The average time for OMEGA RESOURCE GROUP LIMITED to pay invoices to suppliers has increased from 29 days in the period of Jul 2018 - Dec 2018 to 55 days in the period of Jul 2019 - Dec 2019.
The percentage of invoices paid within 30 days has decreased from 62% to 22%, while the percentage of invoices paid between 31 and 60 days has increased from 34% to 52%. The most significant change can be seen in the percentage of invoices paid later than 60 days, which has increased from 4% to 26%.
In the period of Jul 2018 - Dec 2018, OMEGA RESOURCE GROUP LIMITED had an average time to pay of 29 days. 62% of invoices were paid within 30 days, while 34% were paid between 31 and 60 days. 4% of invoices were paid later than 60 days. However, in the following period of Jan 2019 - Jun 2019, the average time to pay increased to 30 days, with 78% of invoices paid within 30 days and 15% paid between 31 and 60 days. The percentage of invoices paid later than 60 days also increased to 7%. In the most recent period of Jul 2019 - Dec 2019, the average time to pay significantly increased to 55 days, with only 22% of invoices paid within 30 days, 52% paid between 31 and 60 days, and 26% paid later than 60 days.
| 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 Jul 2019 - 31 Dec 2019 | 17 Mar 2020 | 55 | 22% | 52% | 26% | 58% |
| 01 Jan 2019 - 30 Jun 2019 | 17 Mar 2020 | 30 | 78% | 15% | 7% | 74% |
| 01 Jul 2018 - 31 Dec 2018 | 17 Mar 2020 | 29 | 62% | 34% | 4% | 65% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Limited company invoices for the provision of labour are paid within the same week as issued. Overhead invoices standard terms are 30 days.
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
60
Disputes are reviewed on a case by case basis by our purchase ledger team with input from the appropriate approving manager.
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Omega Resource Group Limited is registered as a dormant company according to Companies House records. The Omega brand, associated with this company, operates as a technical recruitment agency specialising in the engineering, manufacturing and technology sectors across the UK, USA and Europe. Services described under the Omega name include permanent and contract recruitment, interim assignments, executive search and managed talent solutions. Given the dormant status recorded for this entity, the trading activity described appears to relate to the wider Omega group or an operating subsidiary rather than this registered company itself, which currently holds no active trading status of its own.
Generated from the company's website and Companies House records. Sources: omegaresource.co.uk · omegaresource.co.uk