Fixed assets are tangible assets held by an entity for production or supply of goods and services, for rental to others or for administrative purposes, the said assets are expected to have a span of more than one accounting period.

Depreciation is a systematic allocation of cost over useful asset life, never less to say generating revenue to match the cost of fixed asset over it useful life.

On a balance sheets these assets are shown on their book value, meaning less to say asset purchase value less depreciation value.