7.17 Seven drafting slips in the Company notes, the non-IFRS section, shareholder information and the [overseas annual filing] cross-reference table
UK Company A · a UK-listed medical technology group · Drafting slip
In brief
Seven wording slips appear in the closing sections of the 2024 report: a repeated phrase in Company Note 3, a stray word in the ROIC heading, an out-of-date description of the listing category, three misspellings in the [overseas annual filing] cross-reference table, and a cross-reference for the audit committee financial expert that points to the viability statement. Most of them are repeated in the 2025 report. None affects a figure.
The evidence, as filed
Further pages withheld to protect the company’s identity (ten): Annual Report 2024, page 251; Annual Report 2024, page 271; Annual Report 2025, page 297; Annual Report 2024, page 276; Annual Report 2025, page 274; Annual Report 2025, page 290; Annual Report 2025, page 291; Annual Report 2024, page 280; Annual Report 2024, page 131; Annual Report 2025, page 304. Their wording or layout could lead back to the company even with names and figures masked; the evidence list below records what each page shows.
Names, figures, dates, logos and any wording that could be searched back to the company are boxed out in grey; the point is highlighted in yellow.
What the report shows, and what the rule requires
| What the annual report shows | What the rule requires |
|---|---|
| What the annual report shows Note 3: '[wording masked]'; ROIC: '[wording masked]'; listing: '[wording masked]'; [overseas annual filing] table: 'Corporate [name] and Regional Office', '[business unit] Performance', 'Performances Share Plan'; Item 16A points to 'How we assess our prospects'. | What the rule requires '[wording masked] is set out below'; 'listed in the equity shares (commercial companies) category of the Official List'; 'Corporate Headquarters and Registered Office'; '[business unit] Performance'; 'Performance Share Plan'; Item 16A pointing to the Audit Committee report. |
Why it matters
Cosmetic only; the slips slightly weaken the polish of the shareholder and [overseas annual filing] sections.
Exposure
No consequence beyond presentation.
Our workings
Each slip was read on the page image. The listing description reflects the structure before the UK Listing Rules replaced the premium segment with the equity shares (commercial companies) category in [date]. The Item 16A row of the [overseas annual filing] cross-reference table points first to 'How we assess our prospects', which describes the viability assessment; the designated financial expert is named in the Audit Committee report, which the same row also lists. The 2025 report repeats the ROIC heading, the listing description and the three cross-reference table slips.
Management’s best defence, and our reply
The Company would say these are typographical points in supplementary sections, most of them in a cross-reference table prepared for the US filing, and that none changes a figure or a conclusion. It might add that the listing description is commonly retained by issuers that moved automatically into the new category. That is right as to weight, which is why these are recorded only as drafting slips; however, each is a plain error that a final read would catch, and several have been carried into the 2025 report.
The fix
- Correct the seven items as shown in 'should be' and carry the corrections into the 2026 report and the [overseas annual filing] cross-reference table.
Evidence relied on
| # | What it shows | Type | Where |
|---|---|---|---|
| 1 | Company Note 3: the phrase 'as a result of' is printed twice | Document | Annual Report 2024, page 251 |
| 2 | Non-IFRS section: stray 'and' in the ROIC heading sentence | Document | Annual Report 2024, page 271 |
| 3 | About the Company: the listing is described by the premium segment, replaced in [date] | Document | Annual Report 2024, page 276 |
| 4 | [overseas annual filing] cross-reference table: 'Headquarters' misspelt, and the section is headed 'registered office', not 'regional office' | Document | Annual Report 2024, page 278 |
| 5 | [overseas annual filing] cross-reference table: 'Wound' misspelt as 'Would' | Document | Annual Report 2024, page 279 |
| 6 | [overseas annual filing] cross-reference table: 'Performance Share Plan' misspelt | Document | Annual Report 2024, page 279 |
| 7 | Item 16A (audit committee financial expert) points first to the viability statement pages | Document | Annual Report 2024, page 280 |
| 8 | The financial expert is identified in the Audit Committee report, not on the viability pages | Document | Annual Report 2024, page 131 |
| 9 | The 2025 cross-reference table repeats the slip | Document | Annual Report 2025, page 299 |
| 10 | Stale wording: the premium listing segment no longer exists; the shares are in the UK Listing Rules commercial companies category | Document | Annual Report 2025, page 297 |
| 11 | Says the current three-unit structure dates from 2023; p.274 of the same report says it was announced in 2024 | Document | Annual Report 2025, page 297 |
| 12 | The Group history page gives 2024 for the same structure | Document | Annual Report 2025, page 274 |
| 13 | Grammar slip: 'This measures is' (the 2024 report read 'This measure is') | Document | Annual Report 2025, page 290 |
| 14 | Stray word 'and' in the heading sentence | Document | Annual Report 2025, page 291 |
| 15 | Misspelt and mis-titled: the section on p.298 is 'Corporate headquarters and registered office' | Document | Annual Report 2025, page 299 |
| 16 | Typo: 'Would' for 'Wound' | Document | Annual Report 2025, page 300 |
| 17 | Typo: the plan is the Performance Share Plan | Document | Annual Report 2025, page 300 |
| 18 | Wrong abbreviation in the glossary: [name] | Document | Annual Report 2025, page 304 |
| 19 | Trading measures are reconciled on pages 288-289; pages 287-288 carry the revenue growth tables | Document | Annual Report 2025, page 304 |
Prepared by Pramanex from the company’s published annual reports, without the company’s involvement, to show how an annual report review reads. The company is not named, and nothing on this page is a statement about any identifiable company. Observations are not an audit, review or other assurance engagement, and not legal advice. A regulator-style question is a question, not a conclusion.
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