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 | CHESNARA PLC |
|---|---|
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | Costco UK Holdings Limited |
| Balance Sheet Date | 3 September 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | CPPGroup Plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |
| Entity | Criterion Healthcare Plc |
| Balance Sheet Date | 30 April 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | Johnston Carmichael LLP |
| Case Summary / Press Notice | N/A |
| Entity | DotDigital Group Plc |
| Balance Sheet Date | 30 June 2023 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | Moore Kingston Smith |
| Case Summary / Press Notice |
Revenue accounting policy We could not fully understand from the company’s disclosures the nature of the company’s revenue and the related performance obligations. The company agreed to enhance its accounting policy for revenue recognition in its future accounts to enable users to understand the performance obligations arising and the point, or period over which, these were satisfied. Recognition of research and development enhanced claim income Offsetting – balances with subsidiary undertaking We asked for clarification of whether the conditions for the offset of financial assets and liabilities had been met as it appeared that payable and receivable balances with a subsidiary undertaking had been offset in the parent company balance sheet. The company acknowledged that these balances should have been presented on a gross basis and agreed to restate the comparative balance sheet in its next accounts. |
| Entity | Energean plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Entain plc |
| Balance Sheet Date | 30 June 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Epwin Group Plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice | N/A |
| Entity | FGP Topco Limited |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Fidelity China Special Situations PLC |
| Balance Sheet Date | 31 March 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | Finning Holdings |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Strategic report We sought clarification of the basis on which the company considered it was exempt from presenting a strategic report and associated climate-related financial disclosures. The company acknowledged no exemption was available and agreed to include, in its 2024 annual report and accounts, a strategic report and associated climate-related financial disclosures. |
| Entity | Fresnillo plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice |
Recoverability of Soledad-Dipolos assets We asked for information about the company’s conclusion that the carrying value of property, plant and equipment, and inventory related to the Soledad-Dipolos mine was recoverable. The company provided a satisfactory explanation of the factors it considered and the basis for its conclusion. Claims from the El Bajio agrarian community We asked for information about any liabilities or contingent liabilities arising from litigation and claims from the El Bajio agrarian community. The company provided a satisfactory explanation of the basis on which the disclosures were made. |
| Entity | Glencore plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | March 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Reclassification of comparative amounts We asked the company to provide more details about several reclassifications of comparative amounts that were disclosed in the notes to the financial statements. The company explained that the reclassifications related to the correction of errors in the prior year and agreed to provide more detailed explanations of the nature of any future restatements of comparative amounts. Accounting policy for physical advances and prepayments We noted some changes to the wording of the accounting policy for physical advances and prepayments compared with the prior year policy and requested further information in relation to these changes and how the policy had been applied. The company’s response was satisfactory; it included an explanation that the changes did not represent a change in accounting policy but were disclosure enhancements to the existing policy. The company agreed to further enhance the description of this policy in its next set of accounts by referring to applicable accounting policies and eliminating potentially unclear language |
| Entity | H&T Group Plc |
| Balance Sheet Date | 31 December 2023 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |
| Entity | Impellam Group Limited |
| Balance Sheet Date | 5 January 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | March 2025 |
| Auditor (5) | BDO LLP |
| Case Summary / Press Notice | N/A |