IMI PRECISION ENGINEERING LIMITED
Company number: 01687068
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
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%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 83%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
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 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