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 | Airtel Africa plc |
|---|---|
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Deferred tax in respect of hyperinflationary adjustments to non-monetary assets We asked the company for information about the accounting treatment applied to deferred tax arising from hyperinflationary adjustments to non-monetary assets. The company provided a satisfactory response. Balance held in wallets We requested further information about the nature of, and accounting treatment applied to, amounts described as ‘balance held in wallets’, including the rationale for any distinctions between this item and the amounts described as ‘balance held under mobile money trust’. The company provided this information and clarified that the amounts described as ‘balance held in wallets’ relate solely to the group’s own funds in electronic wallets and are not connected to mobile money customer wallets. |
| Entity | Angling Direct PLC |
| Balance Sheet Date | 31 January 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Price Bailey LLP |
| Case Summary / Press Notice |
Impairment testing of goodwill We queried the company’s allocation of goodwill to cash generating units (CGUs) for the purposes of impairment testing under IAS 36, ‘Impairment of Assets’. The company clarified the CGUs to which goodwill had been allocated, and how these related to its operating segments, and agreed to provide clearer disclosures about this matter in its 2026 financial statements. Impairment testing of property, plant and equipment, other intangible assets and right-of-use assets We asked the company to clarify whether any e-commerce revenue, together with associated costs, had been allocated to individual store CGUs for the purpose of assessing those stores for impairment. The company provided a satisfactory response. We also requested information about how non-store CGUs were assessed for indications of impairment. The company responded satisfactorily and agreed to enhance future disclosures explaining how assets, other than UK store assets, are assessed for impairment. |
| Entity | Applied Nutrition plc |
| Balance Sheet Date | 31 July 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice | N/A |
| Entity | Ashmore Group plc |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Aviva Plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Avon Technologies plc |
| Balance Sheet Date | 30 September 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Barratt Redrow plc |
| Balance Sheet Date | 29 June 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | Bellway p.l.c. |
| Balance Sheet Date | 31 July 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice |
Accounting for contributions to the planning process We asked the company to clarify the accounting treatment of the £83.9 million of contributions to the planning process, including costs relating to Section 75 and Section 106 Planning Agreements and the Community Infrastructure Levy (‘CIL’) referenced in the Strategic Report, as it was unclear from the financial statements how these costs were recognised. The company provided a satisfactory response, explaining that these contributions are capitalised to work‑in‑progress within inventories as overhead costs incurred in bringing inventories to their present location and condition and are generally allocated between plots based on expected total revenue. |
| Entity | BioPharma Credit PLC |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young Chartered Accountants |
| Case Summary / Press Notice | N/A |
| Entity | Celtic plc |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice |
Climate-related financial disclosures We asked the company to provide, in its future annual reports and accounts, further climate-related financial disclosures as required by section 414CB of the Companies Act 2006. The company agreed to include the relevant information in its next report. |
| Entity | Chemring Group PLC |
| Balance Sheet Date | 31 October 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Dr. Martens plc |
| Balance Sheet Date | 30 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Dunelm Group plc |
| Balance Sheet Date | 28 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
Extended Producer Responsibility (EPR) obligations We asked the company to confirm whether a liability had been recognised for obligations under the EPR regulations, as a related risk was disclosed in the company’s strategic report. The company provided a satisfactory response explaining details of the liability recognised. Classification of amounts owed by subsidiary undertakings We sought clarification of the basis on which certain amounts owed by subsidiary undertakings were classified as current assets in the parent company statement of financial position, as a similarly large balance had been presented over several years. The company satisfactorily explained the specific circumstances that led to this classification. |
| Entity | Fidelity Special Values PLC |
| Balance Sheet Date | 31 August 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Fuller, Smith & Turner P.L.C. |
| Balance Sheet Date | 29 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice |
Impairment of investments in subsidiaries We asked the company to explain the events which led to the recognition of an impairment of investments in subsidiaries in the parent company balance sheet, following the acquisition of a subsidiary and a subsequent hive up of assets. We also asked for further details of the treatment of these transactions in the company cash flow statement. The company acknowledged that the amount classified as an impairment should have been reflected as a return of capital and that it would correct the presentation in the 2026 Company Statement of Changes in Equity and Investment in Subsidiaries note. The company also noted that it intended to adopt FRS 101, ‘Reduced Disclosure Framework’, for its 2026 parent company accounts and, therefore, would not be presenting a parent company cash flow statement. We closed our enquiry on this basis. |