VPI POWER LIMITED
Company number: SC189124
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 27 January 2022
and approved by David Brignall
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 34%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 47 %
Payment terms
Standard payment period for qualifying contracts
0 days
Standard payment terms
30 days from month end
Were there any changes to the standard payment terms in the reporting period?
Yes – Upon acquisition of the company by the VPI group the standard payment terms were aligned with the group to be 30 days from the end of the month (previously 60 days)
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Initial contact is to be made by the supplier to accounts payable who will then follow up internally, liaising with the supplier until the dispute is resolved. From the point of requisition to approval of PO, the procurement team deal with any queries.
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