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AICO LIMITED

Company number: 02544399

Reporting period:
1 July 2020 to 31 December 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 19 January 2021

and approved by Matthew Lyons-Small

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

• within 30 days: 98%
• in 31 to 60 days: 1%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 10 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Our standard payment terms are 30 days, however, different payment terms may be negotiated with suppliers where applicable.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

The maximum contractual payment period is 60 days from end of month of invoice.

Any other information about payment terms

Standard payment terms are consistent and do not change during the reporting period.

Dispute resolution process

The accounts payable team and authorising manager will work with the supplier to reach a resolution with any invoice dispute.
The invoice will be held until the dispute is resolved and a debit note raised if required. We aim to resolve any disputes in a timely manner.

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