SPIRE TECHNOLOGY LIMITED
Company number: 02447513
Reporting period:
1 October 2020 to 30 April 2021
Report filed on:
6 May 2021
Approved by:
JOHN APPLETON
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 54%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 41%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
75 days
Standard payment terms
30 days end of month following
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
75 days
Payment statistics disclosed in this report can be affected by a number of different factors. Invoices are often reported as due but not paid within agreed terms because BACS transfers to suppliers arrive in the supplier's bank account two business days after leaving the company's bank account. Payments due on the weekends or bank holidays are typically paid on the following business day and the company initiates payments in batches, on a weekly basis. Where this is the case, payments will normally be received by the supplier within a few days of the due date. Additionally, the nature of our supplier relationships means that there are regular offsetting of debit and credit positions, which we look to resolve prior to actioning net payments as agreed and appropriate.
Any other information about payment terms
N/A
Dispute resolution process
Spire accounts payable team work directly with our suppliers to resolve any issues that arise. This could result in credit notes, returning of stock or other applicable deductions. Once resolved, payment is made in accordance with agreed terms.
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 Fair 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.
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