PREMIER MODULAR LIMITED
Company number: 02487565
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
1 September 2026
Approved by:
Craig Malloy
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: 28 days
Total value paid:
- within 30 days: £16,983,467 (52%)
- in 31 to 60 days: £12,159,485 (37%)
- in 61 days or more: £3,298,368 (10%)
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 30%
- in 61 days or more: 6%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £5,690,918
- payments due in the reporting period which have not been paid within the agreed period: 4%
- not made in the reporting period due to a dispute: 2%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
60 days end of month
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
60 days
Sole traders - 30 days EOM
Crown projects - 30 days EOM
Other suppliers - 60 days end of month
Any other information about payment terms
The business has, for many years, been developing a new ERP system (IFS) and since launch at 1st Jan 2026 this has significantly improved the visibility and processing speed of supplier payments which were previously highly manual, including for
• Construction Industry Scheme (CIS)
• Invoices with retentions
• Hired-in-plant, purchase orders were frequently raised only after an invoice had arrived
The new ERP system has immediately provided benefits to our internal processing which has given the business a more reflective payment performance, which is demonstrated in the period under review.
As well as the specific improvements noted above to CIS, retentions, and hired-in-plant, IFS has allowed us to significantly increase the visibility and processing efficiency of all supplier invoices, reduce invoices on hold, and more easily track our performance.
Further at the latter end of the period under review the group of which the company is a member completed a financing restructure. As part of the process the business had to maintain a large minimum cash balance until the re-financing process was completed. At an operational level, and as a result of delays to the refinancing process, the requirement to keep a minimum bank balance prevented the company from paying invoices as they fell due.
The refinancing process completed in June, and the directors do not see this situation recurring in the foreseeable future.
By comparison, at the end of May the payment performance for the five months ended 31/5/26 was 96% of invoices were paid within 60 days with an average payment time of 25 days.
This better control and visibility is being done together with a wider effort to onboard new suppliers with shorter standard payment terms.
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
We have two trading divisions.
For our Permanent Space division and our Rental division: to pass through retention clauses from our customers.
For our rental division only - there is a minimum contract of £2,500 before retentions are deducted.
Does this business only use retention clauses in construction contracts above a specific contract sum?
Yes: £2,500
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
50% of the retention is released on practical completion. The balance is released when PML is released from its defect period as any defects reported by the client may be traceable back to the subcontractor.
Is the money released in stages?
Yes:
50% of the retention is released on practical completion. The balance is released when PML is released from its defect period as any defects reported by the client may be traceable back to the subcontractor.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
32%
Amount retained stated as a percentage of the total construction payments made by this business
2%
Dispute resolution process
Subcontractor disputes follow the process set out in the subcontract which is often an NEC/JCT construction industry standard.
Disputes around goods or services are handled by the person requesting the goods or service and can be escalated within the business at the appropriate time.
Disputes over payment timings are handled by the finance department.
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