LucyGroup-ARA2024_spreads web ready_FINAL

NOTES TO THE ACCOUNTS CONTINUED

BUSINESS OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

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

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

Restructuring costs £000

Warranty provision £000

Net asset/ (liability)

Net asset/ (liability)

Other £000

Total £000

2024 £000

2023 £000

Carrying amount 1 January 2024

2,238

6,037 7,903

2,285

10,560

(21,855)

Investment properties

(21,293) (1,150)

Provided in year Released in year Charge in year

–

51

7,954

(678)

Fixed asset temporary differences Losses and other deductions Other temporary differences

(2,101)

–

(1,651)

(3,752) (6,646)

5

579

(2)

(6,531)

(113)

865

1,091

135

7,409

572

8,116

Carrying amount 31 December 2024

(21,663)

(20,773)

21. 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.

2024 £000

2023 £000

37,589 20,379

Trade payables

42,629 21,819

Accruals and deferred income Loans repayable within one year Right-of-use assets within one year

2024 £000

2023 £000

–

286

1,525 4,848

1,453 4,353

972

Deferred tax asset Deferred tax liability

787

Other payables

(22,635) (21,663)

(21,560) (20,773)

64,341

70,540

Net liability

5,798 2,929 8,727

Corporation tax payable

3,847 3,392 7,239

24. 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 2024 in respect of the defined benefit UURBs was approximately £1,044k, compared to £771k as at 31 December 2023. This increase in the UURBs liability is predominately 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 future valuations reveal a worse position than expected, 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 2025. The Scheme is managed by a board of Trustees appointed in part by the Company and in part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme’s assets. The Trustees delegate some of these functions to their professional advisers where appropriate.

Social security and other taxes

22. Trade and other payables – non-current

2024 £000

2023 £000

1,291

Right-of-use assets more than one year

2,152

563 431

Customer advances Deferred income

563 378

5,133 7,418

Corporation tax payable

6,744 9,837

108

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Lucy Group Ltd Annual Report & Accounts 2024

LUCYGROUP.COM

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