COFCO INTERNATIONAL UK LTD
Company number: 00165772
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
30 July 2020
Approved by:
Timothy Capey
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 6%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
For commodities standard payment terms are 28 days from delivery. For other services COFCO Intl UK Ltd typically pays based on the terms set by the supplier.
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
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
The Accounts Payable team offers support for query resolution by both email and telephone Monday to Friday. The team work closely with the logistics and procurement departments to endeavour to resolve queries in a timely and efficient manner. Payment queries can also be raised directly with the account manager who will work with the Accounts Payable to find a 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, 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