ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 11775391

BREAL CAPITAL (LYTE) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

BREAL CAPITAL (LYTE) LIMITED

COMPANY INFORMATION

Directors	M D Walton
	M A Welden


Company secretary	J D Robinson


Registered number	11775391


Registered office	14th Floor
	33 Cavendish Square
	London
	W1G 0PW


Independent auditor	Sumer Auditco Limited
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

BREAL CAPITAL (LYTE) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 7
Consolidated statement of comprehensive income	8
Consolidated balance sheet	9
Company balance sheet	10
Consolidated statement of changes in equity	11 - 12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 37

BREAL CAPITAL (LYTE) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

The principal activity of the Company during the year was that of a holding company.

The principal activity of the Company's trading subsidiary undertakings is disclosed in note 14.

The Company's principal risk relates to the performance of its subsidiary undertaking.

Business review

The principal activity of the main trading entity is to design, manufacture and distribute ladders, steps, and towers, operating from Swansea and distributing throughout the UK and Ireland.

The turnover in the year was £15.0M (2024: £16.7M) and reported gross profit, £4.6M (2023: £4.2M) at 30.8% (2024: 25.2%). Prior to the year end, the trade and net assets of LFI (2023) Limited , a subsidiary undertaking
were transferred into Lyte Ladders & Towers Limited, the group's main trading entity, in a hive across transaction. LFI (2023) Limited ceased trading on 31 August 2025.

The focus of the management team continues to be exceeded 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 Group 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 Group's strategy are subject to a number of risks.

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 Group’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 Group also has a range of suppliers and so has no concerns regarding continuity of supply.

Credit and liquidity risk

The Group's principal financial assets are trade debtors, the majority of which are fully insured. The Group has no significant concentration of credit risk with a single counterparty as exposure is spread over several counterparties.

The Group'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.

Interest rate risk

Page 1

BREAL CAPITAL (LYTE) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The Group 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 Group is well placed to deal with any such decreases.

Amounts owed from connected undertakings are monitored and actively managed monthly to ensure these are at a level that is acceptable for all parties involved.

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:

2025 2024
Gross Profit (£ 000’s) (gross margin) 4,640 (30.9%) 4,220 (25.3%)
Stock Turn (CoGs / Stock) 6.1 8.8

At an operational level orders, revenue, and gross profit percentage are managed daily.

The Group also monitors staff turnover, as retention of skilled employees is essential for the prosperity of the Group.

This report was approved by the board on 15 October 2026 and signed on its behalf.

M A Welden

Director

Page 2

BREAL CAPITAL (LYTE) 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' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements 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 Group 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 the Group 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 the Group 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 and minority interests, amounted to £651,889 (2024 - £1,248,700).

Directors

The directors who served during the year were:

M D Walton

M A Welden

Matters covered in the Group 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 - 3:

- information on financial risk management and policies; and

- information regarding future developments of the business.

Page 3

BREAL CAPITAL (LYTE) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Auditor

The auditor, 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 15 October 2026 and signed on its behalf.

................................................

M A Welden

Director

Page 4

BREAL CAPITAL (LYTE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BREAL CAPITAL (LYTE) LIMITED

Opinion

We have audited the financial statements of Breal Capital (Lyte) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the Parent 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

BREAL CAPITAL (LYTE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BREAL CAPITAL (LYTE) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 6

BREAL CAPITAL (LYTE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BREAL CAPITAL (LYTE) LIMITED (CONTINUED)

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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 Group 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:

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.

Andrew Hill (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

15 October 2026

Page 7

BREAL CAPITAL (LYTE) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	15,030,726	16,707,505
Cost of sales		(10,390,628)	(12,487,723)
Gross profit		4,640,098	4,219,782
Administrative expenses		(3,654,497)	(2,820,386)
Exceptional other operating charges		-	(270,515)
Operating profit	5	985,601	1,128,881
Gain on disposal of freehold property		-	600,000
Interest payable and similar expenses	7	(130,034)	(524,967)
Profit before taxation		855,567	1,203,914
Tax on profit	8	(165,606)	120,875
Profit for the financial year		689,961	1,324,789

Profit for the year attributable to:
Non-controlling interests	38,072	76,089
Owners of the parent Company	651,889	1,248,700
	689,961	1,324,789

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 17 to 37 form part of these financial statements.

