INSPIRED GAMING (UK) LIMITED
Company number: 03565640
Reporting period:
1 January 2022 to
30 June 2022
This report was filed on 28 July 2022
and approved by Stewart Baker
Payment statistics
Average time taken to pay invoices: 64 days
Invoices paid:
- within 30 days: 23%
- in 31 to 60 days: 35%
- in 61 days or more: 42%
Invoices due but not paid within agreed terms: 61%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment terms are 60 days. In special circumstances we agree lower payment terms, for example with SME suppliers were the annual spend is less than £5,000”
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
180 days
No further comment provided
Any other information about payment terms
The business has put a new ERP system in which we're having on-going "teething problems" with from an Accounts Payable perspective. This has meant the number of suppliers paid late is higher than we would like or expect and we apologise to anyone impacted by this and we're working hard with our implementation partner to rectify and reduce this.
Dispute resolution process
Suppliers are contacted to notify them there is an issue with the invoice. The business representative who ordered the goods/services from the supplier then works alongside the finance team to resolve the issue with their contact at the supplier along with their finance representatives.
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