PROTEC FIRE DETECTION PUBLIC LIMITED COMPANY
Company number: 01170489
Reporting period:
1 September 2019 to 29 February 2020
Report filed on:
17 March 2020
Approved by:
PETER DOYLE
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 33%
- in 61 days or more: 47%
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: 4%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
93 days
Standard payment terms
In line with the Government directive on prompt payment of suppliers we are striving to achieve a 63 day maximum contractual payment period. This will involve a full revision of our payment strategy to ensure Payment unless stated otherwise in the Purchase Order, will be made 60 days after the date the invoice is received, subject to the invoice bearing the Purchaser's Purchase Order number and provided the goods have been delivered and all requisite contract documentation submitted in accordance with the contract prior to receipt of the said invoice. The date of a valid invoice for these purposes shall be deemed to be 2 days prior to actual receipt of the invoice by The Purchaser, notwithstanding any other date stated on the face of the invoice. The company feels it has an obligation to meet the guidelines of the Prompt Payment Code and pay 95% of supplier invoices within 60 days. Our average payment terms have fallen again now down to 55 days demonstrating our ongoing commitment
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
93 days
The maximum contractual payment period is 60 days after the end of the month the invoice is received
Any other information about payment terms
The statistical information provided includes payments to both purchase ledger and sub-contract suppliers
Dispute resolution process
Protec Fire Detection Plc is committed to fair dealing with all of its supply chain members, and transparency and swift resolution of disputed items are key principles in this process. Protec Fire Detection Plc has a dedicated team, based at Nelson HQ, for dealing with supplier queries and old invoices. The Purchase Ledger Accounts Team is responsible for; • Formal supplier statement reconciliation, requesting copies of POD’s, invoices and credit notes where differences are identified. The team will investigate any delays or issues in order to resolve any payment queries as quickly as possible.
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