GOV.UK
ENGINE ACQUISITION LIMITED
Company number: 09080182
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 23 April 2021
and approved by Will Thompson
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 37%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 20 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
We have a range of standard payment terms for different categories of supplier. For Government subcontractors or contractors who engage with ENGINE for a contract for services, invoices will be paid on 30 day terms. The standard for all other suppliers will be 30/60 depending on category, with any deviation from these requiring internal approval.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The accounts payable (AP) team request further information from the purchaser to resolve the issue with the supplier. The AP team will request that the invoice is checked by the relevant department to ensure the invoice is a valid business expense and matches the quoted amount. Any unforeseen changes will then need internal approval proceeding with payment.
Finance Manager (FM)/Financial Controller (FC) monitor status of disputed invoices each week, the AP team report disputed/unapproved invoices weekly which are then escalated by FM/FC if required.
The supplier can escalate any issues to FM/FC at any time, at which point a new disputed invoice will be added to the weekly reporting cycle to ensure it is resolved asap.
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