FINNING (UK) LTD.
Company number: 00367090
Reporting period:
1 July 2020 to
31 December 2020
This report was filed on 28 January 2021
and approved by Mark Hogg
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 29%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 7%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Payments made by the company will normally be made 60 days at the end of the month following the invoice date plus one English working day.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Invoice disputes are handled on a case by case basis by the Accounts Payable Team, with support from the operational contact within the company. In the event that a satisfactory outcome cannot be reached at this stage, the issue will be escalated within the organization until the dispute is resolved. Finning UK Ltd also operate a strict "No PO No Pay" policy, all invoices are returned to the supplier by email with a covering letter advising
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, this business has not signed up to a code of conduct or standards on payment practices.
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