LucyGroup-ARA2024_spreads web ready_FINAL

NOTES TO THE COMPANY ACCOUNTS CONTINUED

BUSINESS OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

6. Other investments

7. Trade and other receivables

2024 £000

2023 £000

2024 £000

2023 £000

30,453

402

Deposit over 90 days Equity securities: listed Group undertakings

10,000

Trade receivables

82

2,928

3,735

2,572

Amounts owed by Group undertakings

3,205

59,416 47,985 140,782

77

45,282 48,795 106,649

Rent debtors

35

1,791 1,668 7,673

Loans to Group undertakings

Prepayments and accrued income

1,637

Other receivables

673

5,632

At 31 December 2024, there were four deposits held with two separate investment grade banks (2023: one deposit with one investment grade bank). Investments in subsidiaries have been written down to the Company net asset value at the year end. Total impairments to investments in subsidiaries were £4.1m (2023: £1.9m), total write backs were £7.2m (2023: £5.1m), additions were £11.1m (2023: £3.0m) and disposals were £nil (2023: £nil) in the year. Quoted investments are classified as available for sale and are recorded at fair value.

8. Trade and other payables – current

2024 £000

2023 £000

119

Trade payables

198

12,502

Amounts owed to Group undertakings

8,212

677 260

Corporation Tax payable

218 241

2024 £000

2023 £000

Social security and other taxes Accruals and deferred income

Group undertakings

4,705 1,265

3,713 1,164

11,537 11,044 10,077

Other payables

Lucy Electric UK Limited Lucy Electric (EMS) Limited

11,537

19,528

13,746

9,995 6,884

Lucy Electric India (Private) Limited Lucy Electric GridKey Limited

9. Provisions All provisions are considered current. The carrying amounts and the movements in the provision account are as follows:

5,096 4,882 4,376 4,118 3,880 2,968

200

Lucy Electric Manufacturing and Technologies India (Private) Limited

4,077 2,048 1,350 4,247 2,870

Lawson Fuses Limited

Flashnet SA

Restructuring costs £000

Warranty provision £000

Lucy Electric (Thailand) Limited Lucy Asia Pacific SDN BHD

Other £000

Total £000

534 533 174

Lucy Switchgear FZE Lucy Zodion Limited Lucy Middle East FZE

534 970 174 155

Carrying amount 1 January 2024

2,008

10

372

2,390

Provided in year Released in year Charge in year

–

– – –

–

–

(1,871)

(104)

(1,975)

90 67 39

Lucy Equipamentos Eletricos Ltda Lucy Electric Beijing Company Limited

(2)

–

(2)

57

Carrying amount 31 December 2024

135

10

268

413

Lucy Electric Australasia Pty Ltd Lucy Developments Limited

183

1 – –

1 – –

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

Lucy Electric South Africa (Pty) Limited

Power Connectors Limited

59,416

45,282

2024 £000

2023 £000

Unquoted equity Investments The Company holds a 30% shareholding in the Saudi Lucy Company Limited, a company registered in Saudi Arabia.

21,882

Investment properties

21,294

99

Fixed asset temporary differences Other temporary differences

(82) (74)

6

21,987

21,138

126

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Lucy Group Ltd Annual Report & Accounts 2024

LUCYGROUP.COM

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