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 | Hays plc |
|---|---|
| Balance Sheet Date | 30 June 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 | Hollywood Bowl Group plc |
| Balance Sheet Date | 30 September 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice |
Classification of cash flows We asked the company to explain its rationale for classifying cash flows relating to an increase in amounts due from group companies as financing activities in the parent company statement of cash flows. The company explained that the increase arose from a non-cash transaction and should have been excluded from the statement of cash flows. The company also explained that it intends to utilise the exemption available under FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to present a parent company statement of cash flows in future annual report and accounts. |
| Entity | HSBC Holdings 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 | John Lewis Partnership plc |
| Balance Sheet Date | 31 January 2026 |
| 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 | Kingfisher plc |
| Balance Sheet Date | 31 January 2026 |
| 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 | Man Group 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 | M&G 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 | MONY Group PLC |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice |
Revenue from cashback services We asked the company to explain why cashback payments to members were recognised as a cost of sales, rather than presented as a reduction of revenue as consideration payable to a customer under IFRS 15, ‘Revenue from Contracts with Customers’. The company satisfactorily explained that members are not the customers for the purposes of IFRS 15 and that cashback payments arise from separate arrangements with members. The company clarified that cashback rates are determined independently of its contracts with merchants, which are the relevant customers, and are not specified in, linked to, or referenced in those contracts. The company proposed to enhance its disclosures in future accounts to make its judgement clearer to readers of the annual report. |
| Entity | Northumbrian Water Group Limited (3) |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Cash and cash equivalents We requested clarification of various matters in the company’s presentation of cash and cash equivalents, the statement of cash flows and the reconciliation of changes in net debt. The company acknowledged that it had included non-cash transactions relating to lease liabilities in the statement of cash flows and the reconciliation of changes in net debt, and misclassified the receipt of a loan repayment under financing activities in the statement of cash flows. It agreed to correct these matters. The company also agreed to restate cash and cash equivalents, and overdrafts, to present the gross balances where there is a right of offset against an overdraft liability but no practice of net settlement, and to correct a misclassification of short-term deposits within the definition of cash equivalents. As the changes affected primary statements, we asked the company to disclose the fact that the matters had come to its attention as a result of our enquiry. Presentation of an impairment loss on trade receivables We asked the company to explain its rationale for not presenting an apparently material impairment loss on trade receivables on the face of the consolidated income statement, as required by IAS 1, ‘Presentation of Financial Statements’. The company set out the quantitative and qualitative factors considered in determining that it was appropriate to present the loss in the notes, confirming that impairment losses will be separately presented on the face of the consolidated income statement where management concludes that such presentation would provide relevant and decision useful information to users. Defined contribution pension scheme We sought an explanation for an apparent inconsistency in disclosures relating to the charge for the defined contribution pension scheme. The company gave a satisfactory response and agreed to enhance its disclosure of the relevant facts. |
| Entity | Orchard Funding Group PLC |
| Balance Sheet Date | 31 July 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | Shipleys LLP |
| Case Summary / Press Notice |
Relationship with Associated Premium Funding Limited (APF) We asked the company about its relationship with APF and to explain whether APF either met the definition of a related party as set out in IAS 24, ‘Related Party Disclosures’, or should be consolidated in accordance with IFRS 10, ‘Consolidated Financial Statements’. The company explained the nature of its relationship with APF, the basis for disclosing it as a related party, and that there were no related party transactions to disclose. The information provided was insufficient for us to conclude on the directors’ judgement that APF should not be included in the consolidated financial statements. However, based on the potential impact we did not consider it proportionate to pursue the matter further. The company expanded the related party disclosures in respect of APF in its report and accounts for the period ended 31 January 2026. |
| Entity | P&O Ferries Division Holdings Limited |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | September 2026 |
| Auditor (5) | Just Audit & Assurance Ltd |
| Case Summary / Press Notice |
Going concern assessment We sought further explanation of the significant estimates and judgements relating to going concern. We also asked the company to clarify the terms of a bridging loan drawn down during the year. We considered the company’s response satisfactory. The company agreed to provide additional disclosures about measures taken to address going concern uncertainties. Investments in subsidiaries We asked for further information about the assessment of long-term loans to and investments in subsidiaries for expected credit losses and impairment. The company explained its respective processes and undertook to reassess the level of disclosure for the 2025 accounts. Presentation of amounts due from group undertakings We queried the basis on which the company presented amounts due from group undertakings under current assets, where the amounts were expected to remain outstanding. The company explained that balances arising from operational transactions are contractually on demand and have no formal expression of intent as to settlement. It distinguishes such balances from debt acquired with an investment in subsidiary. Accounting policy for foreign currency transactions and derivative contracts We sought clarification of the accounting treatment for foreign currency transactions and for any derivative contracts to which the company was party. The response confirmed that the company was not party to any derivative contracts. The company agreed to remove from its accounting policy disclosure wording which appeared non-compliant with IFRS requirements for accounting for foreign currencies. |
| Entity | RELX 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 | Rightmove 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 | Rio Tinto plc |
| Balance Sheet Date | 31 December 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | September 2026 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Rolls-Royce Holdings 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 |