COLAS LIMITED
Company number: 02644726
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
23 January 2025
Approved by:
Steven Florance
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 42%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
Colas limited has standard payment terms of 45 days from receipt to invoice except SMEs for which payment term is 30 days. However payment terms were agreed with suppliers as part of contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
During 2024 Colas Limited implemented a no PO no Pay policy which ensures Purchase orders are raised in advance of services received so that invoices can be promptly matched on receipt. The implementation of the policy has led to a more prompt supplier payments and during the second half od 2024 Colas Limited has met its target to pay 95% of its suppliers within 60 days. The majority of the remaining 5% of payments made in more than 60 days is due to a small number of large suppliers where Colas Limited has extended payments terms, usually on a reciprocal basis.
Any other information about payment terms
N/A
Dispute resolution process
Colas Limited actively seeks to resolve disputes by discussing them with the relevant suppliers, typically involving member of the accounts payable and accounts receivable departments and/or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolutions methods may be used. For example, mediation, adjudication, expert determination, litigation and / or arbitration.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: prompt payment code
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No