National Highways is intending to appoint a Statutory Auditor able to provide an audit opinion that Reg Co.’s Carve Out accounts are reliable, legally compliant, and present a true and fair view, in accordance with the Companies Act 2006 and Financial Reporting Council (FRC) auditing standards.

In the Chancellor’s November 2025 Autumn Budget, the Regulated Asset Base (RAB) model was announced as the Government’s preferred financing method for the Lower Thames Crossing (LTC) project which will involve the creation of a regulated road company (Reg Co.) that will be sold to private investors prior to a finance raise (debt) for the main construction works. Reg Co. will receive revenues from both the existing Dartford Crossing and new LTC Crossing which it will use to service its financing and repay lenders and investors. National Highways and DfT have appointed advisors to support and execute the sale process. In preparation for the sale and the preceding Vendor Due Diligence (VDD) National Highways will prepare Carve Out accounts for the financial years 2024 2025, 2025-2026 and 2026-2027 for Reg Co. and these will need to be audited.