ADEY INNOVATION LIMITED
Company Details
Registration Number
05001590
Registered Address
Unit 2 St Modwen Park Haresfield Stonehouse England GL10 3EZ
Company Status
Active
Employee Count
174
Turnover
£46,712,000
EBITDA
£12,785,000
Additional Information
Website
adeyspares.co.uk/Company Type
Private limited Company
Incorporated on
22 December 2003
Nature of Business (SIC)
46740 - Wholesale of hardware, plumbing and heating equipment and supplies
71121 - Engineering design activities for industrial process and production
71200 - Technical testing and analysis
72190 - Other research and experimental development on natural sciences and engineering
Industries
0
Region
South WestCompany Location
Financial Overview
£5,251,000
£77,612,000
Last Reporting Period
Filed
30 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
57 days
Payment Periods
Shortest
30 days
Longest
65 days
Max Contractual
65 days
Payment Timeline
Not Paid Within Terms
2%
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 | 57 | 17% | 39% | 44% | 2% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 52 | 19% | 36% | 45% | 3% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 52 | 21% | 41% | 38% | 9% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 58 | 13% | 39% | 48% | 6% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 54 | 24% | 32% | 44% | 5% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 50 | 23% | 35% | 42% | 4% |
Company Summary
ADEY Innovation Limited is a UK-based company that specializes in developing and manufacturing innovative products for the heating and plumbing industry
Founded in 2003, the company has become a leader in its field and has a strong commitment to sustainability and innovation
The company's sustainability program focuses on reducing its carbon footprint through various initiatives such as using renewable energy sources, recycling materials, and reducing waste in its manufacturing processes
ADEY also partners with local communities and charities to support environmental and social causes
The company's flagship product is the MagnaClean, a magnetic filter designed to improve the efficiency and longevity of heating systems
This product has won numerous awards and is used by thousands of installers and homeowners in the UK and around the world
ADEY's team is led by CEO John Vaughan, who has over 30 years of experience in the heating and plumbing industry
He is supported by a dedicated team of engineers, designers, and technicians who are passionate about creating innovative and sustainable solutions
The company's website (www.adey.com) provides information on its products and services, as well as resources for installers and homeowners
ADEY's registered office address is ADEY Innovation Limited, Centurion Way, Meridian Business Park, Leicester, LE19 1WH, United Kingdom
In conclusion, ADEY Innovation Limited is a pioneering company in the heating and plumbing industry, with a strong focus on sustainability and innovation
Its range of products and services, led by a dedicated team, has made a significant impact in the industry and continues to grow in popularity
Company Review
Trend Analysis
The trend for ADEY INNOVATION LIMITED's average time to pay invoices has been fluctuating between 50-58 days over the past three periods. The company has shown a slight increase in the average time to pay from 2021-2022, but has since decreased back to 52 days in 2023.
Volatility Analysis
The company's volatility in paying invoices can be seen in the percentage of invoices paid within 30 days, which has ranged from 13-24% over the past three periods. In 2022, the company showed a significant decrease in the percentage of invoices paid within 30 days, dropping from 24% in 2021 to 13% in 2022. This has since improved, with the percentage increasing back to 19% in 2023.
Summary Analysis
Overall, ADEY INNOVATION LIMITED has been consistently paying invoices within 60 days, with the percentage of invoices paid later than 60 days ranging from 38-48% over the past three periods. However, in 2022, the company showed a higher percentage of invoices paid later than 60 days at 48%, which is the highest among the three periods. This may indicate a period of financial difficulty or inefficiency in the company's payment process.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Our most commonly used standard payment terms are 30 days net end of month. Accordingly, our shortest standard payment period can be 30 days and our longest standard payment period can be 65 days.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Of the invoices due in the reporting period but not paid within agreed terms, 10 % were paid within seven days of their due date. An element of these are due to the fact that we have some invoices set to immediate payment terms which will always, in effect, be paid late not least due to the nature of periodic payment runs.
Maximum contractual payment period agreed
65
Dispute Resolution Process
We endeavour to resolve all disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the relevant divisional accounts payable department.
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.
❌
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?
❌
