Francis & Lewis International Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is designing, manufacturing, and installing steel structures for telecommunications, railways, highways, and nuclear power. The structures supplied include towers, masts, mast strengthening components, rail platforms, retaining walls, frames for embedment in concrete in nuclear power stations, rail signal footings, screw piles and other foundations and ancillary structures.

Fair review of the business

FLI had another good year. Sales were lower than 2024, but profits were still good. The Directors thank staff for their hard work, initiative, and cooperation in making 2025 another successful year.

In 2025, FLI developed new products for a strong Telecommunications market. This included alternating piles, a raked pile interface, a pile connection with redundancy, an internal thrust washer for increased pile tolerance and the FLextender range of pile frames, which are extendable and offer pile positioning flexibility. FLI also developed a new station platform product, FLIfall, including a top-down leveller for cross falls and FLIcc’r, which is FLI’s clean construction foundation and ground floor slab solution with minimal excavation and no wet trades. FLI also developed its own flooring system for a footbridge being deployed in 2026.

FLI invested strongly in its business in 2025, with a total spend of £920,146 in capital expenditure and an estimated spend of £578,000 in R&D.

The company's key financial and other performance indicators during the year were as follows:

	Unit	2025	2024
Profit: Pre-tax margin	%	22.7	25.9
Sales	£m	11.0	13.7

Projects: FLI continued to supply tower remediation and strengthening solutions in Telecoms to extend the life of the networks, as well as providing new towers, monopoles and bases. A notable project involved supplying two 40m towers for the financial markets, supported on screw piles and with cabins founded on FLIrals, a patented solution. On the Rail, FLI worked on a station platform upgrade at South Bermondsey. In Construction, FLI was involved in providing foundations for a disabled ramp in a public park.

R&D: Expenditure is estimated at £578k approximately (2024: £500k). FLI’s development efforts focussed on piling solution, station platforms and flooring.

Health and Safety: 57 days were lost to RIDDOR reportable accidents (2024: 34 days).

Environment: Procedures are accredited to ISO14001.

Training: Expenditure on external training was £47k (2024: £42k). 281 days of safety training was provided (2024: 145).

Francis & Lewis International Limited

Strategic Report for the Year Ended 31 December 2025

Quality: The reliability of manufactured pieces was 99.9% (2024: 99.8%). There is an ongoing initiative to accelerate continuous improvement at FLI, including upgrades to the facilities, the plant, the products, the systems and the culture. FLI had trialled its pile design tool with its customers and is now integrating it with the eStore. Automation is ongoing, including on the structural analysis process. FLI installed new accounts software with automation and matching Sales software and plans to install linking operational software.

Capital Expenditure: This amounted to £920k (2024: £242k). The larges item was a new steel angle processing Line.

Staff: The average number of staff was 77 (2024: 74).

Bonus: A bonus of 12% was paid to staff (2024: 16.1%).

Principal risks and uncertainties

Credit risk from customers defaulting on payments is avoided by thorough credit assessments and restricting business to reputable companies. The price of steel has varied but less than in the previous year. On long term contracts prices are reviewable at intervals to cover increases in the cost of steel and maximum escalations are accepted, with higher increases passed on to the customer. On short term contracts, FLI is currently spot pricing.

Approved by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley Director

Francis & Lewis International Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

Mrs J Garbutt

Mr W J Haley

Mr Will Haley

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

Credit risk from customers defaulting on payments is avoided by thorough credit assessments and restricting business to reputable companies. The price of steel has varied but less than in the previous year. On long term contracts prices are reviewable at intervals to cover increases in the cost of steel and maximum escalations are accepted, with higher increases passed on to the customer. On short term contracts, FLI is currently spot pricing.

Future Developments

The future developments of the business are included within the strategic report.

Approved by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley Director

Francis & Lewis International Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 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.

Francis & Lewis International Limited

Independent Auditor's Report to the Members of Francis & Lewis International Limited

Opinion

We have audited the financial statements of Francis & Lewis International Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 2025 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 auditor 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 UK, including the FRC’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 original financial statements were 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.

Francis & Lewis International Limited

Independent Auditor's Report to the Members of Francis & Lewis International Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our 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 and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 5, 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.

Francis & Lewis International Limited

Independent Auditor's Report to the Members of Francis & Lewis International Limited

Auditor 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 auditor’s 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

Francis & Lewis International Limited

Independent Auditor's Report to the Members of Francis & Lewis International Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•	agreeing financial statement disclosures to underlying supporting documentation;
•	reading the minutes of meetings of those charged with governance;
•	enquiring of management as to actual and potential litigation and claims; and
•	reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's 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 auditor’s 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.

Joseph Doggrell BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

29 July 2026

Francis & Lewis International Limited

Profit and Loss Account
for the Year Ended 31 December 2025

	Note	2025  £	2024  £
Turnover	3	11,046,297	13,704,673
Cost of sales		(6,551,542)	(8,104,686)
Gross profit		4,494,755	5,599,987
Administrative expenses		(2,086,516)	(2,055,719)
Other operating income	4	115,816	-
Operating profit	5	2,524,055	3,544,268
Other interest receivable and similar income		-	1,461
Interest payable and similar charges	6	(9,720)	7,121
Profit before tax		2,514,335	3,552,850
Taxation	10	(96,456)	(539,366)
Profit for the financial year		2,417,879	3,013,484

The above results were derived from continuing operations.

Francis & Lewis International Limited

(Registration number: 02652113)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	12	1,526,540	869,631
Current assets
Stocks	13	999,844	614,721
Debtors	14	2,582,621	2,878,284
Cash at bank and in hand		1,901,565	2,702,166
		5,484,030	6,195,171
Creditors: Amounts falling due within one year	16	(1,077,002)	(1,695,686)
Net current assets		4,407,028	4,499,485
Total assets less current liabilities		5,933,568	5,369,116
Provisions for liabilities	17	(358,160)	(211,587)
Net assets		5,575,408	5,157,529
Capital and reserves
Called up share capital		20,000	20,000
Retained earnings		5,555,408	5,137,529
Shareholders' funds		5,575,408	5,157,529

Approved and authorised by the Board on 29 July 2026 and signed on its behalf by:
 

Mr Will Haley Director

Francis & Lewis International Limited

Statement of Changes in Equity
for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2025	20,000	5,137,529	5,157,529
Profit for the year	-	2,417,879	2,417,879
Dividends	-	(2,000,000)	(2,000,000)
At 31 December 2025	20,000	5,555,408	5,575,408