GOV.UK
IBC VEHICLES LIMITED
Company number: 02091272
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 28 January 2021
and approved by Alberto Morales Facerias
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 3%
- in 31 to 60 days: 75%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 16 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The Company pays its intra-group supplier of vehicles and spare parts no earlier than 47 days
(standard payment term) following the date of invoice via a weekly payment run, therefore payment
may occur up to four working days after the due date. The Company’s standard third party supplier
payment terms are net monthly and invoices are settled at the end of the month immediately
following the month issued. This gives a minimum payment period of 30 days, a maximum of 60
days and an average of 59 days. Alternative payment terms may be negotiated on a case by case
basis during contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
The Company endeavours to resolve all disputes related to payments in a fair and timely manner.
Disputed items are handled by the accounts payable team. If the dispute cannot be resolved it will
be escalated to the department that entered into the business relationship with the supplier. As a
last resort the dispute may be referred to the Company’s Legal Counsel.
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