Accounts filed on 30-11-2016

trueBandbrand Limited043241542016-11-30-223067-243938-222867-243738200200-222867-2437386853916991264625244553884625244553884009984077058635228630933420342085866985866914331004Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), subject to the departures referred to below. On receiving professional advice the directors have written down work in progress on development land to net realisable value.The write down has created a defict of net assets. The directors do not consider that the deficit affects the going concern of the company because current guaranteed income is sufficient to meet current liabilities and bank commitments;in addition of the total liabilities of the company £440,287 are to directors or businesses controlled by them and will not be repaid to the detriment of external creditors. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Pension costs The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. Fixed Assets All fixed assets are initially recorded at cost. Financial Instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet. Fixtures & Fittingsstraight line0.2500Motor Vehiclesreducing balance0.25001498014980149801498014980149801498014980395866416551285414309495Ordinary1000110001000Ordinary1200200200Balance sheet Spare note 21 (user defined)BANK BORROWINGS The company has the balance of a twenty year commercial mortgage repayable in monthly instalments and secured by first charge over the company's property.At the year end the total amount outstanding was £443,557.2017-08-24Mr R E Godwintruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureBandbrand Limited2015-12-012016-11-30Bandbrand Limited2014-12-012015-11-30Bandbrand Limited2014-11-30Bandbrand Limited2015-11-30Bandbrand Limited2015-11-30Bandbrand Limited2016-11-30 2017-08-24