CRR Case Summaries and Entity-specific Press Notices
The FRC publishes, on a quarterly basis, summaries of its findings from recently closed reviews that resulted in a substantive question to a company (‘Case Summaries’). In addition, it publishes the names of companies whose reviews were closed in the previous quarter without the need for a substantive question. No Case Summary is prepared for such reviews.
Case Summaries, which are available for cases closed in the quarter ending March 2021 onwards, are included in the table below. As, currently, the FRC is subject to existing legal restrictions on disclosing confidential information received from a company, the Case Summaries can only be disclosed with the company's consent. Where consent has been withheld by the company, that fact is disclosed in the table.
From March 2018 until March 2021, the FRC published the names of companies whose reviews were closed in the previous quarter but did not prepare Case Summaries. However, on an exceptional basis, specific cases may be publicised through entity-specific Press Notices, which can also be found in the table below.
The FRC’s reviews are based solely on the company’s annual report and accounts (or interim reports) and do not benefit from detailed knowledge of the company’s business or an understanding of the underlying transactions entered into. They are, however, conducted by staff of the FRC who have an understanding of the relevant legal and accounting framework. The FRC’s correspondence with the company provides no assurance that the annual report and accounts (or interim reports) are correct in all material respects; the FRC’s role is not to verify the information provided but to consider compliance with reporting requirements. The FRC’s correspondence is written on the basis that the FRC (which includes the FRC’s officers, employees and agents) accepts no liability for reliance on its letters or Case Summaries by the company or any third party, including but not limited to investors and shareholders.
Key
- Only a certain number of CRR’s reviews result in substantive questioning of the Board. Matters raised may cover questions of recognition, measurement and/or disclosure.
- CRR’s routine reviews of companies’ annual reports and accounts generally cover all parts over which the FRC has statutory powers (that is, strategic reports, directors’ reports and financial statements). Similarly, CRR’s routine reviews of companies’ interim reports will generally cover all information in that document. Limited scope reviews arise for a number of reasons, including those conducted when a company’s annual report and accounts or interim report are selected for thematic review or reviews that have been prompted by a complaint. In accordance with the FRC's Operating Procedures, for Corporate Reporting Review, CRR does not identify those companies whose reviews were prompted by a complaint.
- The FRC may ask a company to refer to its exchanges with CRR when the company makes a change to a significant aspect of its annual report and accounts or interim report in response to a review.
- Case closed after 1 January 2021 but performed under operating procedures that did not allow for the publication of Case Summaries.
- From the quarter ended June 2023, the FRC started identifying the auditor of the annual report and accounts, or the audit firm that issued a review report on the interim report, that was the subject of the CRR review. This information was also back-dated for closed cases publicised from the quarter ended September 2022. Cases marked N/A relate to those published prior to September 2022 or interim reviews that did not have a review opinion.’
Case Summaries
CRR Case Summaries and Entity-specific Press Notices (Excel version)
| Entity | ALSTOM Engineering and Services Limited |
|---|---|
| Balance Sheet Date | 31 March 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice | N/A |
| Entity | AltynGold Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |
| Entity | BDO LLP |
| Balance Sheet Date | 5 July 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Bloor Investments Limited |
| Balance Sheet Date | 30 June 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
Warranty liabilities and dilapidations provisions We asked the company to explain the basis for presenting warranty liabilities and dilapidations provisions within accruals. The company acknowledged that it would be more appropriate to present certain amounts as provisions, together with relevant disclosures, and undertook to correct this prospectively as the effect on the 2024 financial statements was not considered material. We reminded the company that such disclosures need only be provided to the extent they are material and relevant. The company also explained that warranty liabilities do not represent a key source of estimation uncertainty and undertook to remove such disclosures from future annual reports and accounts. Sales of part exchange properties We sought to understand the basis on which the net profit or loss on the sale of part exchange properties was recorded within cost of sales. The company explained that, having considered the FRC’s observations, it had concluded it would be more appropriate to record proceeds from the sale of part exchange properties as other operating income, and the cost and associated expenses as other operating expenses. The company undertook to correct this prospectively since the effect on the 2024 financial statements was not considered material. Advances secured on residential properties We asked the company for further information about advances secured on residential properties. The company explained that these amounts were considered immaterial for the period under review and noted that the accounting policy in relation to these balances would be removed from future annual reports and accounts. |
