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Registered number: 11776103 LYTE LADDERS AND TOWERS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LYTE LADDERS AND TOWERS LIMITED COMPANY INFORMATION
Directors | R Robinson
| M Walton
| M Welden
| L Sarai
| S J Price
Registered number | 11776103
Registered office | 14th Floor
| 33 Cavendish Square
| London
| W1G 0PW
Independent auditors | Sumer Auditco Limited
| Chartered Accountants & Statutory Auditors
| 14th Floor
| 33 Cavendish Square
| London
| W1G 0PW
LYTE LADDERS AND TOWERS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11 - 12
Notes to the financial statements | 13 - 29
LYTE LADDERS AND TOWERS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Business review
The directors present the strategic report for the year ended 31 December 2024. The Company's principal activity is to design, manufacture and distribute ladders, steps, and towers, operating from Swansea and distributing throughout the UK and Ireland. The turnover in the full year was £14.7M (2023 : £10.7M) and reported gross margin £4.08M (2023 : £2.7M) at 27.7% (2023 : 25.2%). During the year, the Company sold its freehold property in a sale and leaseback transaction, realising a profit of £600k. Future developments The focus of the management team continues to be to exceed customer expectations across delivery and service and to grow volumes as a trusted partner. The Directors consider the financial position of the business to be satisfactory. The Directors continue to monitor and improve the operating and financial systems of the business with a view to future investments. The company maintains a significant headroom in its fully committed banking facilities which are now due for renewal in the Summer of 2027.
Principal risks and uncertainties
The management of the business and the execution of the Company’s strategy are subject to a number of risks. Interest rate risk The Company monitors the financial risk of interest rate movements on a regular basis, and the impact rises would have on profitability. Interest rates are expected to fall in the short to medium term, but the Company is well placed to deal with any such decreases. Credit and liquidity risk The Company's principal financial assets are trade debtors, all of which are fully insured. The Company has no significant concentration of credit risk with a single counterparty as exposure is spread over several counterparties. The Company's principal financial liabilities are its bank loans and trade creditors, which are managed through detailed cash forecasting, and we maintain significant headroom in our facilities. Price risk The price of Aluminium fluctuates due to raw material cost and demand. Any tariffs imposed can also impact cost. This is a risk common to all companies operating within the ladder industry. The Company’s strategy on this is to maintain a prudent approach to stock levels, actively managing stock using detailed system information to ensure that excess inventory is not carried, whilst also ensuring the stock range covers all our customer requirements. The Company also has a range of suppliers and so has no concerns regarding continuity of supply. Page 1
LYTE LADDERS AND TOWERS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
We consider that our main Key Performance Indicators are underlying Gross profit, overhead control, and levels of stock. These are set out below for the year: 2024 2023 Gross Profit (£ 000’s)/ Margin (%) 4,079 (28%) 2,691 (26%) Stock Turn (CoGs / Stock) 5.7 9.9 The improvements in Gross Profit margin are attributable to the effective management of direct costs. Main reason for the stock turns decrease was due to the site consolidation during the early part of 2024. At an operational level orders, revenue, and gross profit percentage are managed daily. The Company also monitors staff turnover, as retention of skilled employees is essential for the prosperity of the Company. This report was approved by the board on 28 August 2025 and signed on its behalf.
M Welden Director
Page 2
LYTE LADDERS AND TOWERS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,521,779 (2023 - loss £140,856).
Directors
The directors who served during the year were:
R Robinson
M Walton
M Welden
L Sarai
S J Price
Matters covered in the Strategic report
The directors have chosen to disclose information on the following, required by the Companies Act 2006 to be included in the Directors' Report, within the Strategic Report, found on pages 1 - 2: - information on financial risk management and policies; and - information regarding future developments of the business. Page 3
LYTE LADDERS AND TOWERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 28 August 2025 and signed on its behalf.
