GOV.UK
VITAL ENERGI UTILITIES LIMITED
Company number: 04050190
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 25 July 2022
and approved by Cécile Parker
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 47%
- in 31 to 60 days: 44%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 36 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
The company values its supply chain partners and has continued to work with its SME supply base to provide support where needed during the recent difficult trading conditions affected by both the COVID-19 situation and also the impact of the war in Ukraine which has contributed to higher commodity prices and disruption to supplies.
The company has reduced payment terms where it was felt to be appropriate.
Vital Energi Utilities Limited payment terms are agreed with subcontractors and suppliers as part of contract negotiations and to comply with any statutory or client contractual requirements. As such we have a range of agreed payment terms from ad hoc immediate payments up to 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
The company continues to review its payment processes and is working towards further reduction and improvement in invoice processing times which should facilitate faster payments to our supply chain.
Any other information about payment terms
We have seen steady improvement in this reporting period but are still seeing the periodic impact of COVID-19 on staff absences coupled with a general shortage of experienced staff which has negatively impacted our desired payment performance levels.
Dispute resolution process
In every case, in the first instance we seek to resolve disputes through dialogue and in almost all cases, that is the manner in which matters of payment dispute are resolved.
Our subcontracts relate to construction operations and are subject to the Housing Grants, Construction and Regeneration Act 1996 (as amended), with which we comply.
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