TOYOTA MOTOR MANUFACTURING (UK) LIMITED
Company number: 02352348
Reporting period:
1 April 2019 to 30 September 2019
Report filed on:
22 October 2019
Approved by:
Mr James Crosbie
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 31%
- in 61 days or more: 4%
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: 21%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
Answer not provided
Standard payment terms
TMUK shall pay the invoice on the first Working Day after the twenty-fourth day of the month following the month in which the invoice was received.
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
57 days
TMUK shall pay the invoice on the first Working Day after the twenty-fourth day of the month following the month in which the invoice was received.
Any other information about payment terms
No further comment provided
Dispute resolution process
Where the Price or any part of it is disputed by the Buyer in good faith, the Buyer will provide the Supplier with a statement of the amount in dispute or, if the Buyer has self-billed, the Supplier shall provide the Buyer with a statement of the amount in dispute together with a list of any invoices which remain outstanding and have yet to be resolved on or before the fifteenth day of the Month. The Supplier and the Buyer shall seek to resolve the dispute in good faith, in accordance with the escalation procedure set out and in any event within 3 months of the date of the invoice. The Buyer shall not be obliged to pay any sums due to the Supplier until any dispute in relation to any invoices is resolved.
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.
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