ULTRA ELECTRONICS LIMITED

Company number: 02830644

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 29 January 2021

and approved by Jos Sclater

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 47%
• in 31 to 60 days: 40%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 39%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms vary. On average, standard payment terms are 34 days.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

In the majority of cases, Accounts Payable contact the supplier (or vice versa). Ultra will involve the Purchasing Manager, Cost Centre Manager or Project teams if relevant. If it cannot be resolved at this level then it is escalated to the Financial Controller, then escalated to the Finance Director. Ultra keeps the Supplier informed throughout the process. Once the query is resolved, is it passed for approval to the appropriate department to process and pay the invoice.

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, 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.

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