Company number: 05704158
and approved by Andrew Goodwin
Average time taken to pay invoices: 35 days
Invoices paid:
Invoices due but not paid within agreed terms: 17%
0 days
60 days
i. The business’ standard payment terms: a. The standard contractual length of time for payment of invoices. The Company does not have standard terms, every project / client have different requirements, so the terms are agreed at the time of placing an order / sub- contract. The most frequent used payment terms are 38 days, 30 days, 14 days and zero (where paid against pre agreed payment milestones) The most common terms of payment for the contracts where invoices are paid by bank transfers have the length of time of payment of invoices of 30 days (approximately 2/3 of all such payments). However The Company uses other terms of payments, such as : -invoices payable immediately (where paid against agreed payment milestones); - invoices payable in 45 days; - invoices payable in 60 days; - subcontract self-billing certificates in 38 days. Payments made using HSBC purchase cards are either prepayments or immediate payments upon receipt of an order, usually immediately. b. Maximum contractual payment period and any changes to the standard payment terms in the reporting period. The maximum contractual payment period in the reporting period was 38 days. There are no standard payment terms, these are agreed at time of placing contract. If for any reason there are any contractual changes, the proposed changes are consulted with the supplier and agreed before any changes made.
Answer not provided
N/A
60 days
No further comment provided
N/A
ii. The business’ process for resolving disputes related to payment. • For goods, if the invoice has not been presented in the correct format as detailed within the Order it will be returned to the Supplier stating why it has been returned. If this results into a dispute the Supplier will contact the Buyer (details on Order) to resolve issue. • For subcontracts, a Dispute Resolutions clause is included within each contract detailing the agreed process to settle disputes and referred to senior representatives after 14 days. Contract will also include all the relevant contact details as appropriate.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
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
No
No