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REGISTERED NUMBER: 06410884 (England and Wales)


















TRANSIT ENGINEERING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


TRANSIT ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: S K Jones



REGISTERED OFFICE: Pegasus House
Polo Grounds
New Inn
Pontypool
Torfaen
NP4 0TW



REGISTERED NUMBER: 06410884 (England and Wales)



AUDITORS: MHA
Chartered Accountants and Statutory Auditor
Swansea, United Kingdom



AUDITORS OFFICE: 3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG

TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,472,325 1,472,325

CURRENT ASSETS
Debtors 5 372,738 799
Cash at bank 141 121
372,879 920
CREDITORS
Amounts falling due within one year 6 1,763,748 1,388,859
NET CURRENT LIABILITIES (1,390,869 ) (1,387,939 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,456

84,386

CAPITAL AND RESERVES
Called up share capital 190 190
Share premium 7 66,842 66,842
Capital redemption reserve 7 10 10
Retained earnings 7 14,414 17,344
SHAREHOLDERS' FUNDS 81,456 84,386

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 September 2023 and were signed by:





S K Jones - Director


TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Transit Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The director has reviewed the balance sheet, the likely future cash flows of the business and has considered the facilities that are in place at the date of signing the report. The director anticipates that trading will remain competitive in the forthcoming financial year.

At the date of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for foreseeable future.

Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Basis of preparation of consolidated financial statements
The director of the company has elected not to include a copy of the Income Statement within these financial statements, which contain information about Transit Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The group financial statements consolidate the financial statements of Transit Engineering Limited and all its subsidiary undertakings (entities controlled by the group) drawn up to 31 December each year.

Copies of the consolidated financial statements of Transit Engineering Limited are available from the Registered Office, Pegasus House, Polo Grounds, New Inn, Pontypool, Torfaen, NP4 0TW.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.


TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,472,325
NET BOOK VALUE
At 31 December 2022 1,472,325
At 31 December 2021 1,472,325

TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PRV Engineering Limited
Registered office:
Nature of business: Manufacture and engineering components
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 6,555,119 5,930,362
Profit for the year 941,049 1,572,368

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 799 799
Directors' current accounts 371,939 -
372,738 799

The director's current account balance is interest-free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 1,761,248 1,386,359
Other creditors 2,500 2,500
1,763,748 1,388,859

7. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2022 17,344 66,842 10 84,196
Profit for the year 313,362 313,362
Dividends (316,292 ) (316,292 )
At 31 December 2022 14,414 66,842 10 81,266

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Garland BA ACA (Senior Statutory Auditor)
for and on behalf of MHA

TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. CONTINGENT LIABILITIES

The company guarantees the bank loan and overdraft of PRV Engineering Limited by means of an unlimited cross guarantee.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director S K Jones.