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BABCOCK CORPORATE SERVICES LIMITED

Company number: 04415588

Reporting period:
1 October 2018 to 31 March 2019

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

This report was filed on 25 April 2019

and approved by Ian Connell

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

• within 30 days: 49%
• in 31 to 60 days: 29%
• in 61 days or more: 22%

Invoices due but not paid within agreed terms: 54 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

Majority of suppliers have standard payment terms of 30 days. Some suppliers insist on shorter terms, and a small number of larger strategic suppliers have agreed a 60 day standard payment term

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

No

Maximum contractual payment period agreed

60 days

A small number of larger strategic suppliers have an agreed 60 day payment period

Any other information about payment terms

N/A

Dispute resolution process

The aim is to resolve any disputes as quickly as possible. If an invoice is received that does not match to a previous purchase order, then the invoice is routed to the relevant purchaser/ approver for review and comment. The supplier is contacted as soon as any issue is noted by our Shared Service Centre with the aim of resolving any issues as soon as possible. The Shared Service Centre also monitor and chase approvers who have not responded to queries raised to ensure unacceptable delays are avoided wherever possible

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 – Prompt Payment Code (Chartered Institute of Credit Management)

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