VPS (UK) LIMITED
Company number: 04028962
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
10 May 2024
Approved by:
Richard Jones
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 44%
- in 61 days or more: 38%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 80%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms for suppliers are 30 days other than contracting suppliers which are 60 days from end of the month of the invoice.
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
None.
Any other information about payment terms
None.
Dispute resolution process
VPS seeks to resolve disputes as quickly as possible. Typically issues can be resolved through co-ordination between our accounts payable team and supplier credit control teams, and where necessary procurement and commercial teams are engaged to support the earliest resolution. Where resolution is still unable to be achieved senior management will be engaged.
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