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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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LYTE LADDERS AND TOWERS LIMITED
COMPANY INFORMATION
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LYTE LADDERS AND TOWERS LIMITED
CONTENTS
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LYTE LADDERS AND TOWERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report for the year ended 31 December 2025.
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 £14.5M (2024 : £14.7M) and reported gross margin £4.4M (2024 : £4.08M) at 30.0% (2024 : 27.7%). Prior to the year end, the trade and net assets of LFI (2023) Limited , a sister undertaking was transferred into the company in a hive across transaction in order to improve the financial strength of the company. 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.
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. 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.
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LYTE LADDERS AND TOWERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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)/ Margin (%) 4,379 (30.0%) 4,079 (27.7%) Stock Turn (CoGs / Stock) 6.0 5.7 The improvements in Gross Profit margin are attributable to the effective management of direct costs. The stock turns improvement was primarily 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 15 October 2026 and signed on its behalf.
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LYTE LADDERS AND TOWERS 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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.
The profit for the year, after taxation, amounted to £761,439 (2024 - £1,521,779).
The directors who served during the year were:
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.
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LYTE LADDERS AND TOWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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LYTE LADDERS AND TOWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED
We have audited the financial statements of Lyte Ladders and Towers Limited (the 'Company') for the year ended 31 December 2025, 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 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.
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LYTE LADDERS AND TOWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED)
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.
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.
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.
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LYTE LADDERS AND TOWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED)
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;
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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;
∙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.
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LYTE LADDERS AND TOWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LYTE LADDERS AND TOWERS LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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LYTE LADDERS AND TOWERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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LYTE LADDERS AND TOWERS LIMITED
REGISTERED NUMBER: 11776103
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 34 form part of these financial statements.
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LYTE LADDERS AND TOWERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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LYTE LADDERS AND TOWERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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 net assets of a fellow subsidiary LFI (2023) Limited were hived across to Lyte Ladders & Towers Limited during the year and this process was concluded on 31 December 2025. The trade of LFI (2023) Limited was transferred into the Company with effect from 1 September 2025 and the results for the year include this business from this date.
The following principal accounting policies have been applied:
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.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 2025 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
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.
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.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Purchased goodwill
Goodwill
Goodwill arising on the hive across of LFI (2023) Limited has been recognised at the fair value of the assets and liabilities, other than purchased goodwill, transferred. Goodwill is amortised over a period of 4 years.
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.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (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:
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.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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: Significant Judgements and Estimates 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. Impairment of goodwill: The company recognises goodwill arising on business combinations and tests it for impairment in accordance with Section 27 of FRS 102. Goodwill arising on the hive across of LFI (2023) Limited is assessed for impairment. Management assess the performance of the business together with economic and trading outlooks, to determine whether there are indicators of impairment. If such indicators exist, the key areas of sensitivity in the calculation are the future profit projections and indicative valuation multiples.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
Page 25
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LYTE LADDERS AND TOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Goodwill (continued)
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