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Their own payment-practices filing · gov.uk

Midas Construction Limited paid suppliers in 58 days on average — within its stated 28–63 day terms

CRN 01240442 · 9 statutory reports on record · period to 31 Oct 2021

Dated record. The latest report covers a period ending 31 Oct 2021 and the company hasn’t filed since (it may have dropped below the reporting threshold). Treat the figures as historical.
58daysavg time to pay · H2 2021

Their H2 2021 filing put the average 30 days past the shortest term they state (28 days), still within their 63-day upper term.

Their stated terms
28–63 days
Paid outside agreed terms
4% of invoices
Paid after 61+ days
27%
Reporting period
1 May 2021 – 31 Oct 2021
Source
their gov.uk filing, filed 26 Nov 2021

Self-reported figures from their statutory filing. How this is compiled.

Terms vs reality · their H2 2021 filing

Paid within their stated range — 58 against 28–63 days

The pattern · last 6 of 9 reports

50 → 58 days — slower across the window

The read · computed from their figures

Midas Construction Limited's H2 2021 filing put their average at 58 days against stated terms of 28–63 days; 4% of invoices were paid outside agreed terms and 27% took 61 days or longer. Filed 26 Nov 2021.

The direction is slower: from 50 days in H1 2019 to 58 now — 8 days slower across their last 6 reports.

That is 9 statutory periods on record (earliest H2 2017) — a historical record, not a promise for a new invoice.

What they tell their suppliers

Payment code: Prompt Payment Code

In their own words · from the filing

Standard payment terms

Purchase ledger (supplier payments) – Our standard payment terms are ‘net monthly’, being payment to the supplier by the end of month following the month ofinvoice. Practically this can result in a payment period between 28 days and 61 days. Sub-contract ledger – Our standard payment terms are variable and between 35 – 63 days, being payment to the sub-contractor variously within 35 – 63 days ofthe due date. Statistical information provided represents a combination of purchase ledger supplier and sub-contract payments.

Dispute resolution

Purchase ledger (supplier payments) – Complaints or concerns relating to disputes about payments should be directed in writing to the Purchase Ledger team atMidas Buildings, Silverhills Road, Decoy Industrial Estate, Newton Abbot, TQ12 5ND. These will be considered and responded to within 10 working days. In theevent that a response is not forthcoming, the dispute can be escalated to the Finance Director. Sub-contract ledger – Complaints or concerns relating to disputes about payments should be directed in writing to the surveyor responsible for the relevantproject. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to theCommercial Director for the division responsible for delivery of the project

Other information

Additional information re Covid-19 - for reports covered by this event. Please note, the payment statistics for the six-month period 1 May 2021 to 31 October 2021 continued to be adversely impacted by Covid-19. The business had to react to preserve resources in order to remain a viable business and absorb the impact of the dramatic change in the operating environment.

Every statutory report on record

Most recent first.

PeriodAvg daysOutside terms61+ daysFiled
H2 2021584%27%26 Nov 2021
H1 2021582%29%28 May 2021
H2 2020669%44%30 Nov 2020
H1 20205710%29%29 May 2020
H2 2019543%25%28 Nov 2019
H1 2019502%19%19 Sept 2019
H2 2018495%19%28 Nov 2018
H1 20184514%15%31 May 2018
H2 20174820%18%24 Nov 2017

Illustrative · working-capital arithmetic

What a 58-day cycle ties up

A worked example, not a finding. On a hypothetical £12k/month account, at a 58-day vs a 28-day payment cycle.

≈ £23,000
of invoicing outstanding at any one time on a 58-day cycle — about £11,800 more than the same account would carry at 28-day terms.

Late Payment Act. The Late Payment of Commercial Debts (Interest) Act 1998 lets a supplier charge statutory interest and fixed compensation on invoices paid past agreed terms. Work out what a late invoice is worth → Whether it applies depends on your contract — check with an adviser.

Quick answers · Midas Construction Limited

Are they getting slower or faster?
Their reported average has moved about 8 days slower over the window (50 → 58 days).
What's their typical pay point?
Their latest filed report put the average at day 58; across their last 6 reports it ranged 50–66 days. Treat that as a historical reference point, not a promise for a new invoice.
Can I see what this means for my invoices?
Run the live check — it re-reads their record and their live Companies House file, on the amount you invoice.
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How UK payment reporting works

What is a Payment Practices Report?
UK companies and LLPs above a size threshold — broadly, two of: turnover over £54m, balance sheet over £27m, or more than 250 employees — must report twice a year, under the Reporting on Payment Practices and Performance Regulations 2017, how quickly they actually pay suppliers: the average time to pay, the share of invoices paid in 30 days or fewer, 31 to 60 days and 61 days or longer, and their standard payment terms. Those thresholds apply to financial years beginning on or after 6 April 2025; for earlier financial years they were £36m and £18m, with the same 250-employee test.
What does "paid outside agreed terms" mean?
The share of invoices paid later than the terms in the supplier contract. If terms are 30 days and an invoice is paid on day 45, it counts as paid outside terms, regardless of the headline average.
How often is this data updated?
Each report covers a six-month period and must be filed within 30 days of that period ending, so a company's record refreshes roughly twice a year. PaidLate re-reads the register as new reports are filed.
Is this official government data?
The underlying payment figures come from the company's own statutory filings on the gov.uk payment-practices service; company-status data comes from Companies House. PaidLate calculates trends, comparisons and summaries from those records. It does not use surveys or credit-agency scores.

How this is compiled. Built from official records only: Companies House and the gov.uk payment-practices service. The payment figures are self-reported — companies over the size threshold must file them by law and the board signs them off. No credit-agency data. The numbers are theirs; the plain-English read is ours. This is information compiled from public records under the Open Government Licence v3.0 — not a credit rating and not advice.

The 31-day comparison figure is the median across 6,104 companies with a current statutory report — every sector pooled, not an average of sector medians (how the figure is built).

Report PL-01240442 · latest period to 31 Oct 2021

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