The average time to pay for invoices by STORK TECHNICAL SERVICES UK LIMITED has decreased from 50 days in the first period (Jan 2018 - Jun 2018) to 32 days in the most recent period (Jan 2021 - Jun 2021). This shows an improvement in the company's payment efficiency. The percentage of invoices paid within 30 days has also increased from 20% to 54%, indicating that the company is making more timely payments to its suppliers.
The volatility in the time taken to pay invoices has decreased from 2018 to 2021, as seen by the decreasing trend in the average time to pay. This suggests that the company has implemented measures to improve its payment processes and maintain consistency in its payment timelines.
Looking at the data for the past three periods (Jan 2019 - Jun 2021), STORK TECHNICAL SERVICES UK LIMITED has shown a steady improvement in payment efficiency. The average time to pay has decreased from 42 days to 32 days, and the percentage of invoices paid within 30 days has increased from 47% to 54%. However, the company still has room for improvement as the percentage of invoices paid later than 60 days remains relatively high at 12%.
| 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 2021 - 30 Jun 2021 | 11 Aug 2021 | 32 | 54% | 34% | 12% | 23% |
| 01 Jul 2020 - 31 Dec 2020 | 11 Aug 2021 | 37 | 50% | 33% | 17% | 27% |
| 01 Jan 2020 - 30 Jun 2020 | 11 Aug 2021 | 46 | 49% | 35% | 16% | 26% |
| 01 Jun 2019 - 31 Dec 2019 | 11 Aug 2021 | 42 | 42% | 35% | 23% | 36% |
| 01 Jan 2019 - 30 Jun 2019 | 07 Aug 2019 | 36 | 47% | 39% | 14% | 26% |
| 01 Jul 2018 - 31 Dec 2018 | 01 Feb 2019 | 40 | 41% | 38% | 21% | 34% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 50 | 20% | 60% | 19% | 40% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
60 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
60
Senior management aim to resolve first with customer directly, with assistance from the Regional Director. Otherwise, options are possible arbitration or ultimately pursuing legal action.
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
Stork Technical Services UK Limited is a Scottish-registered company based in Aberdeen, active since 1995. Companies House classifies its business under SIC code 09100, support activities for petroleum and natural gas extraction, indicating it provides technical and support services to the oil and gas sector rather than exploration or production itself. Corporate registry data shows the company was previously named Stork Technical Services (RBG) Limited and, before that, RBG Limited. Legal entity records confirm it sits beneath a direct parent and an ultimate parent entity, indicating it operates as part of a wider corporate group rather than as an independent standalone business. The company remains active on the Companies House register.
Generated from the company's website and Companies House records. Sources: lei.bloomberg.com