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Registration number: 12095332

Led By Donkeys Ltd
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

Led By Donkeys Ltd

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

Led By Donkeys Ltd

(Registration number: 12095332)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 36,498 | 57,826
Current assets |  |  |
Debtors | 5 | 11,581 | 18,543
Cash at bank and in hand |  | 430,705 | 227,971
|  | 442,286 | 246,514
Creditors: Amounts falling due within one year | 6 | (227,865) | (209,237)
Net current assets |  | 214,421 | 37,277
Net assets |  | 250,919 | 95,103
Reserves |  |  |
Retained earnings |  | 250,919 | 95,103
Surplus |  | 250,919 | 95,103

For the financial year ending 31 December 2025 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 year 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:

......................................... J Z P Sadri Director |  |

Led By Donkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
71-75 Shelton Street
London
Greater London
WC2H 9JQ

These financial statements were authorised for issue by the Board on 12 August 2026.

2 | 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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The financial statement have been prepared based on the going concern basis.

Led By Donkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Key sources of estimation uncertainty

In the application of the company's accounting policies the director(s) are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the company retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the company's activities.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

Tax

The directors are of the opinion that the company passes the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a not for profit company for UK corporation tax purposes.
Accordingly, a not for profit company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to not for profit purposes.
On this basis the directors have not included a provision for corporation tax in the company's financial statement.

Led By Donkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 25% reducing balance
Land and Buildings - Long Leasehold | 25% 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. trade creditors 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2024 - 4).

Led By Donkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Tangible assets

| Long leasehold land and buildings £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2025 | 9,070 | 83,728 | 92,798
Additions | - | 13,480 | 13,480
Disposals | - | (29,446) | (29,446)
At 31 December 2025 | 9,070 | 67,762 | 76,832
Depreciation
At 1 January 2025 | 3,543 | 31,429 | 34,972
Charge for the year | 1,382 | 10,784 | 12,166
Eliminated on disposal | - | (6,804) | (6,804)
At 31 December 2025 | 4,925 | 35,409 | 40,334
Carrying amount
At 31 December 2025 | 4,145 | 32,353 | 36,498
At 31 December 2024 | 5,527 | 52,299 | 57,826

Included within the net book value of land and buildings above is £4,145 (2024 - £5,527) in respect of long leasehold land and buildings.

5 | Debtors

| 2025 £ | 2024 £
Other debtors | 4,580 | 10,136
Prepayments | 7,001 | 8,405
Income tax asset | - | 2
| 11,581 | 18,543

Led By Donkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6 | Creditors

Due within one year | Note | 2025 £ | 2024 £
Trade creditors |  | 14,868 | 1,150
Amounts due to related parties | 7 | 4,014 | 363
Social security and other taxes |  | 4,603 | 4,064
Other creditors |  | 540 | -
Accruals |  | 203,840 | 203,660
|  | 227,865 | 209,237

7 | Related party transactions

Loans from related parties

2025 | Key management £
At start of period | 363
Advanced | 4,363
Repaid | (712)
At end of period | 4,014

2024 | Key management £
At start of period | (664)
Advanced | 1,183
Repaid | (156)
At end of period | 363

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.