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 | Keepmoat Homes Limited |
|---|---|
| Balance Sheet Date | 31 October 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | June 2026 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Lift Global Ventures Plc |
| Balance Sheet Date | 30 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | June 2026 |
| Auditor (5) | Edwards Veeder (UK) Limited |
| Case Summary / Press Notice |
Warrants over listed securities We asked the company to explain the accounting applied to warrants received, as it was unclear why a financial liability had been recognised in addition to a financial asset. The company satisfactorily explained that the financial liability represented a payable commission. It also confirmed that the warrants had since been exercised. We also queried the basis for categorising the warrants within Level 2 of the fair value hierarchy, given that volatility appeared to be a significant unobservable input, which would ordinarily indicate a Level 3 category. The company noted our observations and agreed to consider them, if relevant, going forward. Claim received after the reporting date We asked the company for clarification regarding the disclosure of a claim received after the reporting date. We closed our enquiry after it explained that the amount subject to the claim was included within the financial liability recognised in relation to the warrants. |
| Entity | Mitchells & Butlers plc |
| Balance Sheet Date | 27 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 | Moonpig Group plc |
| Balance Sheet Date | 30 April 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 | Nanoco Group plc |
| Balance Sheet Date | 31 July 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice | N/A |
| Entity | NewRiver REIT plc |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice |
Classification of amounts owed from subsidiary undertakings We sought clarification of the basis on which certain amounts owed from subsidiary undertakings were classified as current assets in the parent company balance sheet. The company agreed to reconsider the classification adopted for part of the balance in the comparative figures of its 2026 annual report and accounts. |
| Entity | NORTHERN 3 VCT PLC |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice |
Assumptions underpinning the fair value of investments We asked the company for additional information about the significant unobservable assumptions applied in the valuation of the company’s unquoted investments. The company satisfactorily provided this information and confirmed that they planned to further disaggregate their investments, by valuation methodology, and provide corresponding information about the unobservable inputs and related sensitivity analysis, in future accounts. |
| Entity | Ocado Group Plc |
| Balance Sheet Date | 1 June 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | June 2026 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Investment in Ocado Retail Limited (ORL) We requested further information from the company regarding the key assumptions used to determine the fair value of its 50% interest in ORL on initial recognition as an associate, following the loss of control. The company provided the relevant information and explained the basis on which it concluded that the measurement was consistent with IFRS 13, ‘Fair Value Measurement’. |
| Entity | OCS Group Topco Limited (3) |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice |
Factoring of trade receivables We asked the company to explain the accounting treatment applied to its debt factoring arrangement under IFRS 9, ‘Financial Instruments’, and for an explanation of certain related disclosures. The company provided satisfactory explanations and agreed to amend, in its next annual report and accounts, the accounting policy for trade receivables and the related note to clarify the accounting treatment applied. We also queried the treatment in the cash flow statement of non-cash interest and fees associated with the factoring arrangement. The company acknowledged that related cash flows had incorrectly included the effect of these non-cash items and decided to restate the comparative amounts in its 2025 annual report and accounts. The company also confirmed its intent to disclose that the matter had come to its attention as a result of our enquiry. |
| Entity | Optima Health PLC (3) |
| Balance Sheet Date | 31 March 2025 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | June 2026 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice |
Distributable profits and distributions We asked the company to explain the basis on which the directors satisfied themselves that the parent company had sufficient distributable reserves before paying an interim dividend in 2024. The company provided a satisfactory response and will rectify its disclosure on the capital contribution reserve, which had been incorrectly described as fully distributable, in its 2026 financial statements. The company also acknowledged that certain transfers of investments in subsidiaries made prior to March 2024 had been recorded incorrectly in the parent company financial statements. The company will restate the comparative figures in its 2026 annual report and accounts and disclose the fact that the matter came to its attention as a result of our enquiry. |
| Entity | Pets At Home Group Plc |
| Balance Sheet Date | 9 October 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 | PZ Cussons Plc |
| Balance Sheet Date | 31 May 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 | Quartix Technologies plc (3) |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | June 2026 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice |
Tracker unit hardware We asked the company to explain the basis for accounting for installed and uninstalled tracker units as costs to fulfil a contract under IFRS 15, ‘Revenue from Contracts with Customers’ and inventory, respectively, as these units appeared to have met the definition of property, plant and equipment (PP&E). The company reconsidered its treatment and concluded that these items meet the definition of PP&E, as they are dedicated to the supply of company’s telematics services, the company has the ability to disconnect and reconnect them, they are expected to be used for more than one period and may be redeployed between customers. The company agreed to restate the comparative amounts in the consolidated balance sheet in its 2025 annual report and accounts, and also to make consequential changes to the consolidated income statement and the consolidated statement of cashflows. Replacement provision We asked the company about the basis for recognising a provision for upgrading tracker units from 2G to 4G in France, as it appeared to represent costs that need to be incurred to operate in future, for which no provision should be recognised. The company agreed to reverse the provision. As both of the above matters resulted in changes to the primary statements, we asked the company to disclose that they had come to its attention as a result of our enquiry. |
| Entity | RS Group 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 |
Direct pass-through costs relating to outsourced services provided to customers We asked the company to explain the nature of the £42.6m of ‘direct pass‑through costs’ included in cost of sales, given that its accounting policy stated that it does not recognise the value of products sourced on behalf of customers in revenue or cost of sales because it acts as an agent in such transactions. The company clarified that these costs represent its own expenses incurred in providing, as principal, certain services to customers, rather than supplier charges passed on to customers. It acknowledged that the description used for these costs in 2025 could give rise to ambiguity and agreed to use a more precise description in its next report. Revenues earned from arranging freight services The accounting policies explained that, where the company arranges for a delivery company to deliver goods to customers, customer invoices include an amount to cover freight costs, and such amounts are included in revenue. We asked for additional information to enable us to understand how recognising the freight amounts as revenue was consistent with IFRS 15, ‘Revenue from Contracts with Customers’. We closed our enquiries after the company explained that it had determined that arranging delivery represents a separate performance obligation and confirmed that it would update its next accounts to explain that its policy is to recognise the net commission earned from such arrangements as revenue. |
| Entity | SSE plc |
| Balance Sheet Date | 30 September 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 |