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 | Trailfinders Group Limited |
|---|---|
| Balance Sheet Date | 28 February 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Xeinadin Audit Limited |
| Case Summary / Press Notice | N/A |
| Entity | Travelopia Group Holdings Limited |
| Balance Sheet Date | 30 September 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 | Vanquis Banking Group plc (3) |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Finance income presented in the statement of cash flows We asked the company for an explanation of the finance income received disclosed in the statement of cash flows. We closed our enquiry after the company agreed to present cash flows from interest received and interest paid separately in its cash flow statement in the 2025 annual report and accounts, including a restatement of the comparative figures. Internally generated intangible assets in the statement of cash flows We asked the company to explain the basis for presenting internally generated intangible assets as a non-cash adjustment in operating activities, rather than an outflow in investing activities, in the statement of cash flows. The company explained that the amount should have been reported within investing activities and agreed to restate the comparative cash flow statement in the 2025 annual report and accounts. Since these restatements affect a primary financial statement, the company agreed to disclose in its 2025 annual report and accounts the fact that the matters had come to its attention as a result of our enquiry. Accounting for Post‑charge‑off assets (PCOA) We asked the company for additional information on the initial and subsequent measurement of PCOA at amortised cost, given the expectation of sale. We closed our enquiry after the company provided satisfactory information. Release of expected credit loss (ECL) provisions to profit or loss We sought an explanation of the basis and approach for the release of ECL provisions to profit or loss when accounts are charged off. The company provided a satisfactory explanation and agreed to clarify its disclosure in the 2025 annual report and accounts. Definition of default We asked the company to clarify its revisions to the definition of default and the impact these had on ECL staging. The company provided a satisfactory explanation and agreed to enhance its disclosure in relation to any future changes to the definition of default. Impairment testing of investment in subsidiaries We asked the company for additional information on the impairment testing of investment in subsidiaries. We were satisfied with the company’s explanation. ECL allowance on amounts owed by group undertakings We asked the company to explain the key assumptions and estimates for its ECL measurement relating to amounts owed by group undertakings, including the assessment of significant increase in credit risk. We closed our enquiry after the company provided a satisfactory response and agreed to enhance its disclosures in this regard in the 2025 accounts. |
| Entity | Vodafone 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) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Vp plc |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Wildcat Petroleum plc |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | Macalvins Ltd |
| Case Summary / Press Notice |
Going Concern We requested clarification of the basis on which the directors satisfied themselves that the company was a going concern, and whether there were material uncertainties in this determination that should have been disclosed. The company provided detail supporting their assessment, and explained that, due to a forecast significant reduction in future operating costs, there was sufficient liquidity to enable the company to meet its liabilities as they fall due over the going concern assessment period, and that there were no material uncertainties to disclose. We closed our enquiry but reminded the company of the requirement, under IAS 1, ‘Presentation of Financial Statements’, to disclose any significant judgements that have been made in determining whether a material uncertainty in respect of going concern exists. |
| Entity | Xaar plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |
| Entity | Zotefoams plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2026 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |
| Entity | 3i Infrastructure plc |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | accesso Technology Group plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Grant Thornton UK LLP |
| Case Summary / Press Notice | N/A |
| Entity | Albion Technology & General VCT PLC |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Johnston Carmichael LLP |
| Case Summary / Press Notice | N/A |
| Entity | Apax Global Alpha Limited |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | KPMG Channel Islands Limited |
| Case Summary / Press Notice | N/A |
| Entity | AstraZeneca PLC |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Auction Technology Group plc |
| Balance Sheet Date | 30 September 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | AXA Insurance UK plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |