LucyGroup-ARA2024_spreads web ready_FINAL

NOTES TO THE ACCOUNTS

BUSINESS OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

1. Accounting policies and presentation Basis of preparation

4. Operating profit

2024 £000

2023 £000

The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the UK (‘adopted IFRSs’) and comply with IFRSs as issued by the International Accounting Standards Board (IASB). New and amended standards that became effective during the year None of the amendments to IFRSs that were issued by the International Accounting Standards Board effective for accounting periods that begin 1 January 2024 have had an impact on the Group’s reported results. Standards and amendments issued by the International Accounting Standards Board (IASB) not effective for the current year and not early adopted by the Group The Group has not early adopted any of the new, but not yet effective, Standards or amendments to existing Standards as published by the International Accounting Standards Board (IASB). Such standards have not been disclosed as they are not expected to have a material impact on the Group’s consolidated financial statements. 2. Profit for the financial year The Group profit for the year after taxation includes a profit of £45.4m (2023: £38.0m), which is dealt with in the financial statements of the Company. 3. Analysis of turnover and profit between activities and markets The total turnover of the Group was £409.3m (2023: £359.1m) of which £10.5m (2023: £9.4m) related to UK exports. In the opinion of the Directors, it would be prejudicial to the interests of the Group to disclose a detailed analysis of turnover or profit.

a) Operating profit is stated after charging:

5,987

Depreciation of tangible fixed assets Amortisation of intangible fixed assets Loss/(gain) on disposal of fixed assets

5,936

829 165

800

(205)

Operating lease rentals Plant and machinery

160 750

126 651

Land and buildings

13,045

Research and development

9,796 1,973

2,024

Directors’ remuneration (see Note 31)

118

Hire of plant

154

b) Operating profit is stated after crediting: Rental income

9,883

9,090

(4,497)

Less related expenses

(3,717)

5,386

5,373

235

Gain/(loss) on translation of foreign currency

(1,694)

c) Auditors’ remuneration Audit of these financial statements

39

36

216 255

Audit of financial statements of subsidiaries

182 218

Total audit fee

2024 £000

2023 £000

66

Amounts received by auditors and subsidiary auditors in respect of other services

84

409,331

Revenue from contracts with customers

359,124

6

Fees in respect of and borne by the W Lucy Pension scheme

6

a) Contract assets and liabilities Contract assets/liabilities relate to the Group’s rights of consideration for services provided on contracts. There were no contract assets at 31 December 2024 (2023: nil).

5. Employee remuneration Expenses recognised for employee benefits are analysed below:

2024 £000 4,344 2,202 6,546

2023 £000 5,853 1,944 7,797

2024 £000

2023 £000

Contract liabilities – customer advances Contract liabilities – deferred income

60,619

Wages and salaries Social security costs

54,459

3,889 3,708

3,480 3,152

Total contract liabilities

Pension costs

68,216 61,091 The average number of permanent employees during the year was 1,802 (2023: 1,679) of which 181 were administrative (2023: 179).

b) Revenue recognised in relation to contract liabilities Revenue was recognised in the current reporting period relating to carried forward contract liabilities as below:

2024 £000 4,926 1,443 6,369

2023 £000

Contract liabilities – customer advances Contract liabilities – deferred income

4,810

693

5,503

98

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Lucy Group Ltd Annual Report & Accounts 2024

LUCYGROUP.COM

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