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BABCOCK CORPORATE SERVICES LIMITED

Company number: 04415588

Reporting period:
1 October 2019 to 31 March 2020

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

This report was filed on 27 April 2020

and approved by Ian Connell

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 61%
• in 31 to 60 days: 35%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 30 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

Majority of suppliers have payment terms of 30 days. Some larger strategic suppliers are negotiated at 60 days, and a few suppliers demand shorter payment period.

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

No

Maximum contractual payment period agreed

60 days

The 60 day period is agreed on an individual basis with larger strategic suppliers.

Any other information about payment terms

N/A

Dispute resolution process

Any disputes or complaints are dealt with as soon as practical. The invoices are processed by a Shared Service Centre who refer all invoices to relevant approvers in the business. Any discrepancies are referred back to the Shared Service Centre who will refer back to the supplier for resolution. This is supplemented with regular reviews of any outstanding invoices to ensure relevant approvers are responding in a timely manner.

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.

Yes – Prompt Payment Code

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