ERIKS INDUSTRIAL SERVICES LIMITED

Company number: 03142338

Reporting period:
1 July 2023 to 31 December 2023

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This report was filed on 30 January 2024

and approved by Andrew Fitchford

Payment statistics

Average time taken to pay invoices: 58 days

Invoices paid:

• within 30 days: 16%
• in 31 to 60 days: 36%
• in 61 days or more: 48%

Invoices due but not paid within agreed terms: 52%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

65 days

Standard payment terms

Standard payment terms are 65 days from the end of the month, but may be shorter depending upon supplier agreements

Were there any changes to the standard payment terms in the reporting period?

Standard payment terms were extended from 60 to 65 days to take the payment cycle into account.

Were suppliers notified or consulted about these changes before they were made?

In writing

Maximum contractual payment period agreed

65 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Dispute resolution relating to pricing or quantity issues are handled by the Accounts Payable Team as they are identified. Issues in respect of product quality or significant delivery delays are handled by the central procurement team or ordering department.

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, 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