M Welden Director
Page 4
LYTE LADDERS AND TOWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED
Opinion
We have audited the financial statements of Lyte Ladders and Towers Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
LYTE LADDERS AND TOWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
LYTE LADDERS AND TOWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered: ∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities; ∙the nature of the company, including its management structure and control systems, including the opportunity for management to override such controls; ∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and ∙the industry and environment in which it operates. We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity: ∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law and tax and pension legislation; ∙the timing of the recognition of commercial income; ∙compliance with legislation relating to health and safety; ∙management bias in selecting accounting policies and determining estimates; ∙inappropriate journal entries; ∙recoverability of debtors; ∙carrying value of stock; and ∙misstatement in creditors. We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: ∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; ∙enquiries with the same concerning any actual or potential litigation or claims; ∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; Page 7
LYTE LADDERS AND TOWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED) ∙assessment of matters reported to management and the result of the subsequent investigation; ∙obtaining an understanding of the policies over the recognition of income and testing their implementation during the year; ∙review documentation relating to compliance with regulations; ∙challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to carrying value of stock; ∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; ∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; ∙reviewing correspondence with HMRC; and ∙evaluating the underlying business reasons for any unusual transactions. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew G. Hill (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW 28 August 2025 Page 8
LYTE LADDERS AND TOWERS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 14,748,000 | 10,695,245
Cost of sales |  | (10,669,108) | (8,003,766)
Gross profit |  | 4,078,892 | 2,691,479
Administrative expenses |  | (2,751,359) | (2,391,002)
Operating profit | 5 | 1,327,533 | 300,477
Profit on sale of tangible fixed assets |  | 600,000 | -
Interest receivable and similar income |  | - | 4
Interest payable and similar expenses | 8 | (526,629) | (508,735)
Profit/(loss) before tax |  | 1,400,904 | (208,254)
Tax on profit/(loss) | 9 | 120,875 | 67,398
Profit/(loss) for the financial year |  | 1,521,779 | (140,856)
Other comprehensive income for the year |  |  |
Revaluation of tangible fixed assets |  | (483,500) | 200,000
Deferred tax thereon |  | 120,875 | (50,000)
Other comprehensive income for the year |  | (362,625) | 150,000
Total comprehensive income for the year |  | 1,159,154 | 9,144
The notes on pages 13 to 29 form part of these financial statements.
Page 9
LYTE LADDERS AND TOWERS LIMITED REGISTERED NUMBER: 11776103 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 1,094,497 |  | 3,814,515
Investments | 13 |  | 16,715 |  | 16,066
|  |  | 1,111,212 |  | 3,830,581
Current assets |  |  |  |  |
Stocks | 14 | 1,880,494 |  | 804,752 |
Debtors: amounts falling due within one year | 15 | 3,905,429 |  | 2,304,892 |
Cash at bank and in hand | 16 | 81,401 |  | 42,728 |
|  | 5,867,324 |  | 3,152,372 |
Creditors: amounts falling due within one year | 17 | (4,813,994) |  | (2,920,137) |
Net current assets |  |  | 1,053,330 |  | 232,235
Total assets less current liabilities |  |  | 2,164,542 |  | 4,062,816
Creditors: amounts falling due after more than one year | 18 |  | (434,749) |  | (3,733,926)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (182,025) |  | (302,901) |
|  |  | (182,025) |  | (302,901)
Net assets |  |  | 1,547,768 |  | 25,989
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 79 |  | 79
Revaluation reserve | 22 |  | - |  | 362,625
Capital redemption reserve | 22 |  | 21 |  | 21
Profit and loss account | 22 |  | 1,547,668 |  | (336,736)
|  |  | 1,547,768 |  | 25,989
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2025.
M Welden
Director
The notes on pages 13 to 29 form part of these financial statements. Page 10
LYTE LADDERS AND TOWERS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 79 | 21 | 362,625 | (336,736) | 25,989
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,521,779 | 1,521,779
Surplus on revaluation of freehold property | - | - | (483,500) | 483,500 | -
Other movement type 1 | - | - | 120,875 | (120,875) | -
At 31 December 2024 | 79 | 21 | - | 1,547,668 | 1,547,768
| The notes on pages 13 to 29 form part of these financial statements.
Page 11
LYTE LADDERS AND TOWERS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 79 | 21 | 212,625 | (195,880) | 16,845
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (140,856) | (140,856)
Surplus on revaluation of freehold property | - | - | 200,000 | - | 200,000
Other movement type 1 | - | - | (50,000) | - | (50,000)
At 31 December 2023 | 79 | 21 | 362,625 | (336,736) | 25,989
| The notes on pages 13 to 29 form part of these financial statements.
