GOV.UK
TNT EXPRESS ICS LIMITED
Company number: 06058166
Reporting period:
1 June 2017
to 30 November 2017
This report was filed on 19 December 2017
and approved by Koen Vermeulen
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 50%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 91 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
The company does not use standard payment terms but has preferred payment terms of 60 days when negotiating qualifying contracts.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Payment terms are agreed with each individual supplier based on the commercial situation and are not specifically dependent on their product/service or company size. The agreed payment terms with suppliers range from payable immediately to the longest agreed payment terms which are payable 60 days at end of month. The most common agreed terms are payable net 30 days after invoice date. Individual payment terms are only changed with the agreement of the supplier or the renegotiation of the supplier's qualifying contract. In the reporting period there were no changes to any suppliers agreed payment terms.
Any other information about payment terms
Payment runs are processed on a weekly basis. Invoices are typically paid on the payment run on or immediately after the agreed due date. This results in invoices being paid within seven days of the agreed terms. In the reporting period, 68% of invoices due were paid less than 8 days after the agreed due date.
Dispute resolution process
To raise a complaint or concern related to payment of invoices suppliers should contact the company's Purchase to Pay team based at the company's offices in Atherstone, United Kingdom. The Purchase to Pay team will conduct an initial investigation into the reason for non-payment and where possible will resolve simple, straight forward issues, for example, unreceived invoices, administrative errors and purchase order discrepancies. Disputes involving more complex issues such as non-performance, pricing discrepancies or breach of contractual terms will be referred to the company's Commercial or Operations teams to liaise with the supplier and resolve. If required, disputes will be escalated to the company's Legal Counsel and/or senior management team to negotiate and resolve the issues arising. The Purchase to Pay team aim to resolve supplier complaints or transfer them to another team to investigate within 7 days of receipt.
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.No
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.
Yes
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