COLORCON LIMITED
Company number: 00999077
Reporting period:
1 July 2019 to
31 December 2019
This report was filed on 29 January 2020
and approved by Stephen Batchelor
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 50%
- in 61 days or more: 38%
Invoices due but not paid within agreed terms: 71%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Weekly payment run following 60 days after 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
120 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Should a supplier need to contact Colorcon’s accounts payable department, an email address is available on every purchase order the supplier receives or they may contact them via the Colorcon main switchboard. Direct dial numbers are also provided to suppliers as required for the Accounts Payable department and, in the event that the supplier needs to escalate the inquiry, the Financial Controller and the Finance Director. The accounts payable department aims to resolve issues as promptly as possible and, in any case, after no longer than 3 to 5 working days.
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.
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