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

Notes to the Accounts continued

FINANCIAL STATEMENTS

17. Principal Group undertakings

18. Inventories

2025 £000

2024 £000

Proportion of ownership interests held by the Group at year end 2025 % 2024 %

49,924

Raw materials and components

61,984

Country of incorporation Principal activity

2,106

Work in progress Finished goods

1,816

Company

26,766

17,259

100

Blakley Electrics Limited

England

Design, development, manufacture and sale of power distribution systems and industrial lighting equipment Design, development, manufacture and sale of fuses

100

Development land and buildings: Land Developments in progress Finished properties for sale

14,115 17,655 4,947 115,513

1,817

21,467 5,845 110,188

100

Lawson Fuses Limited

England

100

100

Lucy Developments Limited

England

Property development

100

19. Trade and other receivables

100

Lucy Electric (EMS) Limited

England

Switchgear product design, development and management services Design, development and manufacture of grid monitoring and control systems Installation and maintenance services for the electric energy distribution industry Design, development, manufacture and sale of power distribution equipment for EV charging Manufacture and sale of switchgear Design, development, manufacture and sale of lighting products Marketing and sale of switchgear Manufacture and sale of switchgear Manufacture and sale of fuses Manufacture and sale of switchgear Manufacture of switchgear and lighting products Marketing and sale of switchgear Design, development, manufacture and sale of smart lighting and smart city control systems Marketing of switchgear

100

2025 £000

2024 £000

100

Lucy Electric Digital Solutions Limited

England

100

Current receivables Trade receivables

53,612

53,579

54

Rent receivables

77

100

Lawson Electric Energy Services Limited

England

100

470 598

Advances to suppliers

1,586

Corporation tax receivable

134

100

Lucy Electric EV Infrastructure Limited

England

100

8,828 3,406

Prepayments and accrued income

7,801 6,427

Other receivables

66,968

Total current receivables

69,604

100 100

Lucy Electric UK Limited

England England

100 100

Lucy Zodion Limited

Non-current receivables Other receivables Total non-current receivables

100 100 100 100 100 100

Lucy Electric Australasia Pty Limited Lucy Equipamentos Eletricos Ltda Lucy Electric Beijing Company Limited Lawson Lucy India (Private) Limited Lucy Electric India (Private) Limited

Australia

100 100 100 100 100 100

667 667

194 194

Brazil China India India India

Total receivables

67,635

69,798

20. Derivative financial instruments

Lucy Electric Manufacturing and Technologies India (Private) Limited

2025

2024

100

Lucy Asia Pacific SDN BHD

Malaysia Romania

100

Asset £000

Liability £000

Asset £000

Liability £000

80

Flashnet SA

80

–

90

Foreign exchange contracts

– – –

87

2,068 2,068

–

Commodity contracts

505 592

100

Lucy Electric MENA Regional Headquarters LLC Saudi Arabia Regional headquarters for Middle East and North Africa region Lucy Switchgear Arabia Company Limited Saudi Arabia Manufacture and sale of switchgear

100

90

100

100

These amounts are included within the disclosure in note 27 – Financial instruments and risk management.

75

Lucy Electric South Africa Pty Limited

South Africa Marketing and sale of switchgear

75

100 100 100 100

Lucy Electric (Thailand) Limited

Thailand

Manufacture and sale of switchgear Marketing and sale of switchgear Manufacture of switchgear Marketing of smart lighting and smart city control systems

100 100 100 100

Lucy Middle East FZE Lucy Switchgear FZE

UAE UAE USA

Flashnet LLC

122

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Lucy Group Ltd Annual Report & Accounts 2025

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