REDS10 (UK) LIMITED
Company number: 05934862
Reporting period:
1 April 2025 to 30 September 2025
Report filed on:
24 October 2025
Approved by:
Paul Ruddick
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 33 days
Total value paid:
- within 30 days: £33,223,919 (67%)
- in 31 to 60 days: £15,672,748 (32%)
- in 61 days or more: £413,746 (< 1%)
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 56%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £413
- payments due in the reporting period which have not been paid within the agreed period: 1%
- not made in the reporting period due to a dispute: 5%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
14 days for labour agencies, 30 days standard, 45 days for specific subcontractors, up to 60 days for trade suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
Value of payments made within 30 days represent 67% of total payments, however based on the transaction numbers it stands at 43%.
Transactions paid between 31-60 days are mostly to trade suppliers with lower transaction value which represents 32% of the total payments, however the transaction numbers are higher, hence 56% count.
Transactions paid over 60 days are valued at 1% of the total payments, however these are mostly relating to trade suppliers invoices, representing 1% of the total number of transactions in the period.
Retention clauses
How does this business use retention clauses?
Retention clauses are included in standard payment terms.
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
Yes: 3%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
Standard term apply retention to subcontracted works in the same terms as with the client. No retention is applied to subcontracted works where there is no retention on the client contract.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Retention is released in two parts, first 50% when practical completion is achieved and payment certificate has been issued, the remaining balance is released after defects period which can be anywhere between 12 to 24 months following practical completion, final account has been reconciled and agreed by both parties.
Is the money released in stages?
Yes:
Retention is released in two parts, first part 50% at contract practical completion, the remaining balance is released after defects period which can be anywhere between 12 to 24 months following practical completion, as per the contact.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
74%
Amount retained stated as a percentage of the total construction payments made by this business
1%
Dispute resolution process
All suppliers/subcontractors can submit queries with regards to payments via online troubleshooting form. All queries are addressed withing specified period by our Supply Chain Manager. Any complex disputes are escalated and handled by allocated commercial and finance team member depending on the nature of the dispute. We aim to resolve the query directly with the supplier/subcontractor and their accounts manager.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No