Pre-IPO TerminalUK Listing Rules & IPO Intelligence
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FPPP post-mortems1 October 2026

Where the procedures failed, and what would have caught it

A casebook, not a news feed. Each entry takes a case where a regulator, a court or the company itself has said that financial position and prospects procedures fell short, and names the criterion in the pack whose evidence test addresses it.

Archived edition — a finding may have been appealed or overturned since. Read the current one

The takeaway

The week's fetched material contained no regulator finding that any company's financial position and prospects procedures failed. What it contained were companies telling the market, in their own words, that their accounts were late, and one company pairing a trading update with a new working capital facility.

  • A delay in publishing audited accounts is a company statement about its own timetable; it is not a regulator's finding that procedures failed, and this feed does not treat it as one.
  • Two of the three companies named here disclosed suspension or continued suspension of trading in connection with unpublished accounts, again on their own account.
  • A trading update announced alongside a new working capital facility is a financing fact, not a criticism of anyone's procedures; the working capital statement is where a listing tests that position before admission.
  • No FRC investigation or sanction concluded in the period covered by the fetched items, and no FCA final notice addressed listing-prospectus procedures.

Cases published 25 September to 1 October 2026 · mapped to the criteria that address them

This edition looked for cases where an authority or the company itself has stated that financial position and prospects procedures, or the disclosure built on them, fell short. The fetched material for the past week produced no FCA final notice, no concluded FRC sanction and no restatement announcement naming a London-listed issuer. What it did produce are three companies stating on the record that their accounts will not be published on time, in two cases triggering suspension of trading. A delay is not itself a finding that procedures failed, and this feed does not treat it as one. But a company that tells the market it cannot get its audited numbers out by the deadline it set itself is describing, in its own words, a point at which the reporting and forecasting controls that underpin a prospectus come under strain. These entries are written on that basis only: the companies' own statements, attributed to them.

Searched the FCA news and publications feeds, the FRC news listing and the RNS and PRN company announcements available for 25 September to 1 October 2026. The FCA material was dominated by cryptoauthorisation, consumer and financial-crime matters, and by primary market publications PS26/19 on sustainability disclosures and Primary Market Bulletin 66, none of which reports a concluded finding on financial position and prospects procedures. The FRC listing returned navigation pages without dated news items, so no concluded FRC investigation or sanction could be verified from it. The announcements produced trading and interim results, and three statements about delayed or unpublished accounts. No profit warning within twelve months of admission, no restatement and no suspension attributed by an authority to a procedures failure appeared in the fetched items.

1. Audited accounts not ready by the deadline the company had set itself

James Halstead PLC announced on 28 September 2026 a delay in the publication of its audited results for the year to 30 June 2026, according to the company's announcement. The announcement is the company's own statement that its audited numbers were not available on the timetable it had previously indicated to the market. No regulator has made any finding against the company, and nothing in the announcement attributes the delay to a failure of financial position and prospects procedures; readers should treat it as a company statement about its own reporting timetable and no more.

What would have caught it: A working capital and reporting-timetable stress test that asks management to identify, before admission, the specific audit and close items that could push the statutory accounts past the date the company has publicly committed to, and to state the market-notification plan if they do.

Touches re-2, ra-2 — check yours · run the free scan

2. Failure to publish audited accounts leading to suspension of trading

daVictus plc announced on 29 September 2026 that it would not publish its audited annual report and accounts, and that this had led to suspension, according to the company's announcement. ADM Energy PLC announced on 30 September 2026 a further delay in the publication of its 2025 annual report and its 2026 half-year report, following a temporary suspension, again according to the company's own announcement. In both cases the company is the source: the announcements describe a failure to meet publication obligations and the resulting suspension, and neither attributes that failure to a specific deficiency in financial position and prospects procedures. No regulator has stated that procedures failed in either case.

What would have caught it: A readiness test that maps every statutory and listing-rule publication date for the first two years after admission, assigns an owner inside the company to each, and requires an escalation route to the board and to the sponsor when a date is at risk.

Touches re-3, re-4, ra-6 — check yours · run the free scan

3. Uncertainty over the going-concern and working capital position disclosed to the market

Tekmar Group plc announced a trading update for the year ended 30 September 2026 together with a contract and a working capital facility, according to the company's announcement. The company's own statement links its trading position to the arrangement of a working capital facility. That is a statement about the company's financing, not a finding about its procedures: no regulator has said anything about Tekmar's financial position and prospects procedures, and this feed makes no such suggestion. It is included because the disclosure itself shows a company managing its working capital position in public, which is the fact pattern a prospectus working capital statement is designed to cover.

What would have caught it: A working capital statement test that requires the directors to demonstrate, with a downside case, that the company has sufficient resources for at least twelve months from the date of the prospectus, and to identify the facilities the conclusion depends on and what happens if they are not available.

Touches ra-4 — check yours · run the free scan

Sources

It was found in their procedures. Is it open in yours?

Every case above names the criteria it touches. The free scan walks 15 of the 73 across all nine FPPP areas, checks your answers against each other, and tells you where they contradict. It runs entirely in your browser — nothing is sent anywhere, and nothing is stored.

Run the free scan →Read all 73 criteria

Published Thursdays. This is a casebook rather than a news feed: an older case that has not been covered is as welcome as a recent one. Compiled from public regulatory notices, court judgments and companies’ own announcements, and cited to them. It is not legal advice, not investment advice, and not a comment on any company’s prospects or securities.