6.16 Drafting slips in the Company statements, the assurance report and the glossary
UK Company B · a UK-listed technology and logistics group · Drafting slip
In brief
Eight slips: The Company Balance Sheet page carries the group-notes running header; '[amount]' for [amount]; a cross-reference to directors' interests on page 133 that sits on page 149; the Scope 3 intensity unit given as 'per £' instead of 'per £m'; 'EBT' defined as the Employee Benefit Trust although the APMs use it for earnings before tax; 'ISA (UK & Ireland)' where the auditor's report uses ISAs (UK); 'NOx' defined as nitrous oxide; and the glossary calling the notes 'senior secured' and giving the 2029 convertible coupon as [n]% where Note 4.1 gives [n]%. The 2024 glossary already carried the secured wording and the [n]% coupon (both years).
The evidence, as filed
Further pages withheld to protect the company’s identity (nine): Annual Report 2025, page 263; Annual Report 2025, page 268; Annual Report 2024, page 248; Annual Report 2025, page 149; Annual Report 2024, page 247; Annual Report 2025, page 278; Annual Report 2024, page 250; Annual Report 2025, page 281; Annual Report 2025, page 271. 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 Company Balance Sheet headed 'Notes to the Consolidated Financial Statements continued'; '(FY24: [amount])'; 'Directors' Remuneration Report on page 133'; '[tCO2e per £ in revenue]'; 'EBT – Employee Benefit Trust'; 'ISA (UK & Ireland)'; 'NOx – nitrous oxide'; 'senior secured notes'; 'coupon of [n]%'. | What the rule requires Header 'Company Balance Sheet'; '[amount]'; 'page 149'; 'tCO2e per £m revenue'; a distinct abbreviation for one of the two EBT meanings; 'ISAs (UK)'; 'NOx – nitrogen oxides'; 'senior unsecured notes'; 'coupon of [n]%'. |
Why it matters
Cosmetic; no reported amount is affected.
Exposure
Drafting only.
Our workings
Each slip is shown against the page that gives the right wording or figure. None changes an amount in the primary statements. The glossary's 'senior secured' wording and [n]% coupon also appeared in the 2024 report.
Management’s best defence, and our reply
These are cosmetic slips that no reader would act on, and the correct figures appear in the audited notes. That is accepted; they are listed only as drafting corrections.
The fix
- Correct the eight items as set out under 'should be'.
Evidence relied on
| # | What it shows | Type | Where |
|---|---|---|---|
| 1 | Running header on the Company Balance Sheet page names the group notes | Document | Annual Report 2025, page 260 |
| 2 | Unit printed as 'M' | Document | Annual Report 2025, page 263 |
| 3 | Cross-reference to page 133 | Document | Annual Report 2025, page 268 |
| 4 | Directors' interests are on page 149 | Document | Annual Report 2025, page 149 |
| 5 | Unit given per £ | Document | Annual Report 2025, page 278 |
| 6 | The metric is per £m | Document | Annual Report 2025, page 60 |
| 7 | Glossary meaning of EBT | Document | Annual Report 2025, page 281 |
| 8 | APM use of EBT for earnings before tax | Document | Annual Report 2025, page 271 |
| 9 | Superseded name of the auditing standards | Document | Annual Report 2025, page 281 |
| 10 | Auditor's report uses ISAs (UK) | Document | Annual Report 2025, page 171 |
| 11 | NOx denotes nitrogen oxides | Document | Annual Report 2025, page 282 |
| 12 | Notes described as secured | Document | Annual Report 2025, page 283 |
| 13 | Glossary coupon [n]% | Document | Annual Report 2025, page 283 |
| 14 | Note 4.1: unsecured, coupon [n]% | Document | Annual Report 2025, page 267 |
| 15 | The 2024 glossary already called the notes 'senior secured', under the heading 'Senior unsecured notes'. | Document | Annual Report 2024, page 249 |
| 16 | The 2024 glossary gives a [n]% coupon for the 2029 convertible bonds. | Document | Annual Report 2024, page 249 |
| 17 | The Company borrowings note in the same report gives [n]% and calls the bonds unsecured. | Document | Annual Report 2024, page 238 |
| 18 | The 2024 glossary already defined NOx as nitrous oxide. | Document | Annual Report 2024, page 248 |
| 19 | The 2024 glossary already used the superseded 'ISA (UK & Ireland)' label. | Document | Annual Report 2024, page 248 |
| 20 | The glossary gives the 2025 AGM start as [n] am. | Document | Annual Report 2024, page 247 |
| 21 | The shareholder information page gives the same AGM at [n]:[n] am. | Document | Annual Report 2024, page 250 |
| 22 | Stray letter 't' after 'electronic communications'. | Document | Annual Report 2024, page 250 |
| 23 | The 2024 glossary also calls the notes 'senior secured' | Document | Annual Report 2024, page 249 |
| 24 | The 2024 glossary also gives the 2029 convertible coupon as [n]% | Document | Annual Report 2024, page 249 |
| 25 | The 2024 borrowings note gives [n]% for the 2029 convertible bonds | Document | Annual Report 2024, page 207 |
| 26 | The 2024 borrowings note calls the 2029 notes senior unsecured | Document | Annual Report 2024, page 207 |
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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