ROTORK CONTROLS LIMITED
Company number: 00608345
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
16 July 2019
Approved by:
Michael Burrows
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 55%
- in 61 days or more: 35%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 58%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms offered to suppliers are 30 days from end of month, averaging approximately 45 days. Invoices are flagged for payment once they reach their due date.
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
75 days
60 days end of month, averaging approximately 75 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
Initially, our Accounts Payable Clerk would be contacted regarding any queries/disputes, and if they cannot sort this out then it would be raised to our assistant financial controller, who currently oversees the Accounts Payable function. The relevant department manager will also be involved at this point, who will hopefully be able to help/deal with any disputes, since they should have been aware of the purchase and the terms upon which the purchase was made. If this fails to resolve the dispute then our Financial Controller would be involved also.
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.
No, this business has not signed up to a code of conduct or standards on payment practices.
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