GUINNESS DEVELOPMENTS LIMITED
Company number: 04175094
Reporting period:
1 April 2025 to 30 September 2025
Report filed on:
31 October 2025
Approved by:
Paul Love
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: 50 days
Total value paid:
- within 30 days: £47,446,995 (64%)
- in 31 to 60 days: £11,861,749 (16%)
- in 61 days or more: £14,827,186 (20%)
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 16%
- in 61 days or more: 20%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £29,267,964
- payments due in the reporting period which have not been paid within the agreed period: 38%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
61 days
Standard payment terms
Standard payment terms are net 30 days from invoice. For development contracts, which form a large part of GDL's expenditure, works have to be certified by an Employer's Agent before payment, in some contracts payment is due on certification but more often within 28 days.
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
30 days
No further comment provided
Any other information about payment terms
Regarding the input for longest standard period in days, we have input 61.
This is 30 days from end of month of invoice date so an invoice received 1 December could in theory be due 31 January (61 days). This is described as Net30 days.
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?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Process is defined in the contract (under the final account procedure withi8ng the main works contract - these are international standard building contracts). EA agrees the final account with the contractor (negotiation and agreement). Final retention sum is then determined and any balance is released to the contractor. this is the formal end of the contract.
Is the money released in stages?
Yes:
50% of agreed retention sum (as above answer typically 3% of main works contract) released at issue of Practical Completion.
50% released at end of Defects Period (12 months from Practical Completion unless contract states a different Defects period)
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
3%
Dispute resolution process
This will vary depending on the contract and will be stipulated in the contract or appointment letter. Low value contracts will not always specify a dispute resolution process. Build contracts (the large part of GDL's expenditure) are governed by the Construction Act and its provisions for dispute resolution. Many of our build contracts are JCT contracts which lay out specific procedures for resolving disputes which we would follow.
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