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TRANSIT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Transit Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06410884 and registered office address is Pegasus House, Polo Grounds, New Inn, Pontypool, Torfaen, NP4 0TW.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts are rounded to nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
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Preparation of consolidated financial statements
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The 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.
The director of the company has elected not to include a copy of the Income Statement within these financial statements.
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.
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Investment in subsidiaries
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Investments in subsidiary undertakings are recognised at cost less impairment.
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.
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