This is how I replaced ratchet strap on my triton trailer as it was not working any longer. Hope this helps you replace yours and also a good way of knowing how to replace your light if it were no longer working.
Good video, I thought this was going to be a quick fix as I have the exact trailer but a double ski that has this same strap went bad after 1 year and wonder why they would design a trailer the you have to pull a taillight out just to put a backup wrench on it to break it free. The must not know how to tap a threaded hole obviously or they would of done it right. Thank goodness it was the outside one as if one of the inside ones break I have no way to reasonably access the nut without building a custom tool. Very big disappointed in this design.