CASTROL LIMITED
Company number: 00149435
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
29 July 2019
Approved by:
Paul Ian Winton Turner
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 12%
Late and disputed:
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard contractual terms for the payment to suppliers provides specified dates as set out in the relevant contract and so the shortest and longest standard payment periods are indicated as one day. Payment terms in contracts that do not follow this standard form may be for longer periods. Longest standard payment period is 1 day
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
1 days
No further comment provided
Any other information about payment terms
Payment statistics disclosed in this report can be affected by a number of different factors including payments made to other BP group companies which are included within the data disclosed. Invoices are often reported as due but not paid within agreed terms because BACS transfers to suppliers arrive in the supplier’s bank account two business days after leaving the company’s bank account, contract payments due on weekends or bank holidays are typically paid on the following business day and the company typically initiates payments in batches, on a twice weekly basis; where this is the case payments will normally be received by the supplier within a few days of the due date
Dispute resolution process
The Company will notify suppliers of any invoice disputes. The Company and the supplier will endeavour to resolve all disputes by agreement of the parties. Once resolved, payment will be made in accordance with agreed terms. If these discussions are unsuccessful, then the dispute will be resolved by reference to arbitration or courts (as specified in the contact).
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
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