Published reports

BARNWOOD LIMITED

Company number: 00785952

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:

19 October 2026

Approved by:

Matthew Williams

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: 31 days

Total value paid:

within 30 days: £28,203,358 (55%)
in 31 to 60 days: £20,888,023 (41%)
in 61 days or more: £1,755,418 (3%)

Invoices paid:

within 30 days: 53%
in 31 to 60 days: 45%
in 61 days or more: 2%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £78,368
payments due in the reporting period which have not been paid within the agreed period: 8%
not made in the reporting period due to a dispute: 7%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

63 days

Standard payment terms

Subcontract Ledger: Standard payment terms are set during the negotiation phase and written into the subcontract terms and conditions. Standard terms of 31 days are agreed with most subcontractors. Certain trades can often have shorter terms particularly where the labour content is high. As such terms can often range between 14-31 days. The time taken for the BACS payment to be received by the subcontractor is factored into the payment due date. Funds are available on the due date.

Purchase Ledger: Standard payment terms are payment to the supplier by the end of month following the month of invoice. This can result in a payment period of between 28-63 days. Payment is sent by BACS. Funds are available on the due date.

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

63 days

Standard payment terms require payment to the supplier by the end of the month following the invoice month. Consequently, payment terms may range from 28 to 63 days, depending on the invoice date. The maximum duration assumes an invoice issued on the 1st of the first month and paid by the end of the second month.

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:

Retention is not applied across our supply chain as standard. It is limited to subcontract orders and is subject to the following:

-Retention is never deducted from purchase ledger suppliers, such as suppliers of materials and goods.
-Subcontract orders with a value below £10,000 are not subject to retention.
-Where a subcontractor requests it, we will often agree to accept a letter of credit in place of a cash retention.
-Where our client does not apply retention to us under the main contract, we do not pass retention down to the subcontractors working on that project.

As a result, retention applies only to higher value subcontract packages on projects where our client holds retention against us, and where no alternative security has been agreed.

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

Yes: £10,000

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

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

Retention is released in two equal parts (moieties), linked to the completion of the subcontract works and the resolution of any defects.

The first moiety is released upon practical completion of the works.

The second moiety is released upon the making good of defects at the end of the defects period.

Where the making good of defects is not achieved, for example because of delays outside the subcontractor’s control, the second moiety is released no later than 18 months after practical completion, provided the subcontractor has no outstanding defects in its own works.

Retention releases are processed through our standard payment cycle in line with the payment terms set out in the subcontract order.

Is the money released in stages?

Yes:

Stage 1: The first moiety (50%) of retention is released upon practical completion.

Stage 2: The second moiety (50%) of retention is released upon the making good of defects. Where making good of defects is not achieved, this is released no later than 18 months after practical completion, provided the subcontractor has no outstanding 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

66%

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

Dispute resolution process

Subcontract Ledger: Disputes involving subcontractors are referred to the project's Quantity Surveyor, who will resolve them as promptly as possible. If the subcontractor wishes to escalate the issue, they may contact the Commercial Director or Finance Director for further discussion. Notes can be recorded in the finance system to track disputes and provide a clear audit trail. Once resolved, payment will be included in the next available weekly payment run or sooner if necessary.

Purchase Ledger: Invoices are recorded in the accounts system and visible to the accounts team as outstanding. Notes can be added to invoices within the system to highlight unresolved issues quickly. The Finance Manager monitors unapproved invoices and reports on outstanding items. Once resolved, payment will be included in the next available payment run or sooner if required.

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.

Yes, this business has signed up to: Fair Payment Code

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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