NORTHERN BANK LIMITED
Company number: R0000568
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
5 August 2026
Approved by:
Stephen Matchett
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: 17 days
Total value paid:
- within 30 days: £23,696,902 (95%)
- in 31 to 60 days: £1,029,326 (4%)
- in 61 days or more: £269,782 (1%)
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 4%
- in 61 days or more: 0%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £1,299,108
- payments due in the reporting period which have not been paid within the agreed period: 3%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
The Bank shall pay the undisputed amount of such invoices within 30 days of receipt of a valid and correct invoice, as per the contractual term for all goods and services.
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
The Bank shall pay the undisputed amount of such invoices within 30 days of receipt of a valid and correct invoice, as per the contractual term for all goods and services.
Each invoice shall, to be considered valid, include the information set out at Danske Bank's website for suppliers at www.danskebank.com/invoice-terms.
No amount of any invoice shall be due or payable if it is subject to a bona fide dispute.
Any other information about payment terms
None.
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
For larger value construction contracts we use an industry standard form for construction contracts ie The Joint Contracts Tribunal, JCT, that contain retention clauses which we don't amend
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: 5%
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
In accordance with industry standard form contract, first release of retention [50%] is on Practical Completion of the Works and the issue of the Practical Completion Certificate by the Contract Administrator and the second release is at the end of the defects period and the issue of the Making Good Defects Certificate by the Contract Administrator.
Is the money released in stages?
Yes:
First release on Practical Completion, second release Making Good Defects.
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
The business will reject the invoice on the accounts payable system with the reason. The account payable team revert to the supplier. When dispute is resolved the original or a revised invoice is resubmitted for payment.
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