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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
COMPANY INFORMATION
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THE LIFT OPERATIONS LIMITED
CONTENTS
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THE LIFT OPERATIONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The principal activity of the Company is the provision and management of production services in respect of advertising.
During 2025, as part of a reorganisation of The Lift's advertising business, the Company became principally responsible for the management and control of the production activities required to deliver advertising projects. The Company's role includes managing, contracting and coordinating production activities and expenditure, working with related parties and third party production suppliers to deliver individual projects. The revised operating structure established a clearer separation between the management and control of production activities undertaken by the Company and the commercial and client facing activities undertaken by The Lift Advertising Limited ("TLA"). Both the Company and TLA are wholly owned subsidiaries of The Lift Holdco Limited. The Company's strategy is to continue developing its production management and control processes, with particular focus on effective project budgeting, cost control and visibility over production expenditure and project profitability.
2025 represented the Company's first period of trading under the revised operating structure.
The Company reported a profit before tax for the period of $0.26 million.
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THE LIFT OPERATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Advertising production is project based and the number, size and timing of projects can vary between periods. The level of the Company's production activity is dependent upon the flow of advertising projects from TLA, for which it provides and manages production services. Changes in production activity and the timing of individual projects can therefore affect the Company's revenue and profitability between reporting periods.
The Company is responsible for managing and controlling significant production expenditure. The financial outcome of individual projects is therefore dependent upon effective project budgeting, cost control and the timely identification and management of changes in production requirements. The Company works with related party and third party suppliers in delivering production activities. Successful delivery of projects therefore depends upon the effective coordination, availability and performance of the production resources and suppliers involved. As a significant proportion of the production activities managed by the Company are undertaken in Mexico, the Company is exposed to fluctuations in the value of the Mexican Peso, particularly against the US Dollar, which can affect production costs and project profitability.
This report was approved by the board on 30 October 2026 and signed on its behalf.
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THE LIFT OPERATIONS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the period ended 31 December 2025.
The profit for the period, after taxation, amounted to $259,953.
The shareholder’s funds of the Company total $259,966. No dividends were declared in the period.
The director who served during the period was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company'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 Company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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THE LIFT OPERATIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the period end.
The director has prepared the financial statements on the going concern basis, having obtained a signed letter of financial support from The Lift Advertising Limited, a fellow subsidiary undertaking, for a period of at least 12 months from the date of signing these financial statements. Further details are given in note 2.2 to the financial statements.
On the basis of the above, the director considers that it is appropriate to prepare the financial statements on a going concern basis.
The auditors, Wisteria Audit Ltd, 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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THE LIFT OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT OPERATIONS LIMITED
We have audited the financial statements of The Lift Operations Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
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THE LIFT OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT OPERATIONS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's 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 Director's Report.
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THE LIFT OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT OPERATIONS 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws.
∙We understood how the Company is complying with those legal and regulatory frameworks through discussions with management and those charged with governance.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−challenging assumptions and judgements made by management in its significant accounting estimates;
−identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
−assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:
∙Reviewing the financial statement disclosures and testing to support documentation to assess compliance with relevant laws and regulations;
∙Performing a detailed review of the Company's period-end adjusting entries;
∙Enquiries being made of management with regard to actual and potential litigation and claims;
∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;
∙Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the occurrence and cut-off of revenue around the period end;
∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
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THE LIFT OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT OPERATIONS LIMITED (CONTINUED)
∙Performing a detailed review of key accounting estimates, and assessing whether the judgements made in arriving at the accounting estimates are indicative of potential bias; and
∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.
A further description of our responsibilities is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Pikes End
Middlesex
HA5 2EX
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THE LIFT OPERATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
REGISTERED NUMBER: 15888288
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 22 form part of these financial statements.
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THE LIFT OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Lift Operations Limited is a private company limited by shares incorporated on 9 August 2024 in England and Wales. The registered office is 86-90 3rd Floor, Paul Street, London, EC2A 4NE.
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 judgement in applying the Company's accounting policies (see note 3). The financial statements are prepared in United States Dollars, as this is the functional and presentational currency of the Company. Monetary amounts in these financial statements are rounded to the nearest dollar. The financial statements cover the long period of 16 months from incorporation on 9 August 2024 to 31 December 2025. The accounting reference period was extended to align the Company's financial year end with the reporting timeline of the group. As this is the first financial period for the Company, no comparative information is presented. The following principal accounting policies have been applied:
The director has prepared the financial statements on the going concern basis, having obtained a signed letter of financial support from The Lift Advertising Limited, a fellow subsidiary undertaking on which the Company is dependent for its activities, for a period of at least 12 months from the date of signing these financial statements. The director has also assessed the financial ability of The Lift Advertising Limited to be able to provide financial support for a period of at least 12 months from the date of signing these financial statements.
On the basis of the above, the director considers that it is appropriate to prepare the financial statements on a going concern basis.
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Non-basic financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in profit or loss.
Other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss. The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. 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.
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Transactions in currencies other than United States Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.
Gains and losses arising on translation are included in the profit and loss account for the period. Accrued Income Management estimate accrued income by considering the project income related to the year that is expected to be invoiced by the Company after the reporting date. Accruals Management estimate accruals by considering the project costs related to the year that are expected to be invoiced after the reporting date.
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
During the period 1,000 ordinary shares having a nominal value of £0.01 were allotted for an aggregate consideration of $13.
Profit and loss account
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THE LIFT OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Lift Operations Limited is a fully owned subsidiary of The Lift Holdco Limited, a private company limited by share capital, incorporated in the United Kingdom, Company number 15923995.
The address of the registered office of The Lift Holdco Limited is 86-90 3rd Floor, Paul Street, London, EC2A 4NE. The ultimate controlling party of The Lift Operations Limited is A A Rodriguez, by virtue of his indirect majority shareholding in the parent company.
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