GOV.UK
XBRIDGE LIMITED
Company number: 03967717
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 28 January 2021
and approved by Jason Stockwood
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 2%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 19 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Xbridge Ltd standard payment terms policy is a minimum of 30 days. As a result, our Accounts Payable team aims to pay invoices quoting the relevant PO number within 30 days of receipt into the following mailbox:
accounts.assistant@simplybusiness.co.uk.
Any payment terms less than 30 days are only agreed in exceptional circumstances with a legitimate business case and require approval by our Procurement Team.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
98.5% of our invoices are paid within 30 days of receipt into the accounts mailbox
( accounts.assistant@simplybusiness.co.uk ) . 1.5% of invoices were paid over 30 days from receipt which is in line with
our expectations as we have suppliers on payment terms greater than 30 days and some tolerance should be given
for invoices where charges are being disputed or investigated. This is prudent and ensures that Xbridge Limited
receives value for money from its suppliers.
19% of invoices were paid after their due date. To help ensure that invoices are paid before their due date, all invoices
should be sent directly to the accounts mailbox ( accounts.assistant@simplybusiness.co.uk ) quoting the relevant PO
Number.
Dispute resolution process
Any disputes or discrepancies should be raised with the supplier by the employee(s) within Xbridge Limited who
raised the expenditure, keeping the Accounts Payable team informed of the status of negotiations. Any escalations
can be referred directly to the finance team via accounts.assistant@simplybusiness.co.uk .
Invoice disputes are rare but unavoidable in some cases to ensure that the quality of goods and services received are
up to the standard that Xbridge Limited aims for and also in cases where appropriate cost control measures need to
be met. In these cases, Xbridge Limited would aim to keep an open line of communication with the supplier to ensure
any issues are resolved and expectations over when payment will be made are managed. Furthermore, in some
cases where an invoice is reissued due to a dispute, the Accounts Payable team will honour the original invoice
payment date or agree to pay on the next available payment run rather than 30 days from the reissued invoice date
which ensures we maintain good relations with our supplier.
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.
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