SURREY SATELLITE TECHNOLOGY LIMITED
Company number: 01916260
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
27 January 2023
Approved by:
Lee Wilson
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 58%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are within 45 days from receipt and acceptance of invoice.
Payments are made twice a month (10th and 25th or nearest working day). Invoices are paid in the payment run following 30 days from receipt of invoice. For example, an invoice received on the 15th will be paid on the 25th of the following month, a payment period of 40 days, which will be reflected in the payment statistics.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If any disagreement arises out of the invoices and their payment, the matter shall be dealt with as follows:
the Supplier shall send an email to finance@sstl.co.uk with evidence that it met the invoicing requirements and with an explanation of its claim regarding any unpaid invoice. The Accounts Payable department should respond within 5 working days.
If this dispute is not resolved, the Supplier should write to the Financial Controller at the Head Office address who shall respond to the Supplier within 10 working days of receipt of the Supplier's letter and the parties will use their reasonable endeavours to resolve the matter promptly.
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 Fair 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