list everything? thanks all.
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Comments
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There should be a policy in place to what to capitalise, usually 50 isnt worth it, would you want to depreciate 50? No reason for it, little effect on p&l, usually very small businesses is about over 100, where I work its anything over 20000
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My capitalisation limits are roughly:
Very small business £300
Larger small business £5000
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