Published reports

URENCO LIMITED

Company number: 01022786

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 January 2026 to 30 June 2026

Report filed on:

16 July 2026

Approved by:

Ralph ter Haar

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: 34 days

Total value paid:

within 30 days: £102,572,000 (98%)
in 31 to 60 days: £1,020,000 (< 1%)
in 61 days or more: £1,335,000 (1%)

Invoices paid:

within 30 days: 77%
in 31 to 60 days: 19%
in 61 days or more: 4%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £1,413,386
payments due in the reporting period which have not been paid within the agreed period: 23%
not made in the reporting period due to a dispute: 0%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

61 days

Standard payment terms

30 days from receipt of correct invoice.

Were there any changes to the standard payment terms in the reporting period?

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

61 days

n/a

Any other information about payment terms

n/a

Retention clauses

How does this business use retention clauses?

Retention clauses are used in specific circumstances:

Urenco construction contracts are generally delivered on model form contract terms and conditions, such as NEC and IChemE. These model form contracts have retention clauses embedded within them to support robust delivery management of all the contractual obligations, and more importantly proactive defect management. e.g. Urenco will retain a percentage of all application for payments (usually 5% of the application for payment total) until formal completion of the contract. Upon completion of the contract, 50% of the retained monies are released back to the supplier based on successful completion of the contract deliverables, and more importantly with no defects having been identified at the point of contractual completion.
The remaining retention monies (usually 2.5% of the contract sum) is then retained by Urenco for the duration of the defect liability period. The defects liability period is usually 12 months from actual completion of the contract, but this can be negotiated on a contract-by-contract basis. Upon the defect liability period coming to an end; the supplier issues a defects certificate to Urenco confirming that there are no defects. Once this certificate has been confirmed by Urenco, the remaining retention monies (2.5%) are released back to the supplier. This is standard practice for construction contracts to ensure that any identified defects are proactively managed.

Does this business only use retention clauses in construction contracts above a specific contract sum?

Does this business use a standard percentage rate in retention clauses?

Yes: 5%

Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?

Releasing money under a retention clause

Process for releasing money this business has deducted or retained under a retention clause

Is the money released in stages?

Yes:

Upon completion of the contract, 50% of the retained monies are released back to the supplier based on successful completion of the contract deliverables, and more importantly with no defects having been identified at the point of contractual completion.
The remaining retention monies (usually 2.5% of the contract sum) is then retained by Urenco for the duration of the defect liability period. The defects liability period is usually 12 months from actual completion of the contract, but this can be negotiated on a contract-by-contract basis. Upon the defect liability period coming to an end; the supplier issues a defects certificate to Urenco confirming that there are no defects. Once this certificate has been confirmed by Urenco, the remaining retention monies (2.5%) are released back to the supplier.

Amount retained from suppliers in the reporting period

Amount retained stated as a percentage of the money retained from this business by its clients

Amount retained stated as a percentage of the total construction payments made by this business

Dispute resolution process

All contracts have standard DR clauses and an accompanying additional process should disputes not be resolved at contract level.

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.

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.

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?

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