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UK FUELS LIMITED

Company number: 02212080

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 30 April 2020

and approved by Simon Oldfield

Payment statistics

Average time taken to pay invoices: 18 days

Invoices paid:

• within 30 days: 97%
• in 31 to 60 days: 2%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

30 days

Standard payment terms

The majority of purchases by value are from major global oil companies, supermarket groups and other fuel retailers who offer payment terms ranging from 7 to 30 days from the date of invoice. Standard payment terms for purchases from most other suppliers are 30 days. It is the company's policy to make all payments to agreed terms based on the timely receipt of a valid and accurate invoice.

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

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Any Disputes would usually be resolved at the first point of contact within the business.

Disputes not resolved at the first point of contact are escalated through line managers for further discussion and resolution.

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