VITAL ENERGI UTILITIES LIMITED

Company number: 04050190

Reporting period:
1 July 2022 to 31 December 2022

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This report was filed on 20 January 2023

and approved by Cécile Parker

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 45%
• in 31 to 60 days: 45%
• in 61 days or more: 10%

Invoices due but not paid within agreed terms: 37%

Payment terms

Shortest standard payment periods

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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

Payment terms are broadly in line with our previous reporting period and the company is now reviewing options to improve these further.

Any other information about payment terms

The company continues to review its payment processes and is working towards further reduction and improvement in invoice processing/payment times. Currently the Company is reviewing options including accounts payable automation, web-based goods receipting, and staff training requirements in a bid to achieve the desired improvements to its payment performance.

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, this business has not signed up to a code of conduct or standards on payment practices.

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