CENTRICA STORAGE LIMITED
Company number: 03294124
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
30 January 2020
Approved by:
Greg McKenna
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 26%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
42 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms were 42 days. From the start of 2020, new vendors and stand-alone purchase orders have 60 day terms where possible. The Procurement team are working to move existing suppliers to 60 day terms as contracts come up for renewal, or earlier if possible. As CSL is an offshore asset approaching end-of-life and an onshore asset which requires high availability to meet production demands, our payment terms have to reflect the support our business critical suppliers provide to us and therefore sometimes shorter terms are negotiated.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
To prevent a delay in invoice processing, invoices must be clearly legible, comply with HMRC regulations and should include supplier details, purchase order number, invoice number, invoice date and payment instructions, as well as the Centrica point of contact who requested the goods or services. Invoices should be issued either electronically to accounts.payable@centrica-sl.co.uk or be physically posted to our head office. Invoices issued without the above details may not be accepted and may be returned for amendment before being processed.
Dispute resolution process
Any disputes the suppliers should contact the CSL Accounts Payable team. The Accounts Payable team will consider the complaint and respond accordingly.
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 Fair 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