| 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 | 28 Jul 2022 | 31 | 37% | 62% | 1% | 7% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 31 | 37% | 62% | 1% | 6% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 35 | 42% | 55% | 3% | 7% |
| 01 Jul 2020 - 31 Dec 2020 | 31 Jan 2021 | 35 | 37% | 52% | 11% | 17% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
i. The business’ standard payment terms: a. The standard contractual length of time for payment of invoices. The Company does not have standard terms, every project / client have different requirements, so the terms are agreed at the time of placing an order / sub- contract. The most frequent used payment terms are 38 days, 30 days, 14 days and zero (where paid against pre agreed payment milestones) The most common terms of payment for the contracts where invoices are paid by bank transfers have the length of time of payment of invoices of 30 days (approximately 2/3 of all such payments). However The Company uses other terms of payments, such as : -invoices payable immediately (where paid against agreed payment milestones); - subcontract self-billing certificates in 38 days. Payments made using HSBC purchase cards are either prepayments or immediate payments upon receipt of an order, usually immediately
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
38
ii. The business’ process for resolving disputes related to payment. • For goods, if the invoice has not been presented in the correct format as detailed within the Order it will be returned to the Supplier stating why it has been returned. If this results into a dispute the Supplier will contact the Buyer (details on Order) to resolve issue. • For subcontracts, a Dispute Resolutions clause is included within each contract detailing the agreed process to settle disputes and referred to senior representatives after 14 days. Contract will also include all the relevant contact details as appropriate.
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
KBR (Aspire Construction Ventures) Limited is an active company incorporated in 2018, registered under the SIC code for development of building projects. It sits within the KBR corporate group, whose parent business describes itself as delivering "science, technology and engineering solutions to governments and companies around the world." The registered entity's name and classification indicate it functions as a construction-focused venture within this wider group, rather than as the group's main trading operation. No further detail on specific projects, contracts or clients undertaken by this particular entity is available from the evidence supplied, so its role should be understood as a construction-related vehicle operating under the broader KBR group structure.
Generated from the company's website and Companies House records. Sources: kbruk.co.uk