BABCOCK CORPORATE SERVICES LIMITED
Company number: 04415588
Reporting period:
1 October 2018 to 31 March 2019
Report filed on:
25 April 2019
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%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 54%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
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
No further comment provided
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: 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