FIBRUS NETWORKS LTD
Company number: NI612703
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
30 April 2024
Approved by:
Colin Hutchinson
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 16%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 17%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Fibrus Networks Limited does not have standard payment terms, payment terms are agreed with suppliers as part of contract negotiations. The agreed terms will depend on the type of work, size of the company and product or service purchased.
The most commonly used payment terms in the period were 30 days from end of month of supply.
Contractor payments generally are paid earlier than contracted terms.
Payments are made direct to bank accounts via faster payment, CHAPs or via international transfer.
To ensure prompt payment and reduce the risk of invoice rejections:
• Purchase Order numbers must be quoted clearly on the front page of the invoice
• Invoices must mirror the Purchase Order (i.e. state the goods and services in a similar format – quantity, price per unit, total price per line)
• Suppliers must provide us with changes to bank details or addresses for payment in reasonable time to be included in the payment.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In the event of a dispute with another party, Fibrus will engage with that party in good faith to establish the full grounds of any such dispute, with a view to reaching settlement as swiftly as possible. Initial queries are dealt with by our AP Team who will then liaise with the appropriate business area to resolve the query. If resolution is not possible in this way the dispute will be escalated to senior management.
For contractor costs, where any disputes arise, these are resolved by the Commercial/Quantity Surveyor in accordance with the overall building contract and the specific subcontract.
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.
Yes, this business has signed up to: Prompt Payment Code (PPC)
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