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

Notes to the Accounts continued

FINANCIAL STATEMENTS

21. Provisions The carrying amounts and the movements in the provision account are as follows:

24. Deferred tax Deferred taxes arising from temporary differences and unused tax losses are summarised as follows:

Net asset/ (liability)

Net asset/ (liability)

Restructuring costs £000

Warranty provision £000

Other £000

Total £000 8,116 2,393

2025 £000

2024 £000

Carrying amount 1 January 2025

135

7,409 2,177

572 216

(24,079)

Investment properties

(21,855)

Provided in year Released in year Charge in year

–

(969)

Fixed asset temporary differences Losses and other deductions Other temporary differences

(678)

(135)

(1)

(231)

(367)

504

5

– –

(2,014)

(13)

(2,027)

2,800

865

7,571

544

8,115

Carrying amount 31 December 2025

(21,744)

Net liability

(21,663)

22. Trade and other payables – current

The presentation in the statement of financial position takes into account the offsetting of deferred tax assets and liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular jurisdiction determines if a balance related to that jurisdiction is presented within deferred tax assets or liabilities. The presentation of deferred tax assets and liabilities in the statement of financial position is as below.

2025 £000

2024 £000

37,179 19,604 1,627 4,496 62,906

Trade payables

37,589 20,379 1,525 4,848 64,341

Accruals and deferred income

2025 £000

2024 £000

Right-of-use assets within one year

Other payables

2,737

Deferred tax asset Deferred tax liability

972

Trade and other payables

(24,481) (21,744)

(22,635) (21,663)

Net liability

882 329

Corporation tax payable

5,798 2,929 8,727

25. Pensions Lucy Group Limited (the Company) operates a defined benefit pension arrangement called the W Lucy Pension Scheme (the Scheme). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. In addition, the Company operates unfunded unapproved retirement benefits arrangements (UURBs) for certain employees. The details below relate to the cost and liabilities of the W Lucy Scheme and the defined benefit UURBs in aggregate, and to the assets of the W Lucy Pension Scheme. No allowance has been made in these disclosures for any defined contribution pension arrangements the Company may have. The value of the liabilities as at 31 December 2025 in respect of the defined benefit UURBs was approximately £1,303k, compared to £1,044k as at 31 December 2024. This increase in the UURBs liability is predominantly a result of the increase in pensionable salary for the member with this benefit. The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process, the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. The future contributions required to meet the Statutory Funding Objective do not currently affect the balance sheet of the Scheme in these accounts. The most recent comprehensive actuarial valuation of the Scheme was carried out as at 6 April 2023 and the next valuation of the Scheme is due as at 6 April 2026. In the event that the valuation reveals a smaller surplus or a deficit, the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected, it is possible that contributions may be reduced. The Company expects to pay contributions of £150k for expenses plus 21.5% of pensionable salaries for the accrual of new benefits to the Scheme in the year to 31 December 2026.

Social security and other taxes

1,211

Current tax liabilities

23. Trade and other payables – non-current

2025 £000

2024 £000

7,699

Right-of-use assets more than one year

1,291

490 431

Customer advances Deferred income

563 431

8,620

Other payables and liabilities

2,285

3,192

Corporation tax payable

5,133

124

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Lucy Group Ltd Annual Report & Accounts 2025

LUCYGROUP.COM

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