BEACON RAIL FINANCE (EUROPE) LIMITED
Company number: 08488775
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
Clara Gomez-Ferrer Navarro
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 3%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
It is Beacon Rail' policy that procurement managers agree payment terms with suppliers prior to entering into any transactions. Suppliers' invoices are then settled within the agreed terms provided these are submitted in a timely manner.
Payment runs are made on a weekly basis and invoices received without valid authorisations are put on hold until such authorisations are received, as per the internal Delegation of Authority.
The standard contractual length of time for payment of invoices ranges from Immediate payment to 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
NA
Any other information about payment terms
NA
Dispute resolution process
Beacon Rail is committed to dealing with suppliers in a fair, timely and professional manner while conforming to internal processes and controls. All supplier' queries are addressed and resolved as quickly and efficiently as possible prior to payment being made. Our escalation process stipulates that in the event a dispute cannot be resolved by our Accounts Payable team, the matter is referred to the CFO and the relevant Procurement Manager.
All payment specific enquiries can be made to the Accounts Payable team via telephone or by e-mail.
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 Fair 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