Page 8

BREAL CAPITAL (LYTE) LIMITED

REGISTERED NUMBER: 11775391

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		77,700		87,619
Tangible assets	13		1,152,712		1,274,094
			1,230,412		1,361,713
Current assets
Stocks	15	1,681,018		1,880,494
Debtors: amounts falling due within one year	16	2,710,242		3,420,478
Cash at bank and in hand	17	45,973		113,521
		4,437,233		5,414,493
Creditors: amounts falling due within one year	18	(4,115,825)		(5,436,783)
Net current assets/(liabilities)			321,408		(22,290)
Total assets less current liabilities			1,551,820		1,339,423
Creditors: amounts falling due after more than one year	19		(397,819)		(434,748)
Deferred taxation	21	(241,391)		(182,026)
			(241,391)		(182,026)
Net assets			912,610		722,649

Capital and reserves
Called up share capital	22	100	100
Profit and loss account	23	833,595	681,706
Equity attributable to owners of the parent Company		833,695	681,806
Non-controlling interests		78,915	40,843
		912,610	722,649

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2026.

M A Welden

Director

The notes on pages 17 to 37 form part of these financial statements.

Page 9

BREAL CAPITAL (LYTE) LIMITED

REGISTERED NUMBER: 11775391

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	14		195		195
Current assets
Debtors: amounts falling due after more than one year	16	300,000		300,000
Debtors: amounts falling due within one year	16	600,100		600,100
		900,100		900,100
Creditors: amounts falling due within one year	18	(600,195)		(600,195)
Net current assets			299,905		299,905
Total assets less current liabilities			300,100		300,100

Creditors: amounts falling due after more than one year	19		(300,000)		(300,000)

Net assets			100		100

Capital and reserves
Called up share capital	22	100	100
		100	100

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2026.

M A Welden

Director

The notes on pages 17 to 37 form part of these financial statements.

Page 10


		BREAL CAPITAL (LYTE) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 January 2025	100	681,706	681,806	40,843	722,649
Comprehensive income for the year
Profit for the year	-	651,889	651,889	38,072	689,961
Total comprehensive income for the year	-	651,889	651,889	38,072	689,961
Dividends: Equity capital	-	(500,000)	(500,000)	-	(500,000)
Total transactions with owners	-	(500,000)	(500,000)	-	(500,000)
At 31 December 2025	100	833,595	833,695	78,915	912,610

The notes on pages 17 to 37 form part of these financial statements.

Page 11


		BREAL CAPITAL (LYTE) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 January 2024	100	344,494	(491,302)	(146,708)	(35,246)	(181,954)
Comprehensive income for the year
Profit for the year	-	-	1,248,700	1,248,700	76,089	1,324,789

Total comprehensive income for the year	-	-	1,248,700	1,248,700	76,089	1,324,789
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(420,186)	(420,186)	-	(420,186)
Transfer of revaluation	-	(344,494)	344,494	-	-	-
At 31 December 2024	100	-	681,706	681,806	40,843	722,649

The notes on pages 17 to 37 form part of these financial statements.

Page 12


		BREAL CAPITAL (LYTE) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	336,825	336,925
Comprehensive income for the year
Profit for the year	-	83,361	83,361
Contributions by and distributions to owners
Dividends: Equity capital	-	(420,186)	(420,186)

At 1 January 2025	100	-	100
Comprehensive income for the year
Profit for the year	-	500,000	500,000
Contributions by and distributions to owners
Dividends: Equity capital	-	(500,000)	(500,000)
At 31 December 2025	100	-	100

The notes on pages 17 to 37 form part of these financial statements.

Page 13

BREAL CAPITAL (LYTE) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	689,961	1,324,789
Adjustments for:
Amortisation of intangible assets	9,919	(594,023)
Depreciation of tangible assets	242,041	245,537
Loss on disposal of tangible assets	-	(601,875)
Interest paid	130,034	524,967
Taxation charge	165,606	(120,875)
Decrease/(increase) in stocks	199,476	(447,363)
Decrease/(increase) in debtors	670,434	(722,829)
(Decrease)/increase in creditors	(1,374,747)	2,547,153
Corporation tax received	12,563	41,985
Net cash generated from operating activities	745,287	2,197,466

Cash flows from investing activities
Purchase of tangible fixed assets	(120,659)	(381,668)
Sale of tangible fixed assets	-	3,500,000
Interest received	162	-
Net cash from investing activities	(120,497)	3,118,332
Cash flows from financing activities
New secured loans	514,596	-
Other new loans	-	(42,854)
Repayment of other loans	(525,205)	(4,272,766)
Repayment of/new finance leases	(38,960)	-
Dividends paid	(500,000)	(420,186)
Interest paid	(142,769)	(524,967)
Net cash used in financing activities	(692,338)	(5,260,773)
Net (decrease)/increase in cash and cash equivalents	(67,548)	55,025
Cash and cash equivalents at beginning of year	113,521	58,496
Cash and cash equivalents at the end of year	45,973	113,521

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	45,973	113,521
	45,973	113,521

Page 14

BREAL CAPITAL (LYTE) LIMITED

The notes on pages 17 to 37 form part of these financial statements.

