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 | 3i Group plc |
|---|---|
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice |
This company was selected as part of our thematic review of investment trusts, venture capital trusts and other closed-ended entities and, as such, only disclosures included in the scope of the thematic were reviewed. Investment entity definition We asked the company to provide further details about the significant judgement involved in determining that it qualified as an investment entity under IFRS 10, ‘Consolidated Financial Statements’, including an explanation of the company’s exit strategies. The company satisfactorily provided this information and agreed to expand relevant disclosures in future annual reports. Action run-rate adjustment We asked the company for additional information about the run-rate adjustment which was applied to the valuation of its largest investment, Action, including the sensitivity of the valuation to changes in the adjustment. The company satisfactorily provided this information and explained that it does not consider the adjustment to be a significant unobservable input to the valuation. |
| Entity | abrdn Diversified Income and Growth plc |
| Balance Sheet Date | 30 September 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
This company was selected as part of our thematic review of investment trusts, venture capital trusts and other closed-ended entities and, as such, only disclosures included in the scope of the thematic were reviewed. Fair value measurement of private markets investments We asked the company, which was in a managed wind-down, to provide further details about the valuation techniques and assumptions used in measuring the fair value of its private markets investments. We requested that the response include quantitative information about any adjustments made to the net asset values (‘NAV’) received from third parties and an explanation of the extent to which certain investment characteristics and illiquidity concerns described in the strategic report had been considered as part of these values. In addition, we asked whether investment values represented fair value in the light of the company’s announcement, issued in April 2025, indicating that investments might be sold at below reported NAV. The company provided a satisfactory response, including an explanation of the way in which it had taken account of the International Private Equity and Venture Capital Valuation Guidelines in valuing its investments. |
| Entity | ActiveOps plc |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | MHA Audit Services LLP |
| Case Summary / Press Notice | N/A |
| Entity | Aptitude Software Group plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice | N/A |
| Entity | Auto Trader Group plc |
| Balance Sheet Date | 30 September 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | BAM Construct & Ventures UK Limited |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Big Yellow Group PLC |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Boparan Holdco Limited |
| Balance Sheet Date | 27 July 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | Brickability Group PLC |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice | N/A |
| Entity | British Airways Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Caledonia Investments plc |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice | N/A |
| Entity | Cambridge Retail Group Holding Limited |
| Balance Sheet Date | 4 January 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Card Factory plc (3) |
| Balance Sheet Date | 31 January 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice |
We queried why a cash flow in respect of dividend payments was classified within investing activities in the parent company cash flow statement. The company acknowledged that the amount should have been included within financing activities and agreed to revise the presentation and restate comparative figures in its 2026 annual report and accounts. As the change affected a primary statement, we asked the company to disclose the fact that the matter had come to its attention as a result of our enquiry. |
| Entity | Castings P.L.C. |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice | N/A |
| Entity | Convatec Group Plc |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |