SP GROUP LIMITED
Company number: 01240968
Reporting period:
29 July 2017 to 2 February 2018
Report filed on:
28 February 2018
Approved by:
Nicholas Cole
Payment statistics
Average time taken to pay invoices: 70 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 27%
- in 61 days or more: 61%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 53%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
127 days
Standard payment terms
SP Group's standard payment terms are 93 days from the end of the month of the invoice date. For certain suppliers, e.g. regulatory bodies, one-off suppliers, or suppliers below a certain level of expenditure, payment terms can be less than the standard terms. Payment terms are notified to suppliers as part of the on boarding process which involves the completion of a standard new supplier form, with parts completed by the supplier and the relevant procurement contact. The supplier form is submitted to the accounts payable team, in accordance with the delegated authorities, to upload details in the system. Any subsequent changes to terms are discussed between the procurement contact and the supplier and notified to the accounts payable team.
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
127 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
A discrepancy dashboard is created weekly by the accounts payable team and queried with the appropriate internal contact. The responses received are actioned weekly. If there is no resolution then it is escalated to the Financial Controller. The accounts payable team send out a monthly report to Suppliers to advise them of invoices that are in query. Communications from suppliers about invoices in dispute are investigated by the accounts payable team and, if required, are escalated to the relevant contact to address.
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