Page 15

BREAL CAPITAL (LYTE) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Net Cash flows	Other non-cash changes	At 31 December 2025
£	£	£	£

Cash at bank and in hand	113,521	(67,548)	-	45,973
Debt due after 1 year	(30,000)	-	-	(30,000)
Debt due within 1 year	(1,652,413)	10,755	-	(1,641,658)
Finance leases	(128,494)	38,960	(9,797)	(99,331)
	(1,697,386)	(17,833)	(9,797)	(1,725,016)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The company is a private limited company, incorporated in England and Wales. The registered office address is 14th Floor 33 Cavendish Square, London, England, W1G 0PW. The principal trading address of the group is Siemens Way, Enterprise Park, Beaufort Reach, 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

• No Statement of Cash Flows has been presented for the parent Company;

• Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole; and

• No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Group as a whole.

The following principal accounting policies have been applied:

2.2

Amendments to FRS 102

The FRC issued Amendments to FRS 102 The Financial Reporting Standard applicable in the UK in
March 2024. The amendments focussed on updating accounting requirements to reflect changes in
International Financial Reporting Standards, particularly with respect to revenue and leases. Whilst
the amendments are not applicable in the current year, they will result in significant changes for the
accounting period commencing 1 January 2026.

The primary change for the company is in the treatment of leases which are currently classified as
operating leases. Right-of-use assets and lease liabilities (net of discounting) will be added to the
balance sheet for leases previously classified as operating leases. The impact on the profit and loss
account and related disclosures will be to replace operating lease rental expense with depreciation on
right-of-use assets and include interest payable on unwinding of lease liabilities.

The financial impact of adjustments required as a result of the change in FRS 102 has not yet been
determined.

Page 17

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

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.

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 Consolidated 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'.

Page 18

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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

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.

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
Office equipment	-	4 years straight line
Tooling	-	3 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.

2.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

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.

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.12

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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Page 20

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Current and deferred taxation (continued)

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.

2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated profit and loss account over its useful economic life.

Negative goodwill is recognised in the profit or loss in the periods in which non-monetary assets acquired, are recovered through use or sale.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

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.

2.17

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 21

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.19

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.

2.20

Financial instruments

The Group 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 Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

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

Page 22

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The Group 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 Group'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 Group's products and achievable selling prices.

Tangible fixed assets

It is the Group’s policy to measure freehold and leasehold properties at fair value less depreciation. The residual values of the properties are taken into consideration in this calculation.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	14,482,726	16,295,306
Rest of Europe	548,000	412,199
	15,030,726	16,707,505

All turnover is attributable to the Group's principal activity.

Page 24

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation	242,041	245,537
Amortisation of goodwill	9,919	(594,023)
Exchange differences / (negative goodwill)	(3,174)	10,853
Other operating lease rentals	393,691	23,841
Auditors remuneration	38,653	48,000

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	3,581,341	3,672,183
Social security costs	413,048	322,954
Cost of defined contribution scheme	81,147	65,989
	4,075,536	4,061,126

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	2	2	2	2
Sales and administration	30	47	-	-
Production and warehouse	95	109	-	-

	127	158	2	2

The total compensation paid to key management personnel during the year was £236,810 (2024: £182,760).

Page 25

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	116,834	277,113
Other loan interest payable	3,565	236,570
Finance leases and hire purchase contracts	9,797	11,284
Other interest receivable	(162)	-
	130,034	524,967

Corporation tax
Current tax on profits for the year	106,241	-

Total current tax	106,241	-

	Deferred tax
	Origination and reversal of timing differences	59,365	(120,875)

Taxation on profit/(loss) on ordinary activities

165,606

(120,875)

Page 26

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Taxation (continued)

Profit on ordinary activities before tax

855,567

1,203,914

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	213,892	300,979
Effects of:
Non-taxable income and non-deductible expenses, including goodwill amortisation and impairment	2,480	(94,183)
Expenses not deductible for tax purposes	671	30,394
Utilisation of tax losses previously unrecognised	(99,026)	(159,319)
Deferred tax expense	59,365	-
Unrecognised deferred tax charges	-	(38,781)
Short-term timing difference leading to an decrease in taxation	-	(37,801)
Adjustment for long accounting periods leading to an increase (decrease) in the tax charge	-	(132,182)
Research and developement tax credit	(13,909)	(87,147)
Profit and capital gains on disposal of freehold property	-	118,193
Unrelieved tax losses carried forward	-	99,847
Deferred tax on revaluation reserve	-	(120,875)
Other differences	2,133	-
Total tax charge for the year	165,606	(120,875)

Page 27

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Taxation (continued)

Factors that may affect future tax charges

The Group has estimated losses of £0.2m (2023: 0.3m) to carry forward against future profits.

