GOV.UK
TIMICO LIMITED
Company number: 04841830
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Matthew Farrow
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 57%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 51 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Timico Limited agrees specific payment terms with suppliers. In the absence of agreed payment terms, Timico Limited's standard payment terms are 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Timico Limited has agreed payment terms of 60 days with certain key suppliers.
Any other information about payment terms
N/A
Dispute resolution process
Timico Limited is committed to acting fairly and with integrity in its dealing with suppliers.
All invoices should be sent to finance@timico.co.uk quoting a valid purchase order number.
In the event of a dispute on an invoice, the main point of contact is the purchase ledger department. To resolve a dispute, Timico Limited will follow the supplier's procedure for reporting the dispute. The supplier is then required to provide any missing information or to issue a corrected invoice/credit note in a timely manner.
If there is further dispute on the payment of the invoice, there is an escalation process to senior finance management and in occasional circumstances, this may be referred to our legal team.
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