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INEOS ENTERPRISES GROUP LIMITED

Company number: 04687714

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 24 July 2018

and approved by Andrew Brown

Payment statistics

Average time taken to pay invoices: 47 days

Invoices paid:

• within 30 days: 25%
• in 31 to 60 days: 43%
• in 61 days or more: 32%

Invoices due but not paid within agreed terms: 29 %

Payment terms

Standard payment period for qualifying contracts

0 days

Standard payment terms

The business uses a large number of suppliers on different payment terms. There is no real standard payments terms and terms are negotiated individually per supplier. The numbers above therefore represent the full range of payment terms offered from different suppliers.
In the reporting period the weighted average payment terms (based on value of invoices paid) was 26 days, and the average terms based on number of payments was 31 days. The most common payment terms entered into during the reporting period was 30 days.

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

No

Maximum contractual payment period agreed

361 days

Any other information about payment terms

N/A

Dispute resolution process

The company is committed to dealing with its suppliers in a fair, honest and open manner. In the first instance any disputes received will be directed to our purchase ledger team. Should the dispute not be satisfactorily resolved it should be referred to the head of the department that placed the order, or to the Finance Manager. The company aims to resolve any dispute which may arise 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.

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