INVERTEK DRIVES LIMITED
Company number: 03504834
Reporting period:
1 January 2025 to 30 June 2025
Report filed on:
30 July 2025
Approved by:
Adrian David Ellam
Payment statistics
Average time taken to pay invoices: 72 days
Total value paid:
- within 30 days: £5,589,933 (27%)
- in 31 to 60 days: £6,581,837 (32%)
- in 61 days or more: £8,172,662 (40%)
Invoices paid:
- within 30 days: 28%
- in 31 to 60 days: 32%
- in 61 days or more: 40%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £535,965
- payments due in the reporting period which have not been paid within the agreed period: 70%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
120 days
Standard payment terms
Our most common payment terms for goods are 30 days end of month, although a portion of our suppliers grant us terms of 60 days, and a very small number of suppliers permit longer terms. Many invoices for services are usually paid within 14 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
Supplier invoices are matched to purchase orders and goods received notes. If supplier invoices cannot be perfectly matched to goods received notes then we resolve differences with the supplier before processing and paying.
Dispute resolution process
Invoice discrepancies are raised with the supplier as soon as they are noted. The supplier payment run is a continuous daily process and maintain a regular dialogue with our suppliers to ensure all that discrepancies are resolved as quickly as possible.
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 Fair 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