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IMI PRECISION ENGINEERING LIMITED

Company number: 01687068

Reporting period:
1 July 2018 to 31 December 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2019

and approved by Andrew Ball

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 47%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 83 %

Payment terms

Shortest standard payment period

15 days

Longest standard payment period

90 days

Standard payment terms

End of month plus 60 days for 3rd party creditors and end of month plus 15 days for intercompany creditors

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

Whilst 83% of payments are statistically paid late, only 15% of all invoices processed are 3rd party suppliers with the remaining 85% of all invoices processed relating to other IMI companies but not of the same legal entity.
Of the 15% 3rd party suppliers 80% of these are paid within 7 days of due date.

Dispute resolution process

Dispute raised by supplier
Query referred to relevant team member in AP
Query investigated and referred to relevant department for information
Supplier contacted with resolution
Action agreed with 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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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