GOV.UK
CRISTAL PIGMENT UK LIMITED
Company number: 00162303
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Paul Barnett
Payment statistics
Average time taken to pay invoices: 73 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 24%
- in 61 days or more: 68%
Invoices due but not paid within agreed terms: 23 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Our standard payment terms of the business are 60 days from the end of the month in which the invoice is dated. This accounts for 70% of all vendors. 7% of vendors are 5th of the 2nd month following month of invoice, 6% are 30 days from date of invoice, 5% are 30 days from the end of the month in which the of invoice is dated and 4% are 10th of the 2nd month following month of invoice.
The remaining 7-8% of terms range from immediate to 90 days from the end of the month in which the invoice is dated, although we only have one vendor on these 90 days end of month terms.
Other terms can be negotiated on an ad-hoc basis for major works/contracts, however, the standard we apply initially is 60 days from the end of the month in which the invoice is dated.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
The maximum term we have is 90 days from the end of the month in which the invoice is dated, however, this is only for one vendor. This is why 120 days was entered above, meaning the invoice was submitted on the first of a month. Standard payment terms have not been amended in the reporting period.
Any other information about payment terms
To avoid confusion, our standard payment period would be 60-90 days, dependant on when the vendor dated their invoice. 60 days would be the shortest in this timescale, hence, why that is entered above.
Dispute resolution process
We operate a system known as Vendor Invoice Management, whereby invoices are emailed into a designated inbox for processing – invoices-uk.pigment@cristal.com. This inbox should only be used for emailing invoices, where there is one invoice per PDF attached document. It is not managed, so invoice queries and statements should not use this address. Vendors who cannot separate their invoices to one invoice per PDF document should use the ‘SBO’ email address below, and Accounts Payable will manually manage invoices sent to the ‘SBO’ email address.
For invoicing and statement queries vendors should use SBO.acctspayable@cristal.com (‘SBO’ email address). Vendors can also contact us directly by email and telephone for which – contact details are available on request. We will respond by email or telephone.
Accounts Payable will:
• check systems to see if the invoice has already been received and/or is in query
• liaise with vendors to confirm payment details (past and upcoming)
• speak with relevant approvers on site to resolve invoice issues
• liaise with vendor to obtain and process missing invoices
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