PTS GROUP LIMITED
Company number: 02219435
1 July 2022
to 31 December 2022
This report was filed on 30 January 2023
and approved by David Evans
Average time taken to pay invoices: 89 days
- within 30 days: 3%
- in 31 to 60 days: 32%
- in 61 days or more: 65%
Invoices due but not paid within agreed terms: 99 %
Standard payment period for qualifying contracts
Standard payment terms
The company pays in line with the terms set out in written agreements with suppliers, which it has for the majority of goods for resale suppliers.
Where a written agreement does not exist, the company will pay suppliers to a minimum 30 days after the invoice date, provided the supplier sends an accurate invoice which quotes the correct purchase order or cost centre number.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
The company raises payment instructions in line with the agreed payment terms, which make no allowance for fund transmission times. The funds are available to suppliers between 1 and 5 days after the payment terms date depending upon the method of transmission.
Dispute resolution process
Where non-payment is caused by invoicing inaccuracy due to incorrect pricing/quantities or the quality of goods or services provided, the person responsible for the purchase will dispute the invoice by placing it on hold. Invoices that are subject to a dispute will not be paid until the issue is resolved. Once resolved, payment will be made in accordance with the terms of the contract, unless the invoice is overdue where it will be paid in the next available payment run.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?