01
CNI Summary
Completed-not-invoiced value stands at £214k across five contracts, with seven individual blockers preventing invoicing. This is an increase of £6k from March. The work is physically complete — the value is earned — but cannot be converted into cash until the specific blocker on each item is resolved.
The single largest CNI item is the Riverside FM monthly application (£87.4k) — rejected by Mitie because the application format does not match their updated template. This is the same root cause driving £124.6k of aged WIP. Together, these two issues on a single contract represent a combined £212k cash exposure from one format problem.
If all seven blockers were resolved this month, £214k of revenue would enter the invoicing pipeline immediately. The estimated cashflow benefit, assuming standard 30-day payment terms, would be £214k received by end of June.
02
Cash Impact
Work completed
£214k
earned, not billed
If invoiced today
£214k
cash in ~30 days
Financing cost
£2.8k
est. at 5% / 38d avg
Monthly drag
£890
per month unresolved
Every month CNI remains unresolved costs the business approximately £890 in financing charges (at 5% annual borrowing rate). The true cost is higher when accounting for management time spent chasing resolution, delayed project close-out and the risk of entitlement expiry on time-limited claims.
03
CNI Register 7 items
| # | Contract | Completed work | Value | Days out | Blocker | Resolution path | Owner | Target | Status |
|---|---|---|---|---|---|---|---|---|---|
| 01 | Riverside FMMitie | March reactive works and planned maintenance — all completed, signed off by site team | 87,400 | 47d | Format | Reformat monthly application to match Mitie's updated template. Combine with WIP item. | KHK. Hughes | 02 May ⚠ | Overdue |
| 02 | Cathedral QuarterISG | M&E first fix — floors 3–5 complete, inspected and accepted. Measured rates queried by ISG QS. | 54,100 | 38d | QS query | Rate comparison sent 24 Apr. Follow up if no response by 9 May. Escalate to ISG PM. | JPJ. Palmer | 12 May | In progress |
| 03 | Docklands Ph 2Lendlease | Second-fix completion — Level 4 handed over. Retention release pending snagging sign-off. | 28,500 | 34d | Sign-off | Joint inspection with Lendlease site manager. Snagging list 90% complete. Final items due 12 May. | MTM. Taylor | 16 May | In progress |
| 04 | Pennine Pkg CKier | Additional cable containment works — instructed verbally, completed. Missing daywork sheets. | 22,800 | 44d | Evidence | Ops team locating 4 daywork sheets. Once recovered, include in Application 3 resubmission. | RBR. Barker | 09 May | In progress |
| 05 | Trafford RetailMace | Distribution board installation — complete, tested, commissioned. Awaiting Mace QS site visit. | 21,200 | 22d | QS avail. | Mace QS site visit booked for 8 May. Measure and agree on-site. Include in Valuation 2. | RBR. Barker | 16 May | On track |
| Total CNI | 214,000 | 38d avg |
Showing 5 active blocker items. Two additional items (Whitmore Tower £0, Alderley Park £0) had CNI resolved this period and are excluded from the live register.
04
Resolution Timelines
Critical · Overdue
Riverside FM — Monthly Application
Mitie · FM Contract Year 2 · Reactive + planned works
£87,400
47 days outstanding
Work completed
All March reactive works and PPMs completed and signed off on site.
Application submitted
Monthly application submitted in Meridian's standard format.
Application rejected
Mitie rejected — their template was updated in February. Meridian was not notified of the change. Same issue affected the February application.
Reformatting in progress
K. Hughes obtained the updated template. Reformatting March data into new layout. Combining with Feb resubmission to clear backlog.
Resubmission
Combined Feb + Mar application in new format. Expected payment within 30 days of acceptance.
High · In progress
Cathedral Quarter — Valuation 4
ISG · Fitout · M&E first fix measured works
£54,100
38 days outstanding
First fix complete — Floors 3–5
All M&E first-fix works completed, inspected and accepted by ISG site team.
Valuation 4 submitted
Application submitted with measured quantities and rates per contract schedule.
QS query raised
ISG QS queried 5 measured rates — believes 3 should be remeasured at lower specification. Meridian disagrees.
Rate comparison sent
J. Palmer sent detailed rate comparison with contract references supporting original rates. Awaiting ISG QS response.
Agreement and certification
Once rates agreed, valuation will be certified. If no response by 9 May, escalate to ISG Project Manager.
In progress
Docklands Ph 2 — Retention
£28,500
Snagging list 90% complete. Remaining 4 items scheduled for completion by 12 May. Joint inspection with Lendlease to follow. Retention release upon sign-off.
Owner: M. Taylor · Target: 16 May
In progress
Pennine Pkg C — Dayworks
£22,800
Cable containment works completed under verbal instruction. 4 daywork sheets missing — ops team searching site records and WhatsApp photos for supporting evidence.
Owner: R. Barker · Target: 09 May
On track
Trafford Retail — DB Installation
£21,200
Distribution board installed, tested, commissioned. Mace QS site visit booked for 8 May to measure and agree quantities on-site. Expected to be included in Valuation 2.
Owner: R. Barker · Target: 16 May
05
Blocker Category Analysis
By blocker type
Application format rejected
£87,400
1 contract · 1 item · 41% of total CNI
QS rate query
£54,100
1 contract · 1 item · 25% of total CNI
Snagging / sign-off
£28,500
1 contract · 1 item · 13% of total CNI
Missing evidence / dayworks
£22,800
1 contract · 1 item · 11% of total CNI
Client QS availability
£21,200
1 contract · 1 item · 10% of total CNI
Recoverable if resolved by mid-May
£185k
Recoverable with actions already in progress. Includes Riverside FM resubmission, Cathedral QS agreement and Pennine daywork evidence.
£29k
Dependent on third-party action. Docklands sign-off and Trafford QS visit — both booked but subject to client availability.
Process observation: Three of the five blockers are within Meridian's control (format, evidence, snagging). Only two depend on client action (QS query response, QS availability). This means 66% of CNI value can be unblocked through internal action alone.
06
CNI Trend & Next Steps
Six-month CNI trend
CNI has risen every month since November. Rate of increase is slowing (Nov→Dec +£16k, Mar→Apr +£6k), suggesting new CNI creation is stabilising but historic items are not being cleared fast enough.
May resolution targets
1
Resubmit Riverside FM application
K. Hughes · by 05 May · unlocks £87.4k
2
Resolve Cathedral Quarter QS query
J. Palmer · by 12 May · unlocks £54.1k
3
Recover Pennine daywork evidence
R. Barker · by 09 May · unlocks £22.8k
4
Complete Docklands snagging
M. Taylor · by 16 May · unlocks £28.5k
5
Trafford QS site visit
R. Barker · 08 May booked · unlocks £21.2k
If all five targets are met, CNI would reduce from £214k to £0 and the May review would show the first month of CNI reduction since September 2025.