SEASALT LIMITED
Company number: 02259954
Reporting period:
1 February 2026 to 31 July 2026
Report filed on:
27 August 2026
Approved by:
Paul Hayes
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: 36 days
Total value paid:
- within 30 days: £16,108,360 (44%)
- in 31 to 60 days: £9,501,527 (26%)
- in 61 days or more: £11,349,929 (31%)
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 25%
- in 61 days or more: 17%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £5,628,199
- payments due in the reporting period which have not been paid within the agreed period: 14%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Our default payment term for non stock suppliers is net 30 days, although this is negotiable. Our default payment term for stock suppliers is bill of lading date + 60-90 days. Terms vary by supplier. We make payments weekly, on Thursdays, encompassing anything due or falling due before the following Thursday.
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
90 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:
Used in store fit-out contracts not in our planned and reactive maintenance construction contracts.
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?
Yes:
Retention clauses not relevant to apply to us as we're the ultimate customer.
Our policy is aligned with the JCT Minor Works contract: 5% prior to practical completion, 2.5% after practical completion but before the end of the defects period.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Standard approaches as per JCT, upon completion certificate the initial retention is released, with the final payment made following the defects period.
Is the money released in stages?
Yes:
Standard approaches as per JCT, upon completion certificate the initial retention is released, with the final payment made following the 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
100%
Amount retained stated as a percentage of the total construction payments made by this business
5%
Dispute resolution process
If there is a dispute on a payment, the invoice is put on hold and further investigation takes place between Accounts Payable, the ordering department and the Supplier. Once a resolution has been agreed the invoice will be paid within the normal payment terms for that supplier. If resolved after the payment due date then the invoice will be paid on the next weekly payment run.
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