The data for HORIBA MIRA LIMITED shows a consistent trend of decreasing time taken to pay invoices to suppliers over the past three periods. From the start of 2018, the average time to pay has decreased from 35 days to 32 days in the most recent period. This trend suggests that the company is making efforts to improve their payment processes and pay their suppliers in a timely manner.
The data for HORIBA MIRA LIMITED also shows a consistent volatility in the percentage of invoices paid within 30 days, with a range of 58% to 64% over the past three periods. This suggests that the company's payment practices may still have some room for improvement in terms of consistency.
Overall, the data for HORIBA MIRA LIMITED shows a positive trend of decreasing time taken to pay invoices to suppliers. The company has also consistently paid a majority of their invoices within 30 days, with the highest percentage being 64% in the most recent period. However, there is still room for improvement in terms of consistency in their payment practices.
| 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 Jan 2022 - 30 Jun 2022 | 15 Jul 2022 | 32 | 56% | 41% | 3% | 16% |
| 01 Jul 2021 - 31 Dec 2021 | 24 Jan 2022 | 30 | 64% | 34% | 2% | 13% |
| 01 Jan 2021 - 30 Jun 2021 | 08 Jul 2021 | 30 | 61% | 35% | 4% | 17% |
| 01 Jul 2020 - 31 Dec 2020 | 26 Jan 2021 | 32 | 62% | 32% | 6% | 13% |
| 01 Jan 2020 - 30 Jun 2020 | 16 Jul 2020 | 31 | 60% | 37% | 4% | 16% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 34 | 54% | 41% | 5% | 17% |
| 01 Jan 2019 - 30 Jun 2019 | 10 Jul 2019 | 35 | 59% | 34% | 7% | 18% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 31 | 58% | 35% | 7% | 21% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 35 | 60% | 32% | 8% | 21% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Some vendors are set to immediate payment. Standard terms tend to be end of following month from invoice date.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
n/a
Maximum contractual payment period agreed
60
All purchase invoices must quote a valid purchase order number. For every resolution, initial contact may be to AP department who will refer supplier to the purchaser in order to resolve. Once invoice is approved for payment, then the system will automatically make payment on next payment run
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
HORIBA MIRA Limited, registered in Nuneaton, provides vehicle engineering, testing and certification services for the automotive, defence and agricultural sectors. It operates as part of the HORIBA Group, a global measurement and analysis technology business. Its own site describes work spanning connected and autonomous vehicles, defence and security systems, vehicle propulsion and net zero technologies, vehicle engineering, electronic and electrical systems, and certification and homologation. The company runs test facilities and a proving ground, supporting vehicle makers with engineering consultancy, compliance testing and type approval services. It also offers engineering support to start-ups and works on resilient water solutions. The company's own description states it aims to make journeys safer, cleaner and smarter through vehicle engineering, test and development consultancy.
Generated from the company's website and Companies House records. Sources: horiba-mira.com · horiba-mira.com