GOV.UK
XBRIDGE LIMITED
Company number: 03967717
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 25 July 2019
and approved by Jason Stockwood
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 10%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 55 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
At Xbridge Limited it is important to us to pay our suppliers on time and we aim to pay all invoices within 30 days from invoice date, unless otherwise agreed with the supplier. To ensure timely payment, suppliers should email all invoices to accounts.assistant@simplybusiness.co.uk and ensure our Purchase Order Number is entered on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
The % of invoices paid outside of agreed terms is much higher in this reporting period than our acceptable standards, due to anomalies in the first 4 months of 2019 caused by staff and system changes. Without these anomalies, our % of invoices paid late would have been 20%.
Dispute resolution process
Any disputes or discrepancies would normally be raised with the supplier by the person within Xbridge who raised the expenditure, with a view to resolving the dispute and settling the invoices as soon as possible. Any query from a supplier regarding an invoice should be directed in the first instance to the supplier’s contact within Xbridge. The finance department can be contacted at financeteam@simplybusiness.co.uk in the unlikely event that an escalation is needed.
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