ASSET EDUCATION
Company number: 09434926
Reporting period:
1 March 2025 to 31 August 2025
Report filed on:
28 September 2025
Approved by:
Barry Gostling
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 11%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 31%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
ASSET Education aims to pay all suppliers in accordance with their payment terms and conditions unless there are queries on the invoice.
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
30 days
No further comment provided
Any other information about payment terms
The results for this 6 month period are on the face of it a little disappointing. It is a shame to see that our % paid within 30 days has fallen and our no of invoices not meeting agreed terms has risen again. When delving deeper in to the figures, it does appear that we are again seeing a relatively large amount of invoices not arriving in our offices before deadlines - 35% of those that have missed their due date could not have met them due to being received in the office late. We also see a continued trend of suppliers offering shorter terms which has made meeting due dates more difficult with a weekly BACS run ( many suppliers offer terns of 7 days or less which depending on the day of the week they are received could miss the due date - 20% of all late invoices were in this category). Although our numbers paid within 31-60 days have increased, this does appear to have mostly been a slight shift with 55% of those in this category still paid within 40 days. Our amount in the 61+ category has also decreased showing that the amount of long term delays have shortened. It should be pointed out, a lot of this invoices will be ones we have disputed with the supplier, leading to a longer payment date.
Despite the above, this still shows that we have some work to do to improve our speed of payment. The finance team will work on ways to rectify this.
Dispute resolution process
Escalate to central finance team who would take up query with management of supplier.
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