GOV.UK
IMI PRECISION ENGINEERING LIMITED
Company number: 01687068
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 25 July 2022
and approved by Ben Guest
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 28%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 1 %
Payment terms
Standard payment period for qualifying contracts
1 days
Standard payment terms
Please see list of all our payment terms:
1 day from date of invoice
14 day's net
10 day's from date of invoice
30 day's, if you pay withing 10 day's 2% discount
30 day's, if you pay withing 10 day's 3% discount
10 day's net
30 day's, if you pay withing 14 day's 2% discount
45 day's, if you pay withing 14 day's 2% discount
60 day's, if you pay withing 14 day's 2% discount
30 day's, if you pay withing 14 day's 3% discount
60 day's, if you pay withing 14 day's 3% discount
60 day's, if you pay withing 14 day's 4% discount
15 days net
30 day's net
20 day's from date of invoice
30 day's from date of invoice
60 day's, if you pay withing 30 day's 2% discount
60 day's, if you pay withing 45 day's 3% discount
30th of the 2nd month
30th of the following month
45 day's Net
60 day's from date of invoice
60 day's net cash
7 day's from date of invoice
30 day's, if you pay withing 7 day's 2% discount
30 day's, if you pay withing 8 day's 2% discount
8 day's net
90 day's from date of invoice
90 day's net cash
Cash Basis Only
Cash in Advance
End of month + 1 month
End of month + 15 day's
End of month + 2 months
End of month + 25 day's
End of month + 28 day's
End of month + 30 day's
End of Month + 45 day's
End of month + 75 day's
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
105 days
Any other information about payment terms
N/A
Dispute resolution process
Supplier’s will initially raise query with the shared service centre (SSC). SSC will:
- provide information about IMI legal entities such as registered company names,
addresses, registration numbers, and contact information to supplier.
- Provide information about the status of supplier invoices, payments and open queries to
suppliers or the site as appropriate.
- Pass any supplier queries onto the appropriate contacts within IMI for resolution where
needed.
- Where a credit note is required from the supplier then it is the relevant site contacts
responsibility to arrange for this with the supplier.
- Treasury will advise the SSC of its payment schedule to allow SSC to answer queries
from suppliers regarding next payment runs.
Invoice queries arise when an invoice or credit note cannot be fully 3-way matched to a receipt,
or where is no purchase order associated with the invoice or credit note, or the recognized
discrepancy is above SSC authorization limit
When this occurs during the validation of an invoice in Esker (the invoicing system) he transaction enters the query process. AP clerk assigns the invoice to a query owner.
Once a particular query is identified, then the AP Clerk will select an appropriate query reason
from the available list for PO invoices and add a relevant comment to the workflow field to explain what the query is and/or what corrective action is required. The query owner for PO invoices will usually be the person who placed the order in local ERP system or strategic purchasing based on
identified discrepancy nature.
For non-PO invoices the query owner is identified based on the name reference on the invoice
or transaction history on supplier level. If the SSC is unable to identify who the query owner is
then the local finance team will be contacted to advise the right person. To process the non-
PO transactions the clerk needs to obtain appropriate DoA (delegation of authority) level approval along with the code
(cost centre/ expense code).
When the query owner completes their approval action in Esker, the open query is assigned
back to AP. AP clerk will check that the appropriate action has been taken to resolve the
reported query. Also makes sure there are no further queries associated with the document
and that the query owner has the right DoA level. If there is still a query associated with the
document, the AP clerk will repeat this process until the document can be finally processed.
Once all queries relating to the document have been resolved, the invoice will be posted by
the AP clerk and interfaced into the relevant ERP system daily by overnight job.
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