ULTIMA BUSINESS SOLUTIONS LTD.
Company number: 02521249
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
16 October 2020
Approved by:
Tamsin Ashmore
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 58%
- in 61 days or more: 35%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms are 30 days, with some 60 day accounts. Some recruitment agencies require 14 day terms
Were there any changes to the standard payment terms in the reporting period?
Due to the covid pandemic for the period March to August it was negotiated with our main supplier to extend our standard 30 day terms to 60 days. This reverted back to 30 days as planned at the end of August
Were suppliers notified or consulted about these changes before they were made?
The change was negotiated with the supplier
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any queries on the invoice will be notified to the supplier with the intention to resolve within the month, if they are not, then they are aware of any reasons for non-payment.
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