ASCO UK LIMITED

Company number: SC029934

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 24 July 2018

and approved by Mark Walker

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 35%
• in 31 to 60 days: 57%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 33%

Payment terms

Shortest standard payment periods

45 days

Longest standard payment period

Answer not provided

Standard payment terms

ASCO has separate contracts in place with its core suppliers with a variety of payment terms. However, where no such contracts are in place, the standard payment terms are 45 days from receipt of a valid and fully supported invoice.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

60 days

The maximum contractual payment period with an individual supplier of ASCO is 60 days from date of receipt of invoice.

Any other information about payment terms

N/A

Dispute resolution process

Queries related to payment are dealt with in the first instance by the accounts payable team (accountspayable@ascoworld.com). In the event that queries / disputes cannot be resolved by this route (and ASCO is in receipt of an invoice with relevant PO details), they may be escalated to the Group Finance Manager.

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, this business has not signed up to a code of conduct or standards on payment practices.

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