GOV.UK
IGGESUND PAPERBOARD (WORKINGTON) LIMITED
Company number: 00075035
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 24 July 2018
and approved by Ulf Lofgren
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 52%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 96 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
61 days
Standard payment terms
Unless agreed otherwise with the supplier, standard payment terms are 30 days following the month of the invoice date.
The exception to this are for specific billing in relation to supplies of certain materials and services, which are on terms of 0 to 7 days. Such items account for approximately 15% of supplier invoices.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
It is normal practice for the Company to make payments to suppliers once per week for invoices that are due up to and including the payment date. Consequently, invoices falling due between payment dates will by definition be overdue when paid. Suppliers are aware of this practice, though is is not written into formal agreements. After adjusting for the effect of weekly payments 19% of payments would be classed as not within the agreed terms.
Dispute resolution process
Disputed invoices will be notified to the supplier by the individual initiating the purchase, who will then work in conjunction with the procurement team to resolve the dispute.
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