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.’
Cases
CRR Case Summaries and Entity-specific Press Notices (Excel version)
| Entity | Anglo American Plc |
|---|---|
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Antofagasta plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | AO World Plc |
| Balance Sheet Date | 30 September 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | ARAG Legal Expenses Insurance Company Limited |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | ASOS Plc |
| Balance Sheet Date | 31 August 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Avingtrans plc |
| Balance Sheet Date | 31 May 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | Cooper Parry Group Limited |
| Case Summary / Press Notice |
Acquisition of Adaptix Limited We asked the company about the circumstances surrounding the acquisition of Adaptix Limited in September 2023, and of the reasons for the apparent difference in value between its 18% previously held interest and the remaining 82% interest purchased in the acquisition. The company explained that the initial shareholding had certain preferential rights which gave rise to a higher fair value than might be expected based on the percentage shareholding. We closed our enquiry observing that better disclosures about the fair value measurement of the previously held interest and the business combination would have assisted a user in understanding the transaction. |
| Entity | Barclays Plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Cardiogeni PLC |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Grenfell James Audit LLP |
| Case Summary / Press Notice |
Revised accounts We observed that the company had filed an ‘amended’ annual report for the year ended 31 March 2025 with Companies House on 11 November 2025, which replaced the annual report filed on 7 October, made up to the same date. The amended annual report did not appear to comply with the requirements of section 454 of the Companies Act 2006 (the Act) or paragraphs 4, 4A and 5 of Statutory Instrument 2008/373, ‘The Companies (Revision of Defective Accounts and Reports) Regulations 2008’. The company acknowledged errors in the process of filing and subsequently correcting accounts and explained the steps that it intends to take to rectify the situation. Strategic report We asked the company to explain how its strategic report met the disclosure requirements in s414C of the Act. We also observed that the strategic report did not include a section 172(1) statement as required by section 414CZA of the Act. The company agreed to provide a strategic report addressing all requirements of section 414C of the Act as well as a section 172(1) statement in future annual reports. |
| Entity | Cennox Group Limited (3) |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice |
We asked the company to explain why it had not recognised a provision in relation to an employment tribunal claim. The company explained that it had no obligation in relation to the claim but that a provision should have been recognised in the accounts of its subsidiary, Cennox Limited. The company indicated that Cennox Limited will restate the comparative amounts in its 2025 accounts and disclose that the matter came to its attention as a result of our enquiry. |
| Entity | Close Brothers Group plc |
| Balance Sheet Date | 31 July 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Dechra Topco Limited (3) |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
Disposal of a product portfolio and the related cash flows We asked the company to explain the treatment in the statement of cash flows for the disposal of a product portfolio. The company explained that the cash flows had been included within operating activities as part of non-underlying items to reflect management’s presentation of performance. The company agreed to restate the comparative statement of cash flows in its next annual report to present the proceeds within investing activities. As this change affected a primary statement, the company also agreed to disclose the fact that the matter had come to its attention as a result of our enquiry. |
| Entity | Domino's Pizza Group plc |
| Balance Sheet Date | 28 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | F & C Investment Trust plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Future plc |
| Balance Sheet Date | 30 September 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Classification of amounts owed to group undertaking We enquired about the basis on which amounts due to group undertakings were classified as non-current liabilities in the parent company balance sheet. The company satisfactorily responded to our enquiries and undertook to amend the narrative relating to the notice period for repayments in the 30 September 2026 annual report. |
| Entity | Greencoat UK Wind Plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice | N/A |