GOV.UK
ADEY INNOVATION LIMITED
Company number: 05001590
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 30 January 2024
and approved by Tim Pullen
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 39%
- in 61 days or more: 44%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
65 days
Standard payment terms
Our most commonly used standard payment terms are 30 days net end of month. Accordingly, our shortest standard payment period can be 30 days and our longest standard payment period can be 65 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
65 days
Based on our most commonly used standard payment terms being 30 days net end of month, the maximum contractual payment period agreed can be up to 65 days depending on date invoiced.
Any other information about payment terms
Of the invoices due in the reporting period but not paid within agreed terms, 10 % were paid within seven days of their due date. An element of these are due to the fact that we have some invoices set to immediate payment terms which will always, in effect, be paid late not least due to the nature of periodic payment runs.
Dispute resolution process
We endeavour to resolve all disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the relevant divisional accounts payable 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
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