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WESSEX WATER SERVICES LIMITED

Company number: 02366648

Reporting period:
1 July 2020 to 31 December 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 18 January 2021

and approved by Andy Pymer

Payment statistics

Average time taken to pay invoices: 14 days

Invoices paid:

• within 30 days: 89%
• in 31 to 60 days: 11%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 4 %

Payment terms

Shortest standard payment period

2 days

Longest standard payment period

45 days

Standard payment terms

Conditions of Contract for the Supply of Goods and Services - Payment will be made by the end of the Company’s accounting month following the accounting month of Delivery or receipt of invoice, whichever is the later.

Capital Delivery Contract Payments. Fixed AMP schedule for payments under contract types NEC3, ECC, PSC, Discrete, E Short, TDO, frameworks, Bespoke contracts and ICE.

Small supplier scheme (14 days Nett) - Qualification where suppliers turnover is less than the UK VAT registration threshold

Were there any changes to the standard payment terms in the reporting period?

Yes – In response to COVID-19, to help our suppliers manage cash flows, effective 21st March 2020 Wessex Water Services Limited implemented a temporary change to its standard Purchase Order payment terms to 30 days from invoice for a period of 6 months. Reverting to standard terms 01/10/2020.

Were suppliers notified or consulted about these changes before they were made?

Yes – Communicated via corporate website COVID-19 update, banner messages included within new Purchase orders and standard payment remittance advice notice.

Maximum contractual payment period agreed

45 days

Any other information about payment terms

N/A

Dispute resolution process

Any dispute arising out of or in respect of the Purchase Order may be referred in writing by either Party to a dispute resolution committee comprising the Company Representative and the Supplier Representative. Failing resolution of the dispute by the dispute resolution committee within a period of 10 (ten) Business Days of the reference to them the dispute may immediately be referred in writing by either Party for determination to the Company’s procurement team and Supplier sales manager who shall seek to reach agreement of the dispute within 1 (one) calendar month.

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No