GOV.UK
WINVIC CONSTRUCTION LIMITED
Company number: 04135363
Reporting period:
1 August 2021
to 31 January 2022
This report was filed on 2 March 2022
and approved by Heather Ratcliffe
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 44%
- in 31 to 60 days: 48%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 11 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
40 days
Standard payment terms
Most of our suppliers are on standard terms of end of month following month of invoice. Our subcontractor standard terms are 40 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
40 days
Any other information about payment terms
During 2021 we have, in conjunction with our supply chain, changed from receiving invoices through the post to receiving the vast majority electronically. This has had the effect of appearing as if our payment days have increased when in fact there has been no change. This change in process has actually resulted in fewer missing invoices and enabled us to respond to queries quicker.
Dispute resolution process
Every effort is made to avoid disputes. In the unlikely event of a subcontractor dispute, which is not resolved using the process below, the adjudication option is included within the subcontractor order. Suppliers/ Subcontractors are informed of any disputes directly by the project team or commercial team. Every effort is taken to resolve these disputes quickly. In the unlikely event of no resolution by the people directly involved then it will be escalated to the line manager up to Director level.
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