WATES PROPERTY SERVICES LIMITED
Company number: 01141788
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
29 July 2024
Approved by:
Philip Wainwright
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 51%
- in 31 to 60 days: 42%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
61 days
No further comment provided
Any other information about payment terms
For smaller businesses, 88% of invoices were paid within 30 days.
Dispute resolution process
WPSL proactively seeks to resolve disputes by discussing them with the relevant supplier and subcontractors following monthly account statement reconciliation exercise conducted by members of the Finance team. Outstanding invoices are monitored through aged creditors reports on monthly basis and disputed invoices escalated to Quantity surveyors and commercial managers for resolution. Where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used. In case adjudication is selected as the preferred scheme, the Adjudicator shall be nominated by The Royal Institution of Chartered Surveyors.
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.
Yes, this business has signed up to: Prompt Payment Code
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