Reports in our school, written twice a year, are completely and utterly meaningless. They are sent back to us for rewriting if there's the slightest hint of anything less than perfectly positive. Colleagues have written the most utter tosh about children because of this. Despite the reports taking forever to write and put together, they have no meaning whatsoever. Still, 'levels' (sub-levels actually, from ancient and out of date 'optional SATS') are reported, along with colour coding of progress or lack thereof.
I am so pissed off at the time wasting pointlessness of it all. I actually like writing reports - if they are allowed to be honest.