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INTERCOUNTY TRUCK AND VAN LIMITED

Company number: 04573637

Reporting period:
1 October 2017 to 31 March 2018

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

This report was filed on 26 April 2018

and approved by Stephen Kidney

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 36%
• in 31 to 60 days: 44%
• in 61 days or more: 20%

Invoices due but not paid within agreed terms: 23 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

Terms agreed vary considerably depending on the nature of the supply.
We would normally pay at the end of the month following the month the invoice is dated.

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

No

Maximum contractual payment period agreed

120 days

We are suppliers of commercial vehicles which often incur build or conversion costs .The bodybuilders very often work on the understanding that they will not be paid until the end user has paid us.

Any other information about payment terms

N/A

Dispute resolution process

All invoices go to our central accounts department and are logged onto our accounts system before distribution for authorisation.
Disputes will be logged on the system by the managers authorising the invoices. Resolution will be handled by those managers but controlled and monitored by the accounts department.

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.

Yes

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