BABCOCK CORPORATE SERVICES LIMITED
Company number: 04415588
Reporting period:
1 April 2019 to 30 September 2019
Report filed on:
28 October 2019
Approved by:
Ian Connell
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 26%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Majority of suppliers have agreed payment terms of 30 fays. For larger strategic suppliers some longer payment terms are agreed up to a maximum period of 60 days.
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
60 days
60 days only used with larger strategic suppliers
Any other information about payment terms
No further comment provided
Dispute resolution process
Any disputes or complaints are dealt with as soon as practical. The invoices are processed by a Shared Service Centre who refer all invoices to relevant approvers in the business. Any discrepancies are referred back to the Shared Service Centre who will refer back to the supplier for resolution. This is supplemented with regular reviews of any outstanding invoices to ensure relevant approvers are responding in a timely manner.
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 - Institute of Credit Management
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