Company No: 13493463 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Biological assets	3	1,727,003		389,000
		1,727,003		389,000
Current assets
Debtors	4	552,068		1,152
Cash at bank and in hand		191,102		10,095
		743,170		11,247
Creditors: amounts falling due within one year	5	( 2,581,681)		( 420,972)
Net current liabilities		(1,838,511)		(409,725)
Total assets less current liabilities		(111,508)		(20,725)
Net liabilities		( 111,508)		( 20,725)
Capital and reserves
Called-up share capital	6	1		1
Profit and loss account		( 111,509 )		( 20,726 )
Total shareholder's deficit		( 111,508)		( 20,725)

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 Trading Corporation Limited (registered number: 13493463) 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 Trading 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.

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

Breeding mares are recognised as a biological asset and are accounted for under the cost model in accordance with FRS102. At the balance sheet date breeding mares 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.

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.

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	1,727,003

Assets held at cost:

	Horses		Total
	£		£
Cost
At 01 January 2024	389,000		389,000
Increase due to purchases/ transfers in	1,440,782		1,440,782
Decrease attributable to sales/ transfers out	( 102,779)		( 102,779)
At 31 December 2024	1,727,003		1,727,003
Net book value
At 31 December 2024	1,727,003		1,727,003
At 31 December 2023	389,000		389,000

4. Debtors

	2024		2023
	£		£
Prepayments	237,511		0
VAT recoverable	314,457		0
Other debtors	100		1,152
	552,068		1,152

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	9,145		6,691
Amounts owed to Group undertakings (note 7)	2,569,273		410,081
Accruals	3,263		4,200
	2,581,681		420,972

6. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and not yet paid
1 Ordinary share of £ 1.00	1		1

7. 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.

8. Ultimate controlling party

Parent Company:

The Thoroughbred Holding Company Limited

The immediate parent company is The Thoroughbred Holding Company Limited, a company incorporated in England and Wales. The Company and the Group headed by The Thoroughbred Holding Company Limited qualify as small as set out in section 383 of the Companies Act 2006 and are therefore eligible for exemption to prepare consolidated accounts.

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