GOV.UK
XBRIDGE LIMITED
Company number: 03967717
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 20 July 2022
and approved by David Summers
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 99%
- in 31 to 60 days: 1%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
Xbridge Ltd standard payment terms policy is a minimum of 30 days. As a result, our Accounts Payable team aims to pay invoices quoting the relevant PO number within 30 days of receipt.
Were there any changes to the standard payment terms in the reporting period?
Yes – One suppliers terms reduced from 14 days to 7 days
Were suppliers notified or consulted about these changes before they were made?
Yes – Conversations were on-going with the supplier before the new terms were agreed
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Any disputes or discrepancies should be raised with the supplier by the employee(s) within Xbridge Limited who raised the expenditure, keeping the Accounts Payable team informed of the status of negotiations. Any escalations can be referred directly to the finance team via accounts.assistant@simplybusiness.co.uk.
Invoice disputes are rare but unavoidable in some cases to ensure that the quality of goods and services received are up to the standard that Xbridge Limited aims for and also in cases where appropriate cost control measures need to be met. In these cases, Xbridge Limited would aim to keep an open line of communication with the supplier to ensure any issues are resolved and expectations over when payment will be made are managed. Furthermore, in some cases where an invoice is reissued due to a dispute, the Accounts Payable team will honour the original invoice payment date or agree to pay on the next available payment run rather than 30 days from the reissued invoice date which ensures we maintain good relations with our supplier.
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