Score of 89.6/100 qualifies for PaymentCheck Certification
The trend for OVO (S) METERING LIMITED from 2018 to 2022 shows a consistent decrease in the average time taken to pay invoices, with the lowest average time of 25 days in the period of 2020-04-01 to 2020-09-30. This indicates an improvement in the company's efficiency in paying their invoices.
The volatility in the percentage of invoices paid within 30 days has decreased over the years, with the lowest volatility of 29% in the period of 2021-04-01 to 2021-12-31. This suggests that the company has become more consistent in paying their invoices within 30 days.
| 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 | 27 Jul 2022 | 29 | 93% | 5% | 2% | 9% |
| 01 Apr 2021 - 31 Dec 2021 | 26 Jan 2022 | 30 | 83% | 13% | 4% | 26% |
| 01 Oct 2020 - 31 Mar 2021 | 13 Jul 2021 | 29 | 54% | 35% | 11% | 66% |
| 01 Apr 2020 - 30 Sept 2020 | 13 Jul 2021 | 25 | 84% | 11% | 5% | 52% |
| 01 Oct 2019 - 31 Mar 2020 | 29 Apr 2020 | 28 | 79% | 15% | 6% | 42% |
| 01 Apr 2019 - 30 Sept 2019 | 29 Oct 2019 | 32 | 74% | 18% | 8% | 60% |
| 01 Oct 2018 - 31 Mar 2019 | 26 Apr 2019 | 36 | 64% | 26% | 10% | 59% |
| 01 Apr 2018 - 30 Sept 2018 | 29 Oct 2018 | 37 | 62% | 26% | 12% | 71% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are 30 days after receipt of invoice. We hold individual agreements with some of our suppliers for differing terms ranging from immediate to the standard 30 days, and also direct debit payments.
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
The Company has a dedicated accounts payable team, which can be reached by Email or Phone. Suppliers with invoice queries need to contact this team, and if the accounts payables ream is not able to resolve they escalate the issue to the buyer associated with the invoice. Disputes are handled by a combination of the accounts payable team and the buyer’s department who placed the order, and will be escalated to senior management if it cannot be resolved satisfactorily.
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
OVO (S) METERING LIMITED is a dissolved private limited company, incorporated on 19 March 2007, based in the Scotland region. Registered business activity: Other business support service activities not elsewhere classified.
From Companies House records.