GOV.UK
MI-SPACE (UK) LIMITED
Company number: 06280106
Reporting period:
1 November 2019
to 30 April 2020
This report was filed on 29 May 2020
and approved by Michael Ready
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 63%
- in 61 days or more: 23%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
28 days
Longest standard payment period
63 days
Standard payment terms
Purchase ledger (supplier payments) – Our standard payment terms are ‘net monthly’, being payment to the supplier by the end of month following the month of invoice. Practically this can result in a payment period between 28 days and 61 days.
Sub-contract ledger – Our standard payment terms are variable and between 35 – 63 days, being payment to the sub-contractor variously within 35 – 63 days of the due date.
Statistical information provided represents a combination of purchase ledger supplier and sub-contract payments.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
63 days
Any other information about payment terms
The payment statistics have been adversely impacted by Covid-19 in the months of March and April within this reporting period. The business has had to react to dramatic changes and has had to preserve resources in order to give it time to assess the impact of the lockdown on its business and the financial implications of this dramatic change in its operating environment.
Dispute resolution process
Purchase ledger (supplier payments) – Our practices and policies do not cover deducting sums from payments in order for suppliers to remain on preferred lists and, as such, has not deducted sums from any payments in this respect.
Sub-contract ledger (invoice payment) – Our practices and policies do not cover deducting sums from payments in order for sub-contractors to remain on preferred lists and, as such, has not deducted sums from any payments in this respect.
Sub-contract ledger (self-billing) – Our practices and policies do not cover deducting sums from payments in order for sub-contractors to remain on preferred lists and, as such, has not deducted sums from any payments in this respect.
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.Yes – Prompt Payment Code
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