Score of 100/100 qualifies for PaymentCheck Certification
The trend for NEO ENERGY PATHWAY LIMITED in terms of average time to pay has been decreasing over the past three periods, with a decrease from 15 days to 11 days to 8 days. This shows an improvement in the company's efficiency in paying invoices to suppliers.
The volatility for NEO ENERGY PATHWAY LIMITED in terms of average time to pay has been relatively stable over the past three periods, with a decrease from 15 days to 11 days to 8 days. This suggests that the company has been consistently paying invoices within a similar time frame.
NEO ENERGY PATHWAY LIMITED has shown a consistent improvement in paying invoices to suppliers on time over the past three periods. The average time to pay has decreased from 15 days to 11 days to 8 days, with 100% of invoices paid within 30 days in the most recent period. The company has also consistently maintained a 0% rate for invoices paid later than 60 days and invoices not paid within agreed terms.
| 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 | 8 | 100% | 0% | 0% | 0% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are 30 days from the receipt of a valid invoice to our accounts payable email inbox. Or through our Ariba portal for PO related invoices.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
There were no changes in the standard payment terms in this reporting period.
Maximum contractual payment period agreed
30
NEO Energy seeks to advise suppliers promptly of any disputes or reasons why an invoice will not be paid in accordance with the agreed terms. Once resolved, payment is made in accordance with the terms of the contract/PO. NEO Energy provides a centralised point of contact for suppliers' enquiries via its dedicated email Inbox where the team supports any questions related to, but not limited to, payment due dates, incorrect invoice submission, wrong or missing PO detail etc.
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
Neo Energy Pathway Limited is registered under SIC codes for the extraction of crude petroleum and natural gas, and is classified within the oil and gas industry. The company's own website was not accessible for verification, and no further detail on its specific operations, assets or activities is available from the evidence supplied. Based on the registered business classification, it operates within the upstream energy sector, engaged in petroleum and gas extraction activities rather than distribution, retail or downstream processing. No corporate group or trading name information beyond the registered entity has been identified.
Generated from the company's website and Companies House records.