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SUTTONS TANKERS LIMITED

Company number: 02316301

Reporting period:
1 May 2017 to 31 October 2017

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 November 2017

and approved by Chris Orger

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 23%
• in 31 to 60 days: 64%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 87 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

Standard Payment terms are 60 days from date of invoice

Were there any changes to the standard payment terms in the reporting period?

Yes – The business is in the process of increasing our standard terms from 30 days to 60 days

Were suppliers notified or consulted about these changes before they were made?

Yes – We will write to suppliers in due course as the changes are implemented

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

Dispute over the payment of invoices should be made in the first instance to the Purchase Ledger Supervisor.

If resolution cannot be achieved, the dispute will be escalated to the Finance Director after a further 7 day period

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.

No

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