SERICA ENERGY UK LIMITED
Company Information
- Company Number
- 04073712
- Registered Address
- First Floor, 48 George Street, London, England, W1U 7DY
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 812423000.0
- EBITDA
- 560717000.0
Additional Details
- Website
- https://tailwind.co.uk/
- Company Type
- Private limited Company
- Incorporated On
- 13 September 2000
- Nature of Business
- 06100 - Extraction of crude petroleum
- Industries
- Property,Infrastructure And Construction
- Region
- London
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 2023 - 31 Dec 2023 | 30 Jan 2024 | 27 | 96% | 4% | 0% | 5% |
| 01 Jan 2023 - 30 Jun 2023 | 25 Jul 2023 | 29 | 98% | 1% | 1% | 7% |
| 01 Jul 2022 - 31 Dec 2022 | 17 Mar 2023 | 22 | 90% | 9% | 1% | 10% |
| 01 Jan 2022 - 30 Jun 2022 | 17 Mar 2023 | 24 | 89% | 10% | 1% | 12% |
| 01 Jul 2021 - 31 Dec 2021 | 17 Mar 2023 | 30 | 55% | 42% | 3% | 45% |
| 01 Jan 2021 - 30 Jun 2021 | 17 Mar 2023 | 22 | 82% | 18% | 0% | 18% |
| 01 Jul 2020 - 31 Dec 2020 | 17 Mar 2023 | 29 | 86% | 14% | 0% | 14% |
| 01 Jan 2020 - 30 Jun 2020 | 17 Mar 2023 | 29 | 81% | 18% | 1% | 19% |
| 01 Jul 2019 - 31 Dec 2019 | 17 Mar 2023 | 31 | 80% | 19% | 1% | 20% |
| 01 Jan 2019 - 30 Jun 2019 | 17 Mar 2023 | 29 | 87% | 13% | 0% | 13% |
Company Summary
Serica Energy (UK) Limited is a leading energy company based in the United Kingdom
The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact
The company's main activities include exploration, development, and production of oil and gas reserves in the UK North Sea, as well as in other international locations
Serica Energy also provides consultancy services to the oil and gas industry
As part of its sustainability program, Serica Energy has set ambitious targets to reduce its carbon footprint, increase energy efficiency, and promote renewable energy sources
The company has also implemented measures to minimize waste and has invested in innovative technologies to reduce emissions
Serica Energy offers a range of products and services to its clients, including natural gas, crude oil, and condensate
The company also provides consultancy services in the areas of drilling, reservoir engineering, and project management
The key people leading Serica Energy include the CEO, Mitch Flegg, and the CFO, Ryan Kutscher
The company's head office is located in London, with additional offices in Aberdeen and Stavanger
For more information about Serica Energy and its sustainability efforts, please visit their website at www.serica-energy.com
The company's registered office address is 70 Gracechurch Street, London, EC3V 0HR, United Kingdom
Company Review
Trend Analysis
The company, SERICA ENERGY (UK) LIMITED, has shown a consistent decrease in their average time to pay invoices over the past three periods. In 2020, the average time to pay was 29 days, which decreased to 22 days in 2021 and 2022. This indicates an improvement in the company's efficiency in paying invoices.
Volatility Analysis
The volatility in the company's payment patterns can be seen in the fluctuation of percentages for invoices paid within 30 days and those paid later than 60 days. In 2021, there was a significant increase in the percentage of invoices paid within 30 days, jumping from 55% in the previous period to 82%. However, there was also an increase in the percentage of invoices paid later than 60 days from 0% to 3%. This shows that while the company has improved in paying invoices within 30 days, there is still room for improvement in paying invoices on time.
Summary Analysis
In the most recent period (2022-01-01 to 2022-06-30), SERICA ENERGY (UK) LIMITED had an average time to pay of 24 days, with 89% of invoices paid within 30 days, 10% paid between 31 and 60 days, and only 1% paid later than 60 days. This is a significant improvement from the previous periods, where the average time to pay was 29 days and the percentage of invoices paid within 30 days ranged from 55% to 86%.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
30 days from receipt of correctly prepared and adequately supported invoice/payment request.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Dispute Resolution Process
Suppliers are requested, as stated on PO/Contract, to direct queries to a shared mailbox - qinvoice@serica-energy.com in the first instance. A complaint or concern will be addressed in a timely manner by the Company's representative dealing with the supplier concerned and will escalate any issues appropriately.
Other Payment Information
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
