COTY UK LIMITED
Company number: 00298483
1 July 2017
to 31 December 2017
This report was filed on 18 June 2018
and approved by Emma Walters
Average time taken to pay invoices: 45 days
- within 30 days: 53%
- in 31 to 60 days: 21%
- in 61 days or more: 26%
Invoices due but not paid within agreed terms: 40 %
Standard payment period for qualifying contracts
Standard payment terms
For 3rd party suppliers the standard payment terms are 120 days. Intercompany payments on immediate payment terms.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
The firm has a dedicated Finance Service Desk which is reachable by phone and email. Vendors with invoice queries need to contact this team and if the service desk team is not able to resolve they escalate the issue to the accounts payable team. The accounts payable team will reach out to the invoice contact if not clear from the system why the invoice has not been approved for payment.
If resolution is still not possible then the standard process is to be followed per the UK Terms & Conditions (for Goods and Services) as referenced above.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?