LucyGroup-ARA2024_spreads web ready_FINAL

NOTES TO THE ACCOUNTS CONTINUED

BUSINESS OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

10. Goodwill The movements in the net carrying amount of goodwill are as follows:

11. Other intangible assets

Licences and software £000

Product development £000

Total £000

2024 £000

2023 £000

Gross carrying amount

Gross carrying amount

At 1 January 2023

4,889

3,669

8,558

3,678

Balance 1 January

3,678

Additions Disposals

113

–

113

– –

Addition Write-off

– –

(528)

(18) (18)

(546)

Translation differences

(36)

(54)

3,678

Balance 31 December

3,678

At 1 January 2024

4,438

3,633

8,071

Additions Disposals

12

– –

12

Impairment of goodwill Goodwill arising on business combinations is not amortised but is reviewed on an annual basis, or when there is an indicator that goodwill has been impaired. Goodwill acquired in a business combination is allocated to a cash-generating unit according to the level at which goodwill is monitored by management. Recoverable amounts are based on value in use, which are calculated from cash flow projections using information from the Group’s latest medium-term plans, which are reviewed by the Directors. The medium-term plans cover a five-year period; the growth rate used to extrapolate beyond the medium-term plans is zero. The key assumption used in the value in use calculations is the discount rate. Discount rates have been estimated based on current market assessment of the time value of money as well as future expectations for changes in market conditions. Impairment reviews were performed as at the year-end by comparing the carrying amount of goodwill to the recoverable amount of each asset. The review resulted in no changes in the year (2023: no changes). The components of goodwill are:

(87)

(87) (41)

Translation differences At 31 December 2024

(4)

(37)

4,359

3,596

7,955

Amortisation At 1 January 2023 Charge for year

4,718

658 717

5,376

83

800

Disposals

(528)

(2) (4)

(530)

Translation differences

(36)

(40)

At 1 January 2024 Charge for year

4,237

1,369

5,606

78

751

829

Disposals

(13)

(53)

(66)

Translation differences At 31 December 2024

(4)

(212)

(216)

4,298

1,855

6,153

Net book value At 31 December 2024 At 31 December 2023 At 31 December 2022

2024 £000

2023 £000

61

1,741 2,264 3,011

1,802 2,465 3,182

201 171

3,164

Flashnet SA

3,164

352 162

Lucy Equipamentos Eletricos Ltda

352 162

Lucy Electric Gridkey Ltd

3,678

3,678

102

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Lucy Group Ltd Annual Report & Accounts 2024

LUCYGROUP.COM

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