Assets are items which are owned by a business or money which is owed to the business.
If Pepe owned his pizza parlour then the building would be an asset of his business. Fixed Assets - These are items which have a life span of more than one year. They are usually items that the business expects to keep. Fixed assets include land and buildings, plant and machinery, fixtures and fittings and motor vehicles. These assets fixed because they are necessary for the business to trade but are not affected by the level of trade or the profit made.