TECHNETIX LIMITED
Company number: 02484988
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
27 January 2025
Approved by:
Philip Deakin
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 33%
- in 61 days or more: 30%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 54%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
150 days
Standard payment terms
Technetix's default payment term in its Purchase Order Terms and Conditions is 90 days net end of month following receipt of an invoice. However, Technetix will frequently negotiate with its suppliers to vary this term. Most invoices received during the period came from suppliers based overseas with the business making nearly all of its stock purchases from Asia. Technetix has close partnerships with these suppliers and has established extended credit terms. These extended terms benefit both parties, with the suppliers being able to grow their business internationally (a key priority for them), and Technetix being able to assist in part funding their growth. For other suppliers (mainly external 3rd party distributors), Technetix works closely with them to ensure that payments meet their expectations.
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
150 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All supplier invoices are managed by the Accounts Payable team. If an invoice is queried the supplier will be contacted by a member of the team to request any missing information or updated invoices. Failing this, the query will be escalated internally to the generator of the purchase order to resolve. In respect to inter-company invoices, the Accounts Payable team will liaise with overseas counter-parties to resolve. If the matter is not resolved by working day 3 of the month, the Group Finance team will intervene and decide on the appropriate action.
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.
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