9.	Dividends
		2025	2024
		£	£

Dividends paid

500,000

420,186

10.	Exceptional items
		2025	2024
		£	£

Exceptional items

270,515

11.	Profit on disposal of property
		2025	2023
		£	£

Profit on disposal of property

(600,000)

Page 28

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Intangible assets
	Group

	Trademarks	Goodwill	Total
	£	£	£
Cost
At 1 January 2025	6	99,184	99,190
At 31 December 2025	6	99,184	99,190

At 1 January 2025	-	11,571	11,571
Charge for the year	-	9,919	9,919
At 31 December 2025	-	21,490	21,490
Net book value
At 31 December 2025	6	77,694	77,700
At 31 December 2024	6	87,613	87,619

Page 29

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Tangible fixed assets
	Group

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	2,011,067	25,010	271,462	206,035	2,513,574
Additions	84,859	-	7,454	28,346	120,659
At 31 December 2025	2,095,926	25,010	278,916	234,381	2,634,233
Depreciation
At 1 January 2025	927,366	3,647	171,874	136,593	1,239,480
Charge for the year on owned assets	184,777	6,253	33,976	17,035	242,041
At 31 December 2025	1,112,143	9,900	205,850	153,628	1,481,521
Net book value
At 31 December 2025	983,783	15,110	73,066	80,753	1,152,712
At 31 December 2024	1,083,701	21,363	99,588	69,442	1,274,094

Page 30

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.Tangible fixed assets (continued)

The net carrying amount of assets held under finance lease included in plant & machinery is £101,819
(2024: £115,704) and motor vehicles is £15,110 (2024: £21,363)

Page 31

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2025	195
	At 31 December 2025	195

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Lyte Ladders and Towers Limited	Design and manufacture of access equipment, including ladders, step ladders and towers.	Ordinary	95%
Lyte Ladders and Towers Ireland Limited (i)	Distribution of ladders, steps and towers	Ordinary	95%
LFI (2023) Limited	Design and manufacture of access equipment, including ladders and step ladders.	Ordinary	100%

(i) Shares held via Lyte Ladders and Towers Limited. Lyte Ladders and Towers Limited holds 100% of the share capital.

Page 32

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	1,251,387	1,277,271
Work in progress	95,414	102,538
Finished goods and goods for resale	334,217	500,685
	1,681,018	1,880,494

The difference between purchase price or production cost of stocks and their replacement cost is not material.

16.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts owed by group undertakings	-	-	300,000	300,000

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,346,814	2,370,906	-	-
Amounts owed by group undertakings	-	-	600,000	600,000
Other debtors	98,850	765,166	100	100
Prepayments and accrued income	264,578	284,406	-	-
	2,710,242	3,420,478	600,100	600,100

17.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

	Cash at bank and in hand	45,973	113,521

Page 33

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	1,641,658	1,652,413	-	-
Trade creditors	1,771,222	2,327,715	-	-
Amounts owed to group undertakings	-	-	600,000	600,000
Corporation tax	53,789	-	-	-
Other taxation and social security	251,857	976,681	-	-
Obligations under finance lease and hire purchase contracts	31,512	23,746	-	-
Other creditors	18,122	18,911	195	195
Accruals and deferred income	347,665	437,317	-	-
	4,115,825	5,436,783	600,195	600,195

Included within bank loans is an amount of £1,641,658 (2024: £1,652,413) in relation to a working capital facility, secured by way of fixed and floating charges over all assets of the company.

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Other loans	30,000	30,000	-	-
Net obligations under finance leases and hire purchase contracts	67,819	104,748	-	-
Other creditors	300,000	300,000	300,000	300,000
	397,819	434,748	300,000	300,000

Page 34

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	1,641,658	1,652,413
Amounts falling due 1-2 years
Amounts falling due 2-5 years
Other loans	30,000	30,000
	1,671,658	1,682,413

See note 18 for details of security.

21.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(182,026)
	Charged to profit or loss	(59,365)
	At end of year	(241,391)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(241,391)	(252,089)
Tax losses carried forward	-	70,063
	(241,391)	(182,026)

Page 35

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares shares of £1.00 each	100	100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

23.

Reserves

Profit and loss account

Being cumulative profits and losses from activities, together with any capital contributions.

24.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £81,147 (2024 - £65,989). Contributions totalling £16,447 (2024 - £16,467) were payable to the fund at the balance sheet date and are included in creditors.

25.	Commitments under operating leases
	At 31 December 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	392,674	394,313
Later than 1 year and not later than 5 years	1,570,696	1,570,696
Later than 5 years	1,562,089	1,938,626
	3,525,459	3,903,635

26.Contingent liabilities

The company has provided security in respect to any bank debts of its subsidiary undertaking.

Page 36

BREAL CAPITAL (LYTE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Related party transactions
	At the balance sheet date, included in other creditors due after more than one year was an amount of £300,000 (2024: £300,000) due to shareholders of the group and entities in which the directors of the company have a material interest. No interest was charged on the loans for the year £Nil (2024: £Nil).

Page 37