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GATES (U.K.) LIMITED

Company number: SC001771

Reporting period:
1 July 2019 to 31 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 13 March 2020

and approved by NATHAN ROGERS

Payment statistics

Average time taken to pay invoices: 68 days

Invoices paid:

• within 30 days: 12%
• in 31 to 60 days: 16%
• in 61 days or more: 71%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

Min contract payment terms - 30 days
Max contract payment terms - 90 days

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

Yes – The company has introduced payment Virtual Card ( VCA). This is offered to suppliers and when signed up to this payment method they will receive payment upon approved invoice. This allows the supplier to receive payment much quicker and not wait for the full payment terms before receiving funds.

Were suppliers notified or consulted about these changes before they were made?

Yes – Suppliers were approached by Senior purchasing at Gates Corp head office to request if they wanted to sign up to the new payment method.

Maximum contractual payment period agreed

1825 days

5 year lease for company pool car

Any other information about payment terms

n/a

Dispute resolution process

Invoices are three way matched to the purchase order. If there is any issue on price and delivery charge the invoice is held pending manager approval. Invoices which are not three way matched such as traffic and utilities invoices are approved by relevant managers

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