The average time taken for SPS TECHNOLOGIES LIMITED to pay invoices has decreased from 60 days in the first period (Jan 2018 - Jun 2018) to 45 days in the most recent period (Jan 2020 - Jun 2020).
The company has shown a consistent trend of paying a majority of their invoices between 31 and 60 days, with a slight increase in the percentage of invoices paid within 30 days in the most recent period.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2018 - 30 Jun 2018 | 19 Nov 2018 | 60 | 16% | 71% | 13% | 50% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms sought with suppliers are 90 days end of fiscal month.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Suppliers contact either their direct buyer, or the accounts payable department to record a dispute and to resolve issues with any invoicing. We internally review the list of invoices which have fallen into query on a weekly basis to resolve any quantity, price or receipting errors.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
SPS Technologies Limited, previously known as Unbrako Limited, is a long-established manufacturer based in Leicester. Its registered activity is the manufacture of fasteners and screw machine products, serving industries including aerospace. The company is part of a wider group, being controlled by PCC UK Global Holdings Limited and, ultimately, Berkshire Hathaway Inc. It has subsidiaries including K G Coating Limited and SPS Aerostructures Limited. Incorporated in 1935, the company remains active and holds a Home Office licence to sponsor skilled worker visas. It also owns freehold and leasehold property in Leicester used in connection with its manufacturing operations.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · companiesintheuk.co.uk