COMPCO FIRE SYSTEMS LIMITED

Company number: 02788418

Reporting period:
1 January 2024 to 30 June 2024

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This report was filed on 1 August 2024

and approved by Phil Lawley

Payment statistics

Average time taken to pay invoices: 61 days

Invoices paid:

• within 30 days: 16%
• in 31 to 60 days: 26%
• in 61 days or more: 58%

Invoices due but not paid within agreed terms: 10%

Payment terms

Shortest standard payment periods

28 days

Longest standard payment period

90 days

Standard payment terms

Small suppliers are paid on 30 days and 45 days from end of month. Sub-Contract labour invoices are paid 28 days from receipt. Large suppliers are paid 60 days from the end of the month.

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

365 days

Service agreements can be a 12 month period.

Any other information about payment terms

N/A

Dispute resolution process

The Procurement Team will be the first person to try and resolve a dispute, a Department Manager will then try and resolve the dispute if it hasn't been resolved. If still unresolved a Director would get involved.

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, 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