Score of 84.8/100 qualifies for PaymentCheck Certification
From Feb 2021 to Jul 2021, the average time taken for NOVITAS LOANS LIMITED to pay invoices was 24 days. This decreased to 19 days from Aug 2021 to Jan 2022, showing an improvement of 5 days. However, from Feb 2022 to Jul 2022, there was a further decrease to 17 days, indicating a continuous improvement in payment time. The trend reversed in the next period, with the average time taken increasing to 22 days from Aug 2022 to Jan 2023. The most recent period, from Feb 2023 to Jul 2023, saw a slight decrease to 20 days.
The volatility in the average time taken to pay invoices for NOVITAS LOANS LIMITED has been relatively low, with a range of only 5 days from the lowest to highest value. This suggests that the company has been consistent in its payment practices.
NOVITAS LOANS LIMITED has shown an improvement in its payment practices over the past three periods. From Feb 2021 to Jul 2021, 86% of invoices were paid within 30 days, which increased to 82% from Aug 2021 to Jan 2022. This then increased further to 86% from Feb 2022 to Jul 2022. However, there was a slight decrease in the most recent period, with 82% of invoices being paid within 30 days.
| 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 Feb 2023 - 31 Jul 2023 | 29 Aug 2023 | 20 | 76% | 20% | 4% | 24% |
| 01 Aug 2022 - 31 Jan 2023 | 28 Feb 2023 | 22 | 82% | 14% | 4% | 16% |
| 01 Feb 2022 - 31 Jul 2022 | 26 Aug 2022 | 17 | 86% | 13% | 1% | 13% |
| 01 Aug 2021 - 31 Jan 2022 | 02 Mar 2022 | 19 | 82% | 15% | 3% | 18% |
| 01 Feb 2021 - 31 Jul 2021 | 26 Aug 2021 | 24 | 86% | 6% | 8% | 16% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Novitas Loans Limited agrees appropriate terms of payment with suppliers for each transaction or series of transactions and abides by those terms based on the timely submission of valid invoices. In the absence of agreed terms with a supplier, the Group’s policy is to pay within 60 days of receipt of a valid invoice. The most frequently agreed term with suppliers is 30 days from receipt of a valid invoice.
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
30
Novitas Loans Limited and the supplier will first attempt to resolve any dispute by referring it for formal discussion between Novitas Loans Limited authorised representative and the supplier (both acting reasonably and in good faith). If Novitas Loans Limited authorised representative and the supplier are for any reason unable to resolve the dispute within 14 days of the date of its referral to them, the dispute may be referred to court by either Novitas Loans Limited or the supplier.
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
Novitas Loans Limited is a private limited company registered in England, incorporated in 2012 under the name Novitas Asset Management Limited before adopting its current name. Its registered nature of business is classified as other credit granting, indicating it operates in the lending sector rather than holding assets. Companies House records show it is majority owned, with control ultimately held by a shareholder holding 75% or more of shares and voting rights, having previously been controlled by other corporate shareholders. The company remains active, with accounts and confirmation statements filed up to date. No further detail on specific loan products or customer base is available from the evidence supplied.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · find-and-update.company-information.service.gov.uk