Cockpit · The Drain™ - Stage 03 (WIP discipline, week by week) · Worked example Meridian M&E Ltd · 8 contracts · April 2026 (Month 7) · Margin 21.4% (target 22%) · £14.2m

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MARGIN COCKPIT™STAGE 03 · THE DRAIN

The Drain™

WIP, CNI & Invoice Blockers

Where the cash gets stuck. WIP ageing, completed-not-invoiced work, and the blockers stopping invoices from going out. The Drain finds the blockages and assigns owners to clear them.

Company: Meridian M&E Ltd · 8 contracts
Portfolio: £14.2m · Blended margin 21.4%
Period: April 2026

WIP & CNI — APRIL 2026

£1.84m WIP · £312k CNI · 6 Invoice Blockers

£1.84m

TOTAL WIP

Target: <£1.5m

£312k

CNI (COMPLETED NOT INVOICED)

3 contracts affected

INVOICE BLOCKERS

4 client-side, 2 internal

WIP is £340k above the £1.5m target — driven by Mersey Gateway (£480k WIP, oldest tranche 62 days). The 6 invoice blockers break down as: 4 waiting for client sign-off on valuations, 2 internal (missing project manager approval). Each has an owner and a target resolution date in The Pulse.

STAGE 03 GATE — THE DRAIN

Blockages Found. Owners Assigned. Cash Flowing.

✓WIP aged by contract and band (0–30, 31–60, 61–90, 90+)

✓CNI identified with owner and target invoice date

✓Invoice blockers classified (client/internal/commercial)

✓Each blocker assigned to resolution owner

✓WIP/CNI data handed to The Shield for variation cross-check

Handover to Stage 04 — The Shield™: Mersey Gateway's £480k WIP includes £31k disputed re-measure — this feeds The Shield's variation defence position.

THE DRAIN — SNAPSHOT

£1.84m WIP. 6 blockers assigned. £312k CNI chased.

Cash stuck in the pipe is margin you can't spend. The Drain finds every blockage — WIP ageing out, completed work not invoiced, client sign-offs not received — and puts a name and a deadline on each one.