GOV.UK
CRODA EUROPE LIMITED
Company number: 00167236
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Stephen Edward Foots
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 57%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 14 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
110 days
Standard payment terms
Payment terms are freely negotiated alongside other commercial terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
110 days
Any other information about payment terms
Our business and our relationships with suppliers are built on a platform of trust and common decency. We negotiate terms of our contracts with suppliers individually and are sensitive to the needs of the many small suppliers who service our UK manufacturing sites. We do not impose changed terms on suppliers after the terms have been agreed. On many occasions we offer shorter payment terms to support the cash flow needs of small businesses and local suppliers.
Dispute resolution process
In the event of any dispute relating to payment terms, then discussions would take place between the supplier and their principal procurement contact at Croda. In practice, disputes of this nature can be resolved in a matter of days. In the event that this is not possible, then the dispute can be escalated to the Procurement Director.
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.
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