GOV.UK
ASSA ABLOY LIMITED
Company number: 02096505
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 22 July 2020
and approved by Christopher Browning
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 34%
- in 61 days or more: 41%
Invoices due but not paid within agreed terms: 68 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
ASSA ABLOY operates with a standard set of payment terms and conditions under which invoices are paid within 60 days from the date on which the goods or services to which they relate have been deemed to have been delivered in accordance with the delivery terms of the contract.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
105 days
Any other information about payment terms
We work closely with our suppliers to support the cash flow requirements of both ASSA ABLOY and our supply chain throughout the reporting period.
Of the invoices reported as paid outside of agreed payment terms, 62% of these were paid within 5 days of the agreed due date.
Dispute resolution process
We work closely with our suppliers to ensure that any disputes are resolved on a timely basis. ASSA ABLOY Limited operates a shared service accounts payable team based in the West Midlands. If at any time a dispute arises in relation to the payment of an invoice, suppliers contact our shared service accounts payable team with details of the disputed payment together with their authorised purchase order number. The accounts payable team will use all reasonable endeavours to resolve the dispute, but will refer this to the relevant procurement department where issues cannot be resolved directly. Where disputes cannot be appropriately resolved within a reasonable time frame, ASSA ABLOY operates a policy whereby payment disputes are escalated to the senior executive team for resolution.
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