GOV.UK
IMI PRECISION ENGINEERING LIMITED
Company number: 01687068
Reporting period:
1 January 2024
to 30 June 2024
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 22 July 2024
and approved by Mike Van Harten
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 30%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 5 %
Payment terms
Standard payment period for qualifying contracts
1 days
Standard payment terms
Preferred standard terms are EOM plus 60 days for 3rd Party creditors and EOM following invoice for Intercompany creditors
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
105 days
Any other information about payment terms
N/A
Dispute resolution process
Dispute/Query raised by supplier
Query allocated to relevant team member in Accounts Payable
Query investigated and referred to relevant department for further information if required
Supplier contacted with resolution
Action agreed with supplier
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