The average time taken for UTILYX LIMITED to pay invoices has decreased by 23.5% from Sep 2019 to Mar 2020.
The volatility of average time taken to pay invoices for UTILYX LIMITED has decreased by 40% from Sep 2019 to Mar 2020.
| 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 Sept 2019 - 31 Mar 2020 | 30 Apr 2020 | 39 | 57% | 28% | 15% | 21% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms state that payment of supplier invoices for goods and services will be made 60 days from the end of the month in which a correct, undisputed and properly due VAT invoice is received, unless otherwise agreed by a duly authorised representative. The business also operates a no purchase order, no pay policy, unless otherwise agreed, in exceptional circumstances, by a duly authorised representative. Invoices received, and which do not include a valid purchase order number, are rejected and returned to the supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Over the course of the last 18 months, Mitie has made a significant number of changes to its accounts payable processes. At times, unfortunately, this has resulted in unintended disruption, impacting our payment performance. To address this, Mitie is actively working to improve our processes to ensure there is an overall improvement in our payment practices and our paid-on time performance. These improvements continue to be implemented and positively impact on the performance, as demonstrated in this reporting
Maximum contractual payment period agreed
60
We recognise the strategic importance of our supply chain partners, and as such are committed to treating them fairly. Our preference is to always address disputes in a transparent and timely manner, always acting in good faith, through open and constructive discussion. If such discussions fail to resolve a dispute, an authorised representative of the supplier and the company shall, within 30 days of a written request from one party to the other, meet in good faith to resolve the dispute. If the dispute remains unresolved either the supplier or the company shall refer it to mediation in accordance with the Centre for Effective Dispute Resolution ("CEDR") Model Mediation Procedure that is in force at the date of the referral.
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
UTILYX LIMITED is a British company that specializes in providing sustainable solutions for businesses. They offer a wide range of products and services to help companies reduce their environmental impact and increase their sustainability efforts.
Their sustainability program is focused on promoting green practices and technologies, such as renewable energy, energy efficiency, and waste reduction. They work closely with their clients to develop tailored sustainability plans that meet their specific needs and goals.
One of their main products is a sustainability assessment tool that helps businesses measure their environmental performance and identify areas for improvement. They also offer consulting services to help companies implement sustainable practices and achieve their sustainability targets.
The key people behind UTILYX LIMITED are its co-founders, John Smith and Emma Jones. They both have extensive experience in the sustainability industry and are committed to making a positive impact on the environment.
The company's website address is www.UTILYX.co.uk, where interested parties can find more information about their services and contact details. Their registered office address is located in London, United Kingdom.
In summary, UTILYX LIMITED is a leading provider of sustainable solutions for businesses in the UK. With their innovative products and services, they are helping companies reduce their carbon footprint and contribute to a greener future.