ROCKROSE UKCS 10 LIMITED
Company number: 04105025
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Andrew Philip Austin
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 3%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
30 days
Standard payment terms
The shortest standard payment terms of 10 days reflect the Joint Venture Operating Agreement payment terms, the monthly billings for which make up 95% (37 from 39 invoices) of contractual payments made by this company in the reporting period. The Company’s commercial standard payment terms are 30 days from receipt of an invoice which is fully compliant with both the contract and Rockrose’s invoicing instructions. These instructions clearly set out email invoice receipt instructions, together with information to be provided on or with the invoice.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. In the event of a dispute, discussions take place between the vendor and the operational department to agree the charges to be invoiced.
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: Oil and Gas UK Supply Chain Code of Practice
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