| Entity | Capita plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Carclo Plc (3) |
| Balance Sheet Date | 31 March 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice |
Offsetting of bank overdraft We questioned why the company presented its multi-party, multi-currency overdraft facility net of its positive cash balances in its consolidated statement of financial position for the year ended 31 March 2024. Following a review of the arrangement, the company concluded that, although there is a legal right of offset, there was no physical transfer of cash either during the year or at the reporting date, and the individual accounts continued to be used during the normal course of business. As a result, the intent to settle net condition for offsetting in IAS 32, ‘Financial Instruments: Presentation’, was not met. The company agreed to restate the 31 March 2024 comparatives in its 2025 accounts, presenting the balances on a gross basis. The company also confirmed its intent to disclose that the matter had come to its attention as a result of our enquiry. |
| Entity | Close Brothers Group plc |
| Balance Sheet Date | 31 July 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | DFS Furniture Plc |
| Balance Sheet Date | 30 June 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice |
Revenue from contracts with customers The revenue accounting policy stated that the group makes interest free credit available to customers, through external finance houses. We sought explanation of the basis for recognising revenue net of the fee charged by external finance houses, rather than as a gross sale and an associated cost for transferring the receivable on a non-recourse basis. The company provided a satisfactory response and agreed to enhance its revenue accounting policy and update related disclosures in its future annual reports and accounts. |
| Entity | European Assets Trust PLC (3) |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
We asked the company to explain why the currency translation adjustments for the year were recognised directly in equity, rather than in other comprehensive income. The company acknowledged that the translation adjustments should have been recognised in other comprehensive income and agreed to present a Statement of Other Comprehensive Income in future reports and accounts. As the restatement affected a primary statement, we asked the company to disclose that the matter had come to its attention as a result of our enquiry. |
| Entity | Frasers Group Plc |
| Balance Sheet Date | 28 April 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | September 2025 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice | Consent withheld |
| Entity | FW Thorpe Plc |
| Balance Sheet Date | 30 June 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
Obligations to purchase non-controlling interests (NCI) We asked for explanations about the nature of arrangements with NCI and the accounting treatment applied by classifying NCI as financial liabilities measured at fair value through profit or loss. The company provided a satisfactory explanation and agreed to enhance the NCI accounting policy disclosures to clarify its accounting approach in its next annual report and accounts. Reclassification of comparative cash flows We asked the company to explain the basis for restating its comparative cash flow statement to classify payments relating to obligations to purchase shares in a subsidiary as cash flows from financing activities. We closed our enquiries after it explained the rationale for the restatement, together with the judgements applied. Defined benefit pension scheme We asked for further information to help us understand the future expected contributions to the defined benefit pension scheme and the accounting treatment applied to the additional liability. We were satisfied with the company’s explanations and its agreement to present the additional funding liability as a pension liability in its next annual report and accounts. |
| Entity | Great Southern Copper plc (3) |
| Balance Sheet Date | 31 March 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice |
Parent company statement of cash flows We asked the company to explain the basis for presenting cash flows relating to long-term loans to its subsidiary as operating activities in the parent company’s statement of cash flows. The company acknowledged that these cash flows should have been presented as investing activities and agreed to restate the comparative amounts in its 2025 annual report and accounts. As the change affected a primary statement, we asked the company to disclose that the matter had come to its attention as a result of our enquiry. |
| Entity | Hercules plc |
| Balance Sheet Date | 30 September 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | CLA Evelyn Partners Limited |
| Case Summary / Press Notice | N/A |
| Entity | H&M Hennes & Mauritz UK Limited |
| Balance Sheet Date | 30 November 2023 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Summary of findings Bad debt provision We asked for information to help us understand whether an additional bad debt provision of £3.5 million identified after the year-end had been treated as an adjusting or non-adjusting post-balance sheet event. We closed our inquiry after the company explained that the provision was an adjusting post-balance sheet event and was included in its balance sheet at 30 November 2023. Customer loyalty scheme We asked the company to explain its accounting policy which stated that material rights arising from a customer loyalty scheme were recognised by crediting cost of sales, rather than deferring revenue on the balance sheet. The company explained that the accounting policy was inaccurate, and agreed to amend the disclosure in its 2024 annual report and accounts. |
| Entity | HSBC Holdings Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |