Fondant is a firm icing that is used to cover and decorate cakes. Fondant can be purchased ready made, or it can be made in a home kitchen. Also known as sugar paste, it can be shaped or moulded in a variety of ways, from simple cut outs made with cookie cutters, to intricately handcrafted pieces. This includes shapes such as horseshoes. Fondant can be tinted with frosting tints that are available in the cake decorating sections of craft and baking speciality stores. This tint is dryer than food colouring, and therefore will not make the fondant overly wet, which could cause it to fall apart.
Tint white fondant with some black gel icing tint. Add a little bit of tint at a time, until you get the grey needed for making a horseshoe. Toothpicks or fork tines both work well to add small amounts of tint at a time.
Break off a piece of the fondant. This can be any size; it all depends on the size of horseshoe you are making. To make a smaller shoe, use a piece about the size of a golf ball.
Roll this ball out into a rope. This technique is similar to the one used to make snakes out of children's play clay.
Shape the rope like a horseshoe. Square off the ends, and pinch the top edge a bit to get a realistic horseshoe shape. Flatten out the top of the rope. Use a sharp knife or toothpicks to emboss details into the fondant. This is also the time to write names or anything else on the decoration. Let the horseshoe dry.
To give the shape more depth, you can dust it with pearl or silver edible sugar dust. This dust is usually found in the cake decorating section of craft and hobby shops. Make multiple shoes to use as a border on a cake. This fondant can also be used to cover a horseshoe shaped cake.