MODUS SERVICES LIMITED
Company number: 03902894
Reporting period:
1 October 2022
to 31 March 2023
This report was filed on 20 April 2023
and approved by G Beazley-Long
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 9%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Shortest standard payment period
20 days
Longest standard payment period
30 days
Standard payment terms
Invoices are paid on the last day of the month the invoice is received. This equates to a standard payment period of 30 days. Standard terms for the facilities management sub-contractors are 20 business days and generally 30 days for other contracts. To determine the number of days taken to make payment, a period of 5 days has been added to the invoice date to account for the delivery of the documents.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Dispute Resolution Procedure is set out in all major contracts with sub-contractors. All complaints follow the complaints process set up by Modus Services Limited.
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