TRAC PRECISION MACHINING LIMITED
Company number: 04870503
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
3 March 2020
Approved by:
Paul Jerram
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 72%
- in 61 days or more: 19%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 92%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
75 days
Standard payment terms
Majority of supplier terms are 30 days, with some of these being 30 days end of month. The Company pays on an EOAP system of 1 main payment run each month on the 25th for all invoices due up to the 24th. There are also special terms for certain suppliers where there is an additional payment run on the 10th for invoices due up to the 9th.
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
75 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Payments are only held if there is an ongoing dispute over the quality/number of goods received or the pricing on the invoice. In this case this will be queried with the supplier until an agreement is met and either a credit note is issued, or the matter is resolved whereby full payment is made,
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