The average time taken for GREY TECHNOLOGY LIMITED to pay invoices has decreased from 46 days in the period of Dec 2020 to May 2021 to 38 days in the period of Dec 2021 to May 2022, showing an improvement in timely payment. However, there was an increase in the percentage of invoices paid later than 60 days in the period of Jun 2021 to Nov 2021, which dropped back down in the following period of Dec 2021 to May 2022.
The volatility in the average time taken for GREY TECHNOLOGY LIMITED to pay invoices has been relatively stable, with only a 3-day difference between the highest and lowest average time to pay. However, there has been some volatility in the percentage of invoices paid within 30 days and the percentage of invoices paid later than 60 days, with a 7% and 8% difference respectively between the highest and lowest percentage.
| 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 Dec 2021 - 31 May 2022 | 15 Jun 2022 | 38 | 41% | 42% | 17% | 65% |
| 01 Jun 2021 - 30 Nov 2021 | 23 Dec 2021 | 43 | 33% | 42% | 24% | 71% |
| 01 Dec 2020 - 31 May 2021 | 18 Jun 2021 | 46 | 38% | 34% | 28% | 70% |
| 01 Jun 2020 - 30 Nov 2020 | 23 Dec 2020 | 46 | 36% | 33% | 31% | 72% |
| 01 Dec 2019 - 31 May 2020 | 09 Dec 2020 | 40 | 44% | 34% | 22% | 68% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
our standard payment terms are 60days, whilst Gtech's standard payment terms of 60 days are requested, some suppliers do not agree to this, other payment terms set at Immediate payment/ 7 days based on product and company/30 days/ 30 days EOM / 60 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
Stock - If there is a shortage of stock the supplier is informed and asked to provide a credit or send the missing items on the next shipment before payment is made Non Stock - any disputes are raised with the supplier as soon as recognised, payment is usually withheld until resolved
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
GREY TECHNOLOGY LIMITED is an active private limited company, incorporated on 9 November 2001, based in the West Midlands region. Registered business activity: Engineering design activities for industrial process and production.
From Companies House records.