FACULTY SCIENCE LIMITED
Company number: 08873131
Reporting period:
1 April 2025 to 31 August 2026
Report filed on:
14 October 2026
Approved by:
Marc Warner
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? No
Payment statistics
Average time taken to pay invoices: 27 days
Total value paid:
- within 30 days: £14,272,096 (71%)
- in 31 to 60 days: £5,314,188 (26%)
- in 61 days or more: £603,935 (3%)
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 29%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £5,568,483
- payments due in the reporting period which have not been paid within the agreed period: 26%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
30 days
Standard payment terms
N/A
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
45 days
We use this for our health insurance invoices. This is the only one that has these payment terms. Policy is to pay on the due of the invoice.
Any other information about payment terms
N/A
Dispute resolution process
We currently use an AP system that routes each invoice to the relevant budget holder for approval, depending on which budget it is coming from. Once the finance team has approved an invoice, it is sent to the budget holder, who can approve or reject it. A budget holder may reject an invoice if it does not fit within their budget or if it has been sent to them in error. Rejected invoices are returned to the finance team, who determine whether the invoice needs to be redirected to a different budget holder. Furthermore, if the invoice amount was not agreed with the supplier, the budget holder contacts the supplier to request a corrected invoice.
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.
Yes
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