STEPAN UK LIMITED

Company number: 03264997

Reporting period:
1 July 2019 to 31 December 2019

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This report was filed on 17 January 2020

and approved by Stephen Smales

Payment statistics

Average time taken to pay invoices: 62 days

Invoices paid:

• within 30 days: 4%
• in 31 to 60 days: 51%
• in 61 days or more: 44%

Invoices due but not paid within agreed terms: 20%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

105 days

Standard payment terms

Goods for resale - End of month plus 30 days from invoice date Indirect goods and services - End of month plus 60 days from invoice date

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

120 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Compliants or concerns regarding terms in the fist instance raised with Purchasing Department, for which all suppliers have details. In respect of other compliants on invoice payments and queries in the first instance should be raised with Accounts Payable team. The team will escalate where applicable. Dispute resolution is then conducted in house by the assigned personnel depending on compliant or concern. This is completed on a timely basis and supplier may be contacted when appropriate

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, 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.

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