SURVITEC GROUP LIMITED
Company number: 00905173
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Neil Gamble
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 44%
- in 61 days or more: 26%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 59%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
Answer not provided
Standard payment terms
Vendor payment terms range from 0 days (advance payment) to a maximum of 80 days. Standard contractual terms are 60 days. There are also some accounts that require pro-forma payment. The Company's standard payment terms are to pay correctly rendered and valid invoices by the end of the month following the month of receipt.
Were there any changes to the standard payment terms in the reporting period?
A number of suppliers have agreed to payment after 60 days end-of -month and there are some suppliers offering only 0-15 days credit.
Were suppliers notified or consulted about these changes before they were made?
This was handled locally by the payment teams and negotiated together with the relevant suppliers.
Maximum contractual payment period agreed
80 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Where invoices are genuinely disputed/queried they are followed up with the relevant internal department and/or supplier as necessary, escalating to that employee's line manager and subsequently Group Finance when resolution is not achieved.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No