INEOS COMPOUNDS AYCLIFFE LIMITED

Company number: 08651343

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 31 July 2020

and approved by Andrew Brown

Payment statistics

Average time taken to pay invoices: 63 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 32%
• in 61 days or more: 58%

Invoices due but not paid within agreed terms: 55%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

124 days

Standard payment terms

The business uses a large number of suppliers on different payment terms. There is no real standard payments terms and terms are negotiated individually per supplier. The numbers above therefore represent the full range of payment terms offered from different suppliers. In the reporting period the weighted average payment terms (based on value of invoices paid) was 48 days, and the average terms based on number of payments was 61 days

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

124 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Complaints and concerns are dealt with by the relevant buyers and finance.

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