IKO PLC

Company number: 02678296

Reporting period:
1 July 2019 to 31 December 2019

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This report was filed on 23 January 2020

and approved by Anthony Carlyle

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 53%
• in 31 to 60 days: 40%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 20%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

90 days

Standard payment terms

60 days month following 90 days date of invoice

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

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

If there is a dispute on the content of the invoice, the purchasing department or buyer will inform the supplier about the dispute and seek to gain a resolution. Once agreed, a credit note will need to be issued for the partial or full amount of the invoice. The original invoice will be paid after deduction of the credit note. If there is a dispute with regards to the legal or tax compliance of an invoice, the accounts payable department will notify the supplier and request a correction. This can be a credit note and a new invoice depending on the nature of the issue or concern.

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?

Yes

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

Yes