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Registration number: SC791869

Discovery Line Limited

Annual Report and Unaudited Financial Statements

for the Period from 8 December 2023 to 31 December 2024

 

Discovery Line Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 9

 

Discovery Line Limited

Company Information

Directors

Mr Peter David MacGregor

Ms Louise Islay Brown

Mr Rio Brown

Registered office

Ardchoille
Glenshellach Road
Oban
Argyll
PA34 4PP

Accountants

Jack MacDonald & Co Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Discovery Line Limited

Directors' Report for the Period from 8 December 2023 to 31 December 2024

The directors present their report and the financial statements for the period from 8 December 2023 to 31 December 2024.

Incorporation

The company was incorporated on 8 December 2023.

Directors of the company

The directors who held office during the period were as follows:

Mr Peter David MacGregor (appointed 8 December 2023)

Ms Louise Islay Brown (appointed 5 February 2024 and Resigned 7 November 2025)

Mr Rio Brown (appointed 7 November 2024)

Mr David Bryce (appointed 8 December 2023 and ceased 1 August 2025)

Principal activity

The principal activity of the company is sea and coastal passenger water transport

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 August 2025 and signed on its behalf by:
 

.........................................
Mr Peter David MacGregor
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Discovery Line Limited
for the Period Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Discovery Line Limited for the period ended 31 December 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Discovery Line Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Discovery Line Limited and state those matters that we have agreed to state to the Board of Directors of Discovery Line Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Discovery Line Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Discovery Line Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Discovery Line Limited. You consider that Discovery Line Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Discovery Line Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

25 August 2025

 

Discovery Line Limited

Profit and Loss Account for the Period from 8 December 2023 to 31 December 2024

Note

2024
£

Turnover

 

-

Gross profit/(loss)

 

-

Administrative expenses

 

(500)

Operating loss

 

(500)

Loss before tax

(500)

Loss for the financial period

 

(500)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Discovery Line Limited

Statement of Comprehensive Income for the Period from 8 December 2023 to 31 December 2024

2024
£

Loss for the period

(500)

Total comprehensive income for the period

(500)

 

Discovery Line Limited

(Registration number: SC791869)
Balance Sheet as at 31 December 2024

Note

2024
£

Current assets

 

Cash at bank and in hand

 

100

Creditors: Amounts falling due within one year

3

(500)

Net liabilities

 

(400)

Capital and reserves

 

Called up share capital

4

100

Retained earnings

(500)

Shareholders' deficit

 

(400)

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 25 August 2025 and signed on its behalf by:
 

.........................................
Mr Peter David MacGregor
Director

 

Discovery Line Limited

Statement of Changes in Equity for the Period from 8 December 2023 to 31 December 2024

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(500)

(500)

New share capital subscribed

100

-

100

At 31 December 2024

100

(500)

(400)

 

Discovery Line Limited

Notes to the Unaudited Financial Statements for the Period from 8 December 2023 to 31 December 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

 

Discovery Line Limited

Notes to the Unaudited Financial Statements for the Period from 8 December 2023 to 31 December 2024

3

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Accruals and deferred income

500

4

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

100

100