COMPASS CONTRACT SERVICES (U.K.) LIMITED
Company number: 02114954
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
28 October 2020
Approved by:
Sarah Sergeant
Payment statistics
Average time taken to pay invoices: 60 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 75%
- in 61 days or more: 17%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 27%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms on SAP are Y126. This is payment of invoices of the 28th of the month following processing days. (subject to predetermined cut off days normally two weeks prior to period end. Invoices are paid on time based on invoice date. This equates to 60 days average.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
There are a small number of vendor accounts with 90 days payment terms, since September 2020 no new vendor account has been set up wth payment terms greater than 60 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputed invoices are managed locally by the operating units, challenges made directly to suppliers. Ordinarily quantity disputes are resolved by the supplier providing the nexessary "signed proof of delivery" to support invoice value
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
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.
Yes
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