EMPIRIC STUDENT PROPERTY PLC
Company number: 08886906
Reporting period:
1 January 2018 to
30 June 2018
This report was filed on 31 July 2018
and approved by Lynne Fennah
Payment statistics
Average time taken to pay invoices: 7 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 5%
Invoices due but not paid within agreed terms: 1%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
We pay invoices as soon as we receive them. We have weekly payment runs and so once approved by the FC and CFO then the accounts payable team pays the amounts. The majority of the payment terms are 7, 14 or 28 days. For ongoing developments then some payments can take longer from the invoice date because of defects in an ongoing development, however the payment is not technically due at this time. The usual payments made regarding these invoices are 7-14 days.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
Invoices are initiated as soon as received by the accounts payable team, and are paid within a week as they will go on the payment run. There are invoices we receive that have old invoice dates however, we receive these late for various reasons, but we pay these as soon as possible and we are regular payers, as seen by weekly payment runs.
Dispute resolution process
We have very few issues with disputes and complaints. When standard issues are raised, such as missing bank details, then these will be raised to the AP team who deal with this accordingly. The payment can be put on hold on our system when in dispute. Issues relating to developments on our properties can be more frequent and these are then dealt with by the development team, and these will be raised to the Directors if they become more serious.
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.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No