SPEEDY ASSET SERVICES LIMITED

Company number: 06847930

Reporting period:
1 October 2022 to 31 March 2023

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 April 2023

and approved by Paul Rayner

Payment statistics

Average time taken to pay invoices: 63 days

Invoices paid:

within 30 days: 16%
in 31 to 60 days: 46%
in 61 days or more: 38%

Invoices due but not paid within agreed terms: 16%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

The Company negotiates payment terms with each supplier during the procurement process. As a result, payment terms vary by supplier. The most common payment term in place is 30 days from month end although payment terms range from payment on receipt to 60 days from month end.

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

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Supplier invoices and payments are managed by the Payment Services team at Chase House, 16 The Parks, Newton-le-Willows, WA12 0JQ. Disputed invoices will be notified to the supplier by the Payment Services team to ensure that they are investigated and resolved in a timely manner. Invoiced items that are subject to dispute will not be paid until resolution of the dispute, whereupon payment shall be made in accordance with this policy.

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.

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.

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?