EXPLORE 2050 ENGINEERING LIMITED
Company number: 05117890
Reporting period:
1 April 2026 to 30 September 2026
Report filed on:
30 October 2026
Approved by:
Peter Lyons
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: 27 days
Total value paid:
- within 30 days: £59,539,875 (47%)
- in 31 to 60 days: £45,045,926 (35%)
- in 61 days or more: £22,960,191 (18%)
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 24%
- 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: £16,211,159
- 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: 3%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms under the entity are 60-days, no new payment terms are for more than 60-days. With deviation managed individually by request. Payment terms are agreed with subcontractors and suppliers as part of contract negotiations and to comply with any statutory and client contractual requirements.
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
91 days
The maximum contractual payment period is 60 Days from the month end of an invoice (legacy agreement), therefore in turn is how you get an absolute maximum of 91 days.
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 clauses and their application will depend on the type of project and the size.
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: 3%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
Retentions are usually released downstream in stages, half at Practical Completion of a project with the balance at the end of the defects making good period which is traditionally 12-24 months after Practical Completion subject to the head contract Client requirements.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Retentions are usually released downstream in stages, half at Practical Completion of a project with the balance at the end of the defects making good period which is traditionally 12-24 months after Practical Completion subject to the head contract Client requirements.
Is the money released in stages?
Yes:
as per above.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
39%
Amount retained stated as a percentage of the total construction payments made by this business
1%
Dispute resolution process
Laing O'Rourke is committed to fair treatment of all its supply chain partners and promotes transparency and swift resolution of any dispute.
For both supplier and subcontractor disputes the process will involve the Accounts Payable Department and may involve members of Procurement, Office Management and Commercial and where necessary other Senior Management. Subcontractor disputes will initially be addressed by the Project Commercial team. Following escalation to Senior Management, on rare occasions where it is not possible to reach an agreement suitable to both parties, other methods of dispute resolution may include but are not limited to mediation, adjudication, expert determination and/or arbitration.
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.
Yes
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