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Company number: 02907123

Reporting period:
1 July 2023 to 31 December 2023

Warning This information is as reported by the business, and responses are in their own words.

This report was filed on 26 January 2024

and approved by Brett Cockrell

Payment statistics

Average time taken to pay invoices: 55 days

Invoices paid:

Invoices due but not paid within agreed terms: 22 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

91 days

Standard payment terms

The company has two standard payment terms in its orders.
i) Subcontractor Orders.

Per our standard terms and conditions subcontractors are paid by way of stage or periodic payments in respect of a relevant period stated in a Payment Register or when such dates are not stated every 31 days. The due date for payment of the stage payment will be that stated in the Payment Register or if none is stated one month (31 days) after the end of the relevant payment period or the receipt of an application for payment.

In respect of the final payment under the contract not later than 10 months after PC the contractor shall issue a statement of the final contract sum. The due date for payment of the final amount is 2 months from the issue of the statement.

The final date for any payment (i.e. the contractually due payment date) shall be 90 days from the due date.

In practice credit terms are agreed individually with subcontractors and are based on a payment register supplied with the order providing monthly application dates, valuation dates and payment dates.
The subcontractor applies on the application date estimating his completed works up to the valuation date. (This period is determined by the requirements of the main contract for the project that is being worked on and will vary from contract to contract. The relevant point being is that the works being applied for will include projected values up to the valuation date.)
Terms of payment are then measured from the valuation date (due date).
The commonly agreed payment terms (contractual payment date) are 30, 37, 45 and 60 days from the valuation date (due date).
For small labour-only company’s terms of 7-14 days are often agreed from the valuation date.

Retentions- 5% is deducted for retentions against most subcontract orders. Half is retained until Practical Completion of the subcontractors works, and the due date for the release of this payment is the due date of the application following PC. The due date for release of the final 2.5% is 90 days after the Final Retention Release which is the later of one year following Practical Completion of the subcontract works or the Making Good of Defects Certificate under the Principal Contract.

ii) Purchase Orders (Everyone else)
Our standard conditions of purchase are sixty days of the end of month of in which an invoice is received 2.5% settlement discount. Unless otherwise agreed in writing with our supplier.
In practice credit terms are individually agreed with each supplier.
The most common credit terms we operate are:
30 days from invoice.
30 days from month end of invoice.
60 days from invoice
60 days from month end of invoice.
Settlement discount is usually only agreed with our major suppliers.

Were there any changes to the standard payment terms in the reporting period?


Maximum contractual payment period agreed

91 days


Any other information about payment terms


Dispute resolution process

b) The business process for resolving disputes relating to payment.
1) Subcontract
In the first instance any dispute should be raised with our Accounts Manager who will refer it to the Surveyor on the Project who will either directly instruct the Accounts Manager or will open a dialogue with the subcontractor.
If the dispute cannot be resolved between the subcontractor and the surveyor it will be escalated to the Commercial Manager and failing that to the Commercial MD for resolution with the subcontractor. If none of these steps resolve the issue our standard terms require the dispute be resolved through adjudication except where the dispute is substantially the same as one being arbitrated between ourselves and the Main Contractor wherein the Contractor is entitled to join the subcontractor in the proceedings such that the dispute will be arbitrated.

2) Purchase Order Contracts

In the first instance any query should be raised with the Accounts Manager. Depending on the type of query this may get raised to the Finance Director. If the matter cannot be resolved at this level then the issue may be escalated for the Construction MD for resolution. If none of these steps resolve the issue then the next appeal would be the Courts.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.


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?


During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?