First up, this is one of the current Spares Co transfers, created from artwork re-generated a few years ago, after examining original transfers. This is a water slide transfer. The back side of the transfer is mounted to the carrier. The water slides have a clear border area around the image, and between the wings and the leg, and between the Vincent scroll and the lower portion.
Next, a NOS transfer my father bought back in the day. The non-water slide transfers are face down, the face of the transfer is on the carrier, which is like tissue paper. These do not have the clear border area, nothing between the wings, and between the scroll and the lower portion.
On both, the "Stevenage" text is wider, it fills up the area more than the one on the Comet tank above. It starts to the left of the "H" in HRD, and extends past the right side of "Ltd".
Click the thumbnail images to view the full resolution.