GOV.UK
MI-SPACE (UK) LIMITED
Company number: 06280106
Reporting period:
1 May 2020
to 31 October 2020
This report was filed on 30 November 2020
and approved by Michael Ready
Payment statistics
Average time taken to pay invoices: 78 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 40%
- in 61 days or more: 51%
Invoices due but not paid within agreed terms: 8 %
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
Additional information re Covid-19 - for reports covered by this event.
Please note, the payment statistics for the six-month period 1 May to 31 October 2020 continue to be adversely impacted by Covid-19. The business had to react to preserve resources in order to remain a viable business and absorb the impact of the dramatic change in the operating environment
Dispute resolution process
Purchase ledger (supplier payments) – Complaints or concerns relating to disputes about payments should be directed in writing to the Purchase Ledger team at Midas Buildings, Silverhills Road, Decoy Industrial Estate, Newton Abbot, TQ12 5ND. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Finance Director.
Sub-contract ledger – Complaints or concerns relating to disputes about payments should be directed in writing to the surveyor responsible for the relevant project. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Commercial Director for the division responsible for delivery of the project
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