Asset Register

Every asset should have a clear description (e.g., "Ford Transit 350, 2022, white") and a category (vehicles, machinery, IT equipment, fixtures and fittings, plant, etc.). This helps lenders understand the nature and diversity of your asset base.

A unique identifier for each asset — the manufacturer's serial number and/or an internal asset ID. This allows individual assets to be tracked, verified, and matched to finance agreements. Lenders may use serial numbers to check for existing finance or security.

When the asset was acquired and the original purchase price. This helps calculate depreciation and assess the age of the asset base. Lenders want to see how recently assets have been invested in and whether the business is maintaining or renewing its equipment.

The net book value (purchase cost minus accumulated depreciation, per your accounts) and an estimate of the current market value. Lenders may instruct their own valuation, but your estimate helps initial assessment. For vehicles and common equipment, market valuations are relatively straightforward; for specialised machinery, a professional valuation may be needed.

Where the asset is physically located. This matters because lenders need to know where to find assets offered as security. If assets are spread across multiple sites, note each location. Assets at third-party premises or in transit may be harder to secure.

Whether the asset is owned outright, on finance (hire purchase, lease, or finance lease), or leased. This is critical — an asset on finance cannot typically be offered as security to a new lender. Include the name of the existing finance provider and the outstanding balance for any financed assets.

Whether the asset is unencumbered (no charge), charged (subject to a bank or lender charge), or leased. Lenders need to know which assets are free to be used as security. If there is a debenture or fixed charge over company assets, this will affect what can be offered.

The physical condition of the asset (new, good, fair, poor). This affects valuation and the lender's assessment of how long the asset will remain useful. Assets in poor condition may have little residual value as security.

Whether the asset is insured (insured value, policy number) and its maintenance status (last service date, next service due). Lenders want to see that assets offered as security are properly maintained and insured, as this protects their value.

When you apply for asset finance, refinancing, or business loans, lenders may ask about your existing assets — both to understand your financial position and to identify potential security. An up-to-date register helps you respond quickly and accurately. It also helps you track depreciation, maintenance, insurance coverage, and which assets are unencumbered and could be used as security.