Page 12
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The Company is a private limited company, incorporated in England and its registered office is 14th Floor 33 Cavendish Square, London, England, W1G 0PW and its trading address is Beaufort Reach, Siemens Way, Swansea Enterprise Park, Swansea SA7 9BB 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A. This information is included in the consolidated financial statements of Breal Capital (Lyte) Limited as at 31 December 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
After reviewing the Company's forecasts and projections and based on the continued support of the company's principal lenders, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements. Page 13
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.7 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 14
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.9 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 15
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.15 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.16 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 16
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10 years straight line
|  |  |  | Motor vehicles | - | 4 years straight line
|  |  |  | Fixtures and fittings | - | 8 years straight line
|  |  |  | Computer equipment | - | 4 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.17 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.18 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.19 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.20 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 17
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.22 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.23 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 18
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.23 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgment in the process of applying the company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Carrying value of stock: Management review the market value of and demand for the company's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Any provision for impairment is recorded against the carrying value of the stocks. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices. Page 19
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 14,335,801 | 10,159,138
| Rest of Europe | 412,199 | 536,107
|  | 14,748,000 | 10,695,245
| All turnover is attributable to the company's principal activity.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 226,802 | 211,895
| Auditors' remuneration | 36,000 | 24,907
| Exchange differences | (8,928) | (7,932)
| Other operating lease rentals | 29,839 | 9,059
Page 20
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 3,198,884 | 2,420,931
| Social security costs | 275,658 | 203,623
| Cost of defined contribution scheme | 65,989 | 56,887
|  | 3,540,531 | 2,681,441
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Sales & Administration | 24 | 28
|  | Production & Warehouse | 86 | 76
|  |  | 110 | 104
7. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 171,000 | 161,625
| Company contributions to defined contribution pension schemes | 11,760 | 11,010
|  | 182,760 | 172,635
| During the year retirement benefits were accruing to one director (2023 - 1) in respect of defined contribution pension schemes.
Page 21
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 195,414 | 204,539
| Other loan interest payable | 319,931 | 296,596
| Finance leases and hire purchase contracts | 11,284 | 7,600
|  | 526,629 | 508,735
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | (60,000)
| Adjustments in respect of previous periods | - | (7,398)
| Total current tax | - | (67,398)
| Deferred tax |  |
| Origination and reversal of timing differences | (120,875) | -
| Taxation on loss on ordinary activities | (120,875) | (67,398)
Page 22
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - lower than) the applicable rate of corporation tax of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,400,904 | (208,254)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 350,226 | (48,940)
| Effects of: |  |
| Expenses not deductible for tax purpose | 5,386 | 26
| Capital allowances for year in excess of depreciation | - | (3,022)
| Unrecognised deferred tax charges | (36,322) | -
| Difference on deferred tax between current and future tax rates | - | 30,857
| Research and development tax credit | (87,147) | (67,398)
| Profit on sale of freehold property | (150,000) | -
| Capital gains | 268,193 | -
| Changes in provisions | - | (723)
| Unrelieved tax losses carried forward | - | 21,802
| Utilisation of tax losses brought forward | (159,322) | -
| Deferred tax on revaluation reserve | (120,875) | -
| Other differences | (3,783) | -
| Group relief | (187,231) | -
| Total tax charge for the year | (120,875) | (67,398)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. | Exceptional items
|  | 2024 | 2023
|  | £ | £
| Profit on disposal of freehold proprty | (600,000) | -
Page 23

|  | LYTE LADDERS AND TOWERS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 11. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2024 | 2,900,000 | 1,494,807 | - | 246,334 | 166,609 | 4,807,750
| Additions | - | 328,260 | 25,010 | 25,128 | 31,696 | 410,094
| Disposals | (2,900,000) | - | - | - | - | (2,900,000)
| At 31 December 2024 | - | 1,823,067 | 25,010 | 271,462 | 198,305 | 2,317,844
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | - | 737,607 | - | 136,868 | 118,760 | 993,235
| Charge for the year on owned assets | - | 174,592 | 3,647 | 35,006 | 16,867 | 230,112
| At 31 December 2024 | - | 912,199 | 3,647 | 171,874 | 135,627 | 1,223,347
| Net book value |  |  |  |  |  |
| At 31 December 2024 | - | 910,868 | 21,363 | 99,588 | 62,678 | 1,094,497
| At 31 December 2023 | 2,900,000 | 757,200 | - | 109,466 | 47,849 | 3,814,515
| The most recent professional valuation of freehold land and buildings was in October 2023. The valuation was done on a Market Value basis by Landwood Group.
