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PZ CUSSONS (INTERNATIONAL) LIMITED

Company number: 00706511

Reporting period:
1 June 2017 to 30 November 2017

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

This report was filed on 8 January 2018

and approved by BRANDON LEIGH

Payment statistics

Average time taken to pay invoices: 70 days

Invoices paid:

• within 30 days: 23%
• in 31 to 60 days: 29%
• in 61 days or more: 48%

Invoices due but not paid within agreed terms: 79 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

Please note the statistics for the ageing of invoices paid between 1 June 2017 – 30th November 2017 are not considered a fair reflection of business as usual due to the Company going live on SAP on 5th June 2017. This created a delay in the processing of invoices as the business had a freeze on accounts payable for cut over purposes. Statistics for the latter part of the financial year are expected to be much improved.

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

No

Maximum contractual payment period agreed

60 days

Standard contractual payment terms for goods and services is 30 days from end of month. For travel and telephone providers the standard contractual terms are 14 days. The maximum contractual period is 60 days.

Any other information about payment terms

N/A

Dispute resolution process

The point of contact for disputes is the PZ Cussons Accounts Payable Department, within the Shared Services Centre in Manchester, UK. When an invoice is disputed, the supplier will receive an email indicating the invoice umber and reason for rejection. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. PZ Cussons (International) limited adopt a no PO no pay policy.

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