INNOVUS BUSINESS SERVICES LIMITED
Company number: 14769299
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
14 February 2025
Approved by:
Ouda Saleh
Payment statistics
Average time taken to pay invoices: 73 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 28%
- in 61 days or more: 57%
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
60 days
Standard payment terms
We operate standard payment terms of 60 days. Other payment terms have been agreed for high priority suppliers.
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
Internally if terms are agreed for change via FD and/or CEO approval administrators can alter the existing terms for future invoices to be included more promptly in payment runs
Dispute resolution process
If a dispute arises between the works requester and supplier they will liaise to resolve the situation amicably. If urgent payment is required or any alternative resolution from awaiting the monthly payment runs is deemed necessary, the works requester will obtain approval from their FD to conduct an out of cycle payment as a “One off” or supplier faster payment.
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.
Yes
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