U-POL LIMITED
Company number: 00464919
Reporting period:
1 July 2019 to
31 December 2019
This report was filed on 30 January 2020
and approved by MICHAEL J COOMBES
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 60%
- in 61 days or more: 34%
Invoices due but not paid within agreed terms: 89%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
U-POL LTD STANDARD PAYMENT TERMS STATE:- Payment shall be made by the Buyer within 60 days from the end of the term within which the relevant Supplier's invoice was received Terms may however may be concluded by the supplier and these terms are generally from 30 to 90 days Payments are made both electronically and by cheque
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
IF ALL CREDITORS WERE PAID ON DUE DATE OF INVOICE THE AVERAGE TIME TAKEN TO PAY INVOICES DROPS FROM 54 TO 51
Any other information about payment terms
N/A
Dispute resolution process
Disputes are resolved by discussion and agreement with the supplier and are typically managed by the Finance team and Procurement team
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