Industry ranking
| 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 2020 - 31 Dec 2020 | 23 Apr 2021 | 35 | 57% | 37% | 6% | 20% |
| 01 Jan 2020 - 30 Jun 2020 | 16 Jul 2020 | 44 | 38% | 41% | 21% | 40% |
| 01 Jul 2018 - 31 Dec 2018 | 05 Apr 2019 | 52 | 20% | 44% | 36% | 79% |
| 01 Jan 2018 - 30 Jun 2018 | 15 Aug 2018 | 45 | 29% | 45% | 26% | 55% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The terms and conditions (“the Conditions”) set out below will be incorporated into all contracts between the Supplier and the Buyer for the supply of the goods, materials or services identified in the purchase order or other document to which they are attached (“the PO”). If these Conditions are waived or altered in respect of any contract, this must be done in writing, signed on behalf of the Buyer and they will be waived or altered in respect of that contract only and only to the extent necessary to give effect to that waiver or alteration . PRICE AND PAYMENT 9. The prices or fees stated in the PO are firm and include delivery costs, packaging, insurance and VAT except as otherwise stated. The Supplier may only revise the prices or fees with the prior written consent of the Buyer and the Buyer reserves the right to cancel the Contract in the event of an unauthorised increase in price. 10. The Buyer shall only pay for reasonable expenses and costs incurred by the Supplier for Goods, Materials or Services supplied to the Buyer under this Contract provided the Supplier has obtained the Buyer’s prior approval in writing before being incurred and provided the Supplier produces all valid receipts when requesting payment. 11. The Supplier shall invoice the Buyer at the invoicing address set out on the PO and the Buyer’s terms of payment shall be 60 days following receipt of a valid invoice quoting the correct PO number for Goods and/or Materials delivered and/or Services performed to the Buyer’s reasonable satisfaction. The Buyer may set off against any sums due to the Supplier whether under this Contract or otherwise any lawful set-off, counterclaim to which the Buyer may at any time be entitled. 12. The Supplier shall maintain relevant records and other information relating to the Goods, Materials or Services delivered or otherwise performed under this Contract and the Supplier will allow the Buyer or its clients or their auditors access to all such records and information during the period of the Contract and for 12 months afterwards in order to carry out an audit of such records and information and/or to audit the performance of the Services to ensure contract compliance. Should any audit or inspection reveal that the Buyer has been overcharged the Supplier shall reimburse to the Buyer the amount of the overcharge promptly and within 7 working 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
90
Disputes normally arise where an invoice cannot be matched to a Purchase Order. In this instance, the accounts payable (AP) department request further information from the purchaser to resolve the issue with the supplier and request an updated invoice to match the value of the purchase orders on record or to send the purchase order (which is missing from the records of the AP department) to the accounts payable department.
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
Engine Acquisition Limited is a registered company based at Next 15 Group's London head office, with a Companies House classification of head office activities. This points to it being a holding entity within Next 15 Group plc, rather than an operating business in its own right. Next 15 Group describes itself as a business growth consultancy that combines proprietary data, AI-powered technology and human expertise across a collection of specialist marketing, data and communications businesses operating internationally. The wider group reports net revenue of £448.8 million, around 3,300 employees and operations in 19 countries. Engine Acquisition Limited's own role appears limited to sitting within this corporate structure rather than trading directly with clients.
Generated from the company's website and Companies House records. Sources: next15.com · next15.com