QUARTZELEC LTD
Company number: 02364716
Reporting period:
1 October 2025 to 31 March 2026
Report filed on:
23 April 2026
Approved by:
Kenneth Wanless
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: 62 days
Total value paid:
- within 30 days: £3,748,765 (16%)
- in 31 to 60 days: £8,826,983 (37%)
- in 61 days or more: £11,524,522 (48%)
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 28%
- in 61 days or more: 60%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £3,981,513
- payments due in the reporting period which have not been paid within the agreed period: 10%
- not made in the reporting period due to a dispute: 10%
Payment terms
Shortest standard payment periods
70 days
Longest standard payment period
101 days
Standard payment terms
Unless otherwise agreed in writing, payment terms shall be 60 days plus 10 from end of month in which a valid, complete and correct invoice is received showing our order number, description of the goods provided and includes a copy of the relevant goods delivery note(s)
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
120 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:
Retentions are generally used by the Company when a retention clause is included within a contract issued by a principal contractor to the Company. When working on these contracts any subcontract orders issued by the Company will normally include a retention clause.
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
Under a typical contract and providing all defects have been rectified, half of the retention release is triggered based on the issuance of the main contract practical completion certificate. The remaining retention release is then triggered on issuance of the main contract making good defects certificate.
Is the money released in stages?
Yes:
Under a typical contract and providing all defects have been rectified, half of the retention release is triggered based on the issuance of the main contract practical completion certificate. The remaining retention release is then triggered on issuance of the main contract making good defects certificate.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
40%
Amount retained stated as a percentage of the total construction payments made by this business
2%
Dispute resolution process
Disputes should be referred in the first instance to the originator of the purchase order. Should the dispute not be satisfactorily resolved it should be referred to the Group Purchasing Manager. The company aims to resolve any dispute which may arise in a timely manner.
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