Company number: 00436135
and approved by Felicity Parry
Average time taken to pay invoices: 99 days
Invoices paid:
Invoices due but not paid within agreed terms: 59%
1 days
90 days
All qualifying contracts can be categorised as follows: Raw Material- 90 days from invoice date (most frequently used payment term). Goods For Resale- 60 days end of month (most frequently used payment term). Packaging- 90 days from invoice date (most frequently used payment term). General Purchasing - 60 days from invoice date (most frequently used payment term). Logistics - 45 days end of month (most frequently used payment term). Intercompany- equivalent immediate (most frequently used payment term).
Answer not provided
N/A
360 days
360 days due net (1 invoice in 2018). Payment terms are negotiated individually with each supplier. The maximum contractual payment period set out in the Company’s response to question above is very much a one-off and the Company has not negotiated any other payment terms of that order of magnitude.
The Company does not currently have in place a system to capture for all invoices the date of receipt of each invoice. As a consequence the Company has decided to use as the start date the date of invoice. Similarly, the Company’s systems do not have the functionality to identify for all invoices the actual date that the supplier received payment. Also, the Company’s payment systems are set up only to pay invoices on the due date for payment. Accordingly, in its calculation of the time taken to pay each invoice, the Company has added (in accordance with the UK Government’s guidance) the standard time it takes for a payment to clear in the supplier’s bank account (depending on the method of payment).This approach has no doubt contributed to an artificial inflating of the number of days it takes to pay invoices. Accordingly, this should be