Company number: 06275653
1 January 2023
to 30 June 2023
This report was filed on 21 July 2023
and approved by Michael Booth
Average time taken to pay invoices: 56 days
- within 30 days: 36%
- in 31 to 60 days: 30%
- in 61 days or more: 34%
Invoices due but not paid within agreed terms: 29 %
Standard payment period for qualifying contracts
Standard payment terms
60 days after the end of the month of the invoice date
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Based on receiving an invoice at the start of a month which is paid 60 days after the end of that month
Any other information about payment terms
Dispute resolution process
Invoices can be placed in dispute for various reasons and this is recorded in our accounting system. Suppliers would initially raise a query with our accounts payable team and this would be dealt with or passed to a business stakeholder to be resolved.
Sub-Contractors would generally liaise with the commercial or operational teams to resolve any disputes. If the dispute cannot be resolved our procurement team will assist in any resolution.
Ultimately the dispute may be passed to our legal team or CFO to resolve.
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?