L&Q NEW HOMES LIMITED
Company number: 04828168
Reporting period:
1 April 2025 to 30 September 2025
Report filed on:
30 October 2025
Approved by:
Edward Farnsworth
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: 76 days
Total value paid:
- within 30 days: £570,490 (63%)
- in 31 to 60 days: £4,990 (< 1%)
- in 61 days or more: £328,849 (36%)
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 16%
- in 61 days or more: 39%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £597,027
- payments due in the reporting period which have not been paid within the agreed period: 82%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
L&Q New Homes Limited's standard payment terms is to make payment within 30 days from receipt of a valid invoice. Subcontractor suppliers are paid in line with their contract, which may be more quickly.
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
No further comment provided
Retention clauses
How does this business use retention clauses?
All construction contracts include retention clauses.
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:
3% is the most frequently used percentage rate in respect of qualifying construction contracts. Where other percentages are applied this will have been agreed with the supplier before entering into the contract.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
The release of payments will be agreed prior to commencement of a contract. Typically any retention that is held by L&Q New Homes will be released 12 months after practical completion of a contract, but this may vary depending on the size and complexity of the construction work being undertaken.
Is the money released in stages?
No
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
100%
Amount retained stated as a percentage of the total construction payments made by this business
0%
Dispute resolution process
L&Q New Homes Limited aims to resolve all disputes promptly. This will normally be by contacting the supplier and resolving any issues.
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.
Yes
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