REGISTERED NUMBER: |
TRANSIT ENGINEERING LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
TRANSIT ENGINEERING LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Swansea, United Kingdom |
AUDITORS OFFICE: |
Charter Court |
Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 7 | 66,842 | 66,842 |
Capital redemption reserve | 7 | 10 | 10 |
Retained earnings | 7 | 11,734 | 14,414 |
SHAREHOLDERS' FUNDS |
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 |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Transit Engineering Limited is a |
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. |
The director of the company has elected not to include a copy of the Income Statement in these financial statements. |
Basis of preparation of consolidated financial statements |
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. |
These financial statements contain information about Transit Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group. |
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. |
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. |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Directors' current accounts | 371,939 | 371,939 |
The director's current account balance is interest-free and repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 81,266 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 78,586 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
TRANSIT ENGINEERING LIMITED (REGISTERED NUMBER: 06410884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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. |