Company No: 12842444 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Biological assets	3	3,974,502		3,719,500
		3,974,502		3,719,500
Current assets
Debtors	4	2,820,467		937,592
Cash at bank and in hand	5	201,295		183,663
		3,021,762		1,121,255
Creditors: amounts falling due within one year	6	( 10,283,718)		( 6,804,843)
Net current liabilities		(7,261,956)		(5,683,588)
Total assets less current liabilities		(3,287,454)		(1,964,088)
Net liabilities		( 3,287,454)		( 1,964,088)
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		( 3,287,455 )		( 1,964,089 )
Total shareholder's deficit		( 3,287,454)		( 1,964,088)

For the financial year 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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Thoroughbred Racing Corporation Limited (registered number: 12842444) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

F Mikou Director

30 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Thoroughbred Racing Corporation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Dept 9250 126 East Ferry Road, Canary Wharf, London, E14 9FP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company is considered to be a going concern with support from its ultimate parent entity to ensure that it is able to meet its liabilities as they fall due.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Biological assets

Race horses are recognised as a biological asset and are accounted for under the cost model in accordance with FRS102. At the balance sheet date race horses are assessed on an individual animal basis for impairment. If the value is considered to be impaired the carrying value is reduced to estimated market value less costs to sell. This is considered to be more appropriate than applying a systematic depreciation charge.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		1

3. Biological assets

	2024
	£
Biological assets at cost	3,974,502

Assets held at cost:

	Horses		Total
	£		£
Cost
At 01 January 2024	3,962,654		3,962,654
Increase due to purchases/ transfers in	2,268,252		2,268,252
Decrease attributable to sales/ transfers out	( 2,208,944)		( 2,208,944)
At 31 December 2024	4,021,962		4,021,962
Accumulated depreciation
At 01 January 2024	243,154		243,154
Reversal of past impairment losses	( 195,694)		( 195,694)
At 31 December 2024	47,460		47,460
Net book value
At 31 December 2024	3,974,502		3,974,502
At 31 December 2023	3,719,500		3,719,500

4. Debtors

	2024		2023
	£		£
Trade debtors	247,901		0
Amounts owed by Group undertakings (note 8)	2,258,274		399,081
Prepayments	296,965		303,478
VAT recoverable	17,326		235,032
Other debtors	1		1
	2,820,467		937,592

5. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	201,295		183,663

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	25,802		43,443
Amounts owed to Group undertakings (note 8)	5,564,379		2,014,379
Accruals	3,995		4,409
Other creditors	4,689,542		4,742,612
	10,283,718		6,804,843

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

9. Ultimate controlling party

Parent Company:

The Thoroughbred Holding Company Limited

The ultimate controlling party is Nafylla Limited, a company incorporated in Guernsey.