ROTORK UK LIMITED
Company number: 01090344
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 16 July 2020
and approved by Richard Holbrook
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 46%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard terms of payment are 30 days end of month
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Disputes in invoicing and any product fault are discussed with suppliers as soon as possible. Suppliers are unwilling to credit and re-invoice when goods are corrected and thus the original tax point of the invoice causes the system to assume late payment when in reality that is not the case. Suppliers are worried that this restarts the clock in terms of credit when a new invoice is issued.
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