32816-Lucy-Group-AR-2025 web ready spreads_FINAL

Notes to the Accounts continued

FINANCIAL STATEMENTS

14. Right-of-use assets a) The Group leases a number of fixed assets, and property, plant and equipment (note 12) includes £10.0m right-of-use assets that are leased. Details are shown below:

15. Acquisition of subsidiary undertakings On 18 December 2025, the Company acquired 100% of the share capital of Blakley Electrics Limited. They have been consolidated into the Group financial statements from the date of acquisition. The details of the business combinations are as follows:

Machinery and equipment £000

Property £000

Vehicles £000

Total £000

2025 £000

Cost At 1 January 2025

Fair value of consideration transferred Total cash consideration

7,928 4,461 4,001

2,458

634 332

11,020 5,183 4,001 (3,256)

17,869 7,059 24,928

Additions

390

Non-cash consideration Total investment value

Acquisition of subsidiary undertaking

–

– – –

Disposals

(2,966)

(290)

Recognised amounts of identifiable net assets Property, plant and equipment

Translation differences

(52)

37

(15)

10,873 10,873

At 31 December 2025

13,372

2,595

966

16,933

Total non-current assets

Depreciation At 1 January 2025

Inventories

3,899 3,837 7,059 2,181 16,976

6,067 1,438

1,076

634

7,777 1,865

Trade and other receivables

Depreciation charge for the year

388

39

Intercompany loan

Disposals

(2,507)

(165)

(29)

(2,701)

Cash and cash equivalents

Translation differences At 31 December 2025

16

(53)

–

(37)

Total current assets

5,014

1,246

644

6,904

Lease liabilities

(3,629) (1,090)

Net book value At 31 December 2025 At 31 December 2024

Deferred tax liabilities

8,358 1,861

1,349 1,382

322

10,029

Provisions

(466)

–

3,243

Total non-current liabilities

(5,185)

b) Lease liabilities

Trade and other payables

(3,454) (1,194) (4,648)

Other liabilities

Maturity analysis – undiscounted cash flows

2025

2024

Total current liabilities

2,469 6,337 3,008 11,814

Less than one year One to five years More than five years

1,578 1,401

Identifiable net assets Goodwill on acquisition

18,016

404

6,912

3,383

Lease liabilities – discounted value of lease payments Current

16. Other financial assets

1,627 7,699 9,326

1,525 1,291 2,816

Non-current

2025 £000

2024 £000

c) Amounts recognised in the income statement Interest on leased right-of-use assets

Non-current: Equities, other quoted investments and bonds

322

273

3,187

2,981

Quoted investments are measured at fair value through other comprehensive income. Current: Deposits over 90 days

15,000

30,453

At 31 December 2025 there were two deposits held with one investment grade bank (2024: four deposits held with two separate investment grade banks).

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Lucy Group Ltd Annual Report & Accounts 2025

LUCYGROUP.COM

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