ARK ESTATES CODY PARK LIMITED
Company number: 08630640
Reporting period:
1 July 2025 to 31 December 2025
Report filed on:
9 February 2026
Approved by:
Ian Perryment
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: 31 days
Total value paid:
- within 30 days: £8,245,929 (69%)
- in 31 to 60 days: £3,631,215 (31%)
- in 61 days or more: £19,880 (< 1%)
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 63%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £1,977,407
- payments due in the reporting period which have not been paid within the agreed period: 62%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Undisputed sums are paid within 30 days of receipt of a valid invoice.
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
No further comment provided
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
Contracts with our principal contractors utilise retention clauses to ensure work is delivered to the required standard, and to protect Ark against post handover delivery issues
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?
No
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
The contract mechanism of releasing retentions is applied as follows:
- An agreed percentage of Retentions are deducted until the Completion Certificate is issued by the Project Manager (sometimes referred to as Practical Completion; or PC).
- An Agreed percentage of retention following issue of the Completion Certificate is released.
- The Defects Certificate (sometimes referred to as Making Good Defects; MGD) is issued 52 weeks after the Completion Certificate is issued. At this point the remaining retention release is agreed.
Is the money released in stages?
Yes:
On issue of Completion Certificate by the Project Manager (sometimes referred to as Practical Completion; or PC).
Then on the issue of the Defects Certificate (sometimes referred to as Making Good Defects; MGD) usually 52 weeks after the Completion Certificate was issued.
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
4%
Dispute resolution process
Where there is a bona fide dispute over an invoice it is raised as soon as reasonably practical. If the dispute is not resolved at this stage, nominated individuals from the relevant department and/or the finance department enter into discussions with the supplier and act in good faith to resolve the dispute as quickly as possible. If the dispute remains unresolved after a pre-determined amount of time (depending upon the individual contract but typically within approximately 30 to 45 days), then the matter may be referred to the courts, or arbitration for final settlement (depending upon the individual contract).
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