Page 24

LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets (continued)
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  | 2023
|  | £
| Cost | 4,807,750
| Accumulated depreciation | (993,235)
|  | 3,814,515
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2024 | 16,066
| Additions | 649
| At 31 December 2024 | 16,715
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| Lyte Ladders and Towers Ireland Limited | Ordinary | 100%
14. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 1,277,271 | 432,526
| Work in progress | 102,538 | 80,838
| Finished goods and goods for resale | 500,685 | 291,388
|  | 1,880,494 | 804,752
Page 25
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,717,165 | 1,411,704
| Amounts owed by group undertakings | 1,188,362 | 645,965
| Other debtors | 740,947 | 94,616
| Prepayments and accrued income | 258,955 | 152,607
|  | 3,905,429 | 2,304,892
16. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 81,401 | 42,728
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 1,127,208 | 864,956
| Trade creditors | 2,307,581 | 1,447,479
| Other taxation and social security | 973,873 | 208,074
| Obligations under finance lease and hire purchase contracts | 23,746 | 22,933
| Other creditors | 17,252 | 10,229
| Accruals and deferred income | 364,334 | 366,466
|  | 4,813,994 | 2,920,137
| Included within bank loans is an amount of £1,127,062 (2023: £857,407) in relation to a working capital facility, term loans and CBILS, secured by way of fixed and floating charges over all assets of the company. Obligations under finance lease and hire purchase contracts are secured on the assets they relate to.
Page 26
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | - | 1,193,209
| Other loans | 330,001 | 2,428,458
| Net obligations under finance leases and hire purchase contracts | 104,748 | 112,259
|  | 434,749 | 3,733,926
| Included within bank loans is an amount of £Nil (2023: £1,193,209) in relation to term loans and CBILS, secured by way of fixed and floating charges over all assets of the company. Included within other loans is an amount of £300,000 (2023: £629,385) in relation to a parent company loan, secured by way of a debenture over all assets of the company. This security is subordinated to the bank debt. Included within other loans is an amount of Nil (2023: £1,799,073) secured by way of a debenture over all assets of the company. This security is subordinated to the bank debt. Obligations under finance lease and hire purchase contracts are secured on the assets they relate to.
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 1,127,208 | 864,956
| Amounts falling due 1-2 years |  |
| Bank loans | - | 170,161
| Amounts falling due 2-5 years |  |
| Bank loans | - | 1,023,048
| Other loans | 330,000 | 2,428,459
|  | 1,457,208 | 4,486,624
Page 27
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (302,901)
| Charged to other comprehensive income | 120,875
| At end of year | (182,026)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (182,026) | (252,089)
| Tax losses carried forward | - | 70,063
| Property revaluations | - | (120,875)
|  | (182,026) | (302,901)
21. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 750 (2023 - 750) Ordinary A shares of £0.10 each | 75 | 75
|  | 38 (2023 - 38) Ordinary C shares of £0.10 each | 4 | 4
|  |  | 79 | 79
| All shares rank pari passu in all respects.
22. | Reserves
Capital redemption reserve The reserve records the nominal value of shares repurchased by the Company. Page 28
LYTE LADDERS AND TOWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £88,813 (2023: £75,066). Contributions totalling £14,808 (2023: £9,864) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 394,313 | 6,980
| Later than 1 year and not later than 5 years | 1,570,696 | -
| Later than 5 years | 1,938,626 | -
|  | 3,903,635 | 6,980
25. | Related party transactions
| At the balance sheet date, included in creditors due after more than one year was an amount of £300,000 (2023: £2,428,459) due to shareholders of the group. Interest on the loans was charged at 10-15% per annum and the charge for the year was £315,990 (2023: £214,254) and remains unpaid at the balance sheet date.
26. | Controlling party
At 31 December 2024, the immediate and ultimate parent undertaking is Breal Capital (Lyte) Limited, incorporated in England & Wales.
Page 29