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TIMET UK LIMITED

Company number: 00530589

Reporting period:
30 June 2019 to 29 December 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2020

and approved by Steven Westwood

Payment statistics

Average time taken to pay invoices: 73 days

Invoices paid:

• within 30 days: 15%
• in 31 to 60 days: 11%
• in 61 days or more: 74%

Invoices due but not paid within agreed terms: 18 %

Payment terms

Standard payment period for qualifying contracts

0 days

Standard payment terms

Suppliers are paid on 75 days unless negotiated differently.

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

No

Maximum contractual payment period agreed

75 days

Any other information about payment terms

N/A

Dispute resolution process

Before the provision of goods or services, a purchase order (raised by an internal requisitioner and approved by management and purchasing) is sent to the vendor. Vendors are advised not to provide goods or services without a valid purchase order. In the event this process is not followed, the invoice is sent back to the vendor. Price issues are investigated by the purchasing department. A report is sent out at bi-weekly detailing invoices where the requisitioner has not confirmed delivery of an item or service. If the requisitioner is satisfied, they will confirm delivery and the invoice will be paid. If the requisitioner is not satisfied, they will work with the accounts payable department to resolve with the supplier.

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.

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