Company No: OC445133 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	M Devereux
	H W Neville
	J R Neville

REGISTERED OFFICE	Stone Cross Trumpington Road
	Trumpington
	Cambridge
	CB2 9SU
	United Kingdom

REGISTERED NUMBER

OC445133 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,756,500		2,067,306
		1,756,500		2,067,306
Current assets
Debtors	4	33,925		8,073
Cash at bank and in hand		31,750		3,998
		65,675		12,071
Creditors: amounts falling due within one year	5	( 4,799)		( 4,500)
Net current assets		60,876		7,571
Total assets less current liabilities		1,817,376		2,074,877
Net assets attributable to members		1,817,376		2,074,877
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		1,627,034		1,627,034
Other amounts		(507,159)		0
		1,119,875		1,627,034
Members' other interests
Members' capital classified as equity		1,302,876		955,002
Other reserves		(605,375)		(507,159)
		697,501		447,843
		1,817,376		2,074,877
Total members' interests
Loans and other debts due to members		1,119,875		1,627,034
Members' other interests		697,501		447,843
		1,817,376		2,074,877

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of INO Racing LLP (registered number: OC445133) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

J R Neville Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£	£
Balance at 01 April 2023	0	0	0	0	0	0	0
Loss for the financial year available for discretionary division among members	0	(507,159)	(507,159)	0	0	0	(507,159)
Members' interest after loss for the financial year	0	(507,159)	(507,159)	0	0	0	(507,159)
Introduced by members	955,002	0	955,002	1,627,034	0	1,627,034	2,582,036
Amounts due to members				1,627,034	0	1,627,034
Balance at 31 March 2024	955,002	(507,159)	447,843	1,627,034	0	1,627,034	2,074,877
Loss for the financial year available for discretionary division among members	0	(605,375)	(605,375)	0	0	0	(605,375)
Members' interest after loss for the financial year	955,002	(1,112,534)	(157,532)	1,627,034	0	1,627,034	1,469,502
Division of loss	0	507,159	507,159	0	(507,159)	(507,159)	0
Introduced by members	347,874	0	347,874	0	0	0	347,874
Amounts due to members				1,627,034	0	1,627,034
Amounts due from members					(507,159)	(507,159)
Balance at 31 March 2025	1,302,876	(605,375)	697,501	1,627,034	(507,159)	1,119,875	1,817,376

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

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

INO Racing LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Stone Cross Trumpington Road, Trumpington, Cambridge, CB2 9SU, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of INO Racing LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The members have made an assessment in preparing these financial statements as to whether the LLP is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Fixtures and fittings	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Statement of Comprehensive Income as described below.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	3		3

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	2,280,537		20,290		2,300,827
At 31 March 2025	2,280,537		20,290		2,300,827
Accumulated depreciation
At 01 April 2024	228,637		4,884		233,521
Charge for the financial year	307,785		3,021		310,806
At 31 March 2025	536,422		7,905		544,327
Net book value
At 31 March 2025	1,744,115		12,385		1,756,500
At 31 March 2024	2,051,900		15,406		2,067,306

4. Debtors

	2025		2024
	£		£
Prepayments	4,209		6,128
VAT recoverable	29,716		1,945
	33,925		8,073

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Accruals	4,799		4,500