The average payment time for WILLIAM KEYS & SONS NO.2 LTD is a commendable 15 days, indicating very prompt processing of invoices. A significant 92% of payments are consistently made within 30 days, demonstrating a strong and reliable trend of timely disbursements. This pattern suggests a positive and stable trajectory for quick payments to suppliers.
Despite the strong overall performance, 6% of payments extend beyond 60 days, introducing a minor degree of unpredictability for a limited number of invoices. The reported 3% late payment rate further highlights a small, but present, risk of delayed settlement. While reliability is high for the vast majority, suppliers should be aware of this minor tail risk.
Overall, WILLIAM KEYS & SONS NO.2 LTD presents as a highly reliable payer with an impressive average payment time of 15 days. Suppliers can confidently expect prompt payments, though it is prudent to acknowledge the small tail risk indicated by 6% of payments exceeding 60 days and a 3% late rate. For significant engagements, implementing clear payment terms and considering a minor buffer for exceptional delays could serve as a mild mitigation strategy.
| 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 2019 - 30 Jun 2019 | 16 Oct 2019 | 15 | 92% | 2% | 6% | 3% |
| 01 Jul 2018 - 31 Dec 2018 | 01 May 2019 | 15 | 90% | 1% | 9% | 3% |
| 01 Jan 2018 - 30 Jun 2018 | 01 May 2019 | 15 | 90% | 1% | 9% | 3% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
30 days from date of 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
Once an invoice has been queried/disputed, management will contact the supplier discrepancy investigate/resolved. Upon agreement invoice will be paid
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
William Keys & Sons Ltd trades as WKEYS, a family run plant and machinery dealership based in Dromore, County Tyrone. The business specialises in importing and exporting industrial plant and construction equipment, buying and selling used machinery on a global scale. It began in 1980 as a used tractor importer trading within Northern Ireland before expanding into selling plant and construction equipment across Europe and, eventually, worldwide. The company remains active and continues to focus on the purchase and resale of used industrial and construction equipment rather than manufacturing new machinery.
Generated from the company's website and Companies House records. Sources: wkeys.co.uk