GOV.UK
WATES PROPERTY SERVICES LIMITED
Company number: 01141788
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 28 January 2022
and approved by Philip Wainwright
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 58%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 20 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
For the six month reporting period to 31 December 2021, 98% of all invoices were paid within 60 days. This exceeds the Prompt Payment Code requirement of 95%. 81% of invoices were paid to smaller businesses within 30 days, meaning that our performance was below the 95% target for that measure.
We have been working hard during 2021 and 2022 with our suppliers to ensure accurate and adequate detail is provided on supplier invoices, whilst also improving the efficiency of our own processes and reporting systems, whilst maintaining the legally-required controls that are necessary for us to avoid fraud and error. This has resulted in an improvement throughout the period, with 84% of invoices from small businesses paid within 30 days for the final quarter of 2021. We anticipate that we will continue to improve performance, enabling us to exceed Payment Practices Reporting targets in subsequent reporting periods.
Significant expenditure and resources have been incurred on modifying reporting systems and internal processes to identify the small companies for reporting and then ensure improvement during a period of disruption where Covid restrictions impacted on finance and other staff working in the office, at the same time as the Group was implementing the additional processing requirements required by the new Domestic Reverse Charge VAT legislation.
Dispute resolution process
WPSL proactively seeks to resolve disputes by discussing them with the relevant supplier and subcontractors following monthly account statement reconciliation exercise conducted by members of the Finance team. Outstanding invoices are monitored through aged creditors reports on monthly basis and disputed invoices escalated to Quantity surveyors and commercial managers for resolution. Where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used. In case adjudication is selected as the preferred scheme, the Adjudicator shall be nominated by The Royal Institution of Chartered Surveyors.
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.Yes – Prompt Payment Code
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