CGG SERVICES (UK) LIMITED

Company number: 06923682

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 14 July 2020

and approved by Robert Bell-Davies

Payment statistics

Average time taken to pay invoices: 27 days

Invoices paid:

• within 30 days: 67%
• in 31 to 60 days: 31%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 68%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Payment terms are the conditions under which a seller completes a sale. Supplier provides goods or services on credit, which means buyer doesn’t have to pay immediately after receiving goods or services. Standard payment terms is 30 days, which means customer should settle inv within 30 days from tax point (day of the inv). After that period inv will become overdue

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

N/A

Any other information about payment terms

N/A

Dispute resolution process

Dispute process didn't change since previous report and it follows procedure below: Customer send statement via email, post or make a phone call. Accounts Payable Accountant (APA) will check the status of the inv: -if received and recorded in ERP system and ready to be paid -If pending approval -If there is problem on the inv (inv on hold waiting for credit note or revised inv) -If inv has been paid already All depends of the situations, if inv has been approved for payment, it will be paid on the first available payment run during the week. If inv pending approval APA will contact with current approver and try to get approval, so inv can be paid shortly. If there is a problem on the inv AP accountant will explain the situation to customer (waiting for the credit note, incorrect company name on the inv). Once inv been paid by BACS/CHAPS/SEPA (depending of the currency) supplier will receive remittance advices via email together with the funds

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.

Yes

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