SPIRAX GROUP PLC
Company number: 00596337
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
29 January 2025
Approved by:
MRS LOUISA SACHIKO BURDETT
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 47%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 85%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
There are a number of payment terms across qualifying contracts depending on contractual terms, with the most frequent payment terms as follows: 22nd of month following invoice date, 30 days from invoice date, net monthly (end of following month from invoice date).
Were there any changes to the standard payment terms in the reporting period?
In October 2024, a communication was sent to suppliers to confirm that our standard payment terms would be adjusted to a minimum standard of 60 days End of Month (EOM) for all suppliers from 15th November 2024.
Were suppliers notified or consulted about these changes before they were made?
A communication was sent to suppliers in October 2024 to confirm that changes would be effective from 15th November 2024.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Business will work with supplier and follow internal processes to ensure goods have been received/services provided and that outstanding amounts due to the supplier can be resolved and settled as soon as possible.
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