Project review · Application 1 · costs to 19 June 2026
M&E Subcontract · Leodis Developments Ltd
Contract value
£103,000
Net of £1,652 main contractor discount
Applied to date
£13,728
13.3% of contract, to 31 May
Net payable
£13,041
Application 1, after 5% retention
Cost to date
£19,401
To 19 June, 26.9% of cost budget
Remaining cost
£48,844
Priced basis, not re-forecast
Meadow Croft is early in its programme. The contract is worth £103,000 against a priced cost budget of £72,244, a quoted margin of 29.9%. The first application, valued to 31 May 2026, claims £13,728 of work, or 13.3% of the contract, leaving £13,041 due after retention and £89,272 of measured works still to bill. On the cost side, with labour booked to 19 June, £19,401 has been spent and, on the original pricing, £48,844 remains. The headline for the directors is what is left on the job: 52 days of the priced 112.5 still to run, and only £5,301 of the £30,352 materials budget spent, so the bulk of the spend, the plant room, the underfloor heating and the electrical materials, is still to come. Two health warnings frame all of this, set out above: the cost and the application sit at different dates, and the remaining figures are priced rather than re-forecast by a project manager on site.
Days remaining
52
Of 112.5 priced · 60.5 used · £10,400 of labour cost
Materials remaining
£25,052
82.5% of the £30,352 parts budget unspent
Packages remaining
£13,392
Design £2,000 · underfloor heating £11,392
Plumbing and heating actuals are tracked at trade level, so its labour and materials cannot be split further. Electrical separates into general works and fire detection, the latter not yet started. Design and the underfloor heating package carry no labour days.
Labour is over halfway used while materials are barely spent, so days run ahead of cost. The remaining spend is dominated by materials and packages, not labour.
This is the view the two workbooks unlock together, but it carries the strongest caveat in the report. Cost to date is £19,401, while value applied to date is £13,728, so cost is running £5,673 ahead of what has been billed. Before reading anything into that, the two numbers are measured at different dates. Cost runs to 19 June and the application was cut at 31 May, so around three weeks of cost sits in the cost figure that no application has yet captured. A meaningful part of the gap is simply that timing difference.
What remains after timing is the question the directors should hold: on a job with no project manager pricing the work in progress, is the application keeping pace with the work actually done. Cost incurred is 26.9% of the cost budget while value applied is 13.3% of the contract. Those percentages sit on different bases and are not directly comparable, but the direction is worth watching. If the next application, brought up to the same date as the cost, does not close most of this gap, it would suggest the work is being under applied and is worth challenging before Application 2 is submitted.
Bars sit on different bases and on different dates. Indicative only.
Application 1 values the works at £13,728 gross, 13.3% of the contract. After five percent retention of £686, the net payment due is £13,041, with no previous certificates. A further £89,272 of measured works remains to be billed. The percent complete below is assessed on sell value, line by line, from the application.
| Ref | Description | Contract value | % complete | Applied |
|---|---|---|---|---|
| 1.01 | Plumbing / DWS Distribution / Heating Distribution | £15,320.00 | 40% | £6,128.00 |
| 1.02 | Above Ground Drainage | £3,100.00 | 20% | £620.00 |
| 1.03 | Underfloor Heating & Screed to Ground Floor | £11,892.00 | 0% | £0.00 |
| 1.04 | Supply & Fit 7x Stelrad Radiators to First Floor | £4,900.00 | 0% | £0.00 |
| 1.05 | Plant Room | £8,840.00 | 0% | £0.00 |
| 1.06 | Temporary Mechanical Services to Basement | £1,400.00 | 0% | £0.00 |
| 1.07 | Commissioning / Builders Work / Insulation | £6,700.00 | 0% | £0.00 |
| 1.08 | Electrical Works | £48,000.00 | 15% | £7,200.00 |
| 1.09 | As Built Drawings | £4,500.00 | 0% | £0.00 |
| Contract subtotal | £104,652.00 | 13.3% | £13,948.00 | |
| Main contractor discount | (£1,652.00) | — | (£220.18) | |
| Build cost total | £103,000.00 | 13.3% | £13,727.82 |
Cost and application measured at different dates
Cost runs to 19 June, the application to 31 May, so around three weeks of cost is not yet reflected in any application. The £5,673 by which cost leads value applied is partly this timing difference rather than lost margin.
Owner: Commercial — action: bring Application 2 up to the cost date before reading the gap as under recovery
Remaining cost is priced, not re-forecast
With no dedicated project manager on site, remaining days and materials are the quote less spend to date, not an assessment of what the work still needs. This understates the risk of an overrun and of under application, both of which can only be confirmed by a site review of progress against cost.
Owner: Operations — action: obtain a site view of work remaining to test the priced figures
Material spend is heavily back loaded
Only 17.5% of the materials budget has been spent. The plant room, the underfloor heating package and the bulk of the electrical materials are still to be bought, so the largest cost exposure to price movement is ahead of the job, not behind it.
Owner: Procurement — action: confirm prices on the plant room and underfloor heating before order
Cost actuals tracked only at trade level
The cost model records spend against Plumbing and Heating and Electrical as a whole, not against each room or line, so cost performance cannot be checked line by line. The per room breakdown in the price remains a budget only view until actuals are captured at that level.
Owner: Commercial — action: capture cost at line level if closer monitoring is required
This is the question the review exists to answer: how many days and how much material spend are still to come. On the original pricing, 52 days of labour remain at the £200 day rate, worth £10,400, and £25,052 of materials are still to buy, with a further £13,392 in the design fee and the underfloor heating package. That totals £48,844 of cost to complete.
The shape matters more than the total. Labour is over halfway used at 53.8% of the priced days, but only 17.5% of the materials budget has been spent. Material spend is heavily back loaded into work that has barely started, so progress measured in days overstates how far through the cost the job really is. These figures assume the job runs to the quote; with no project manager re-forecasting on site, they carry the risk noted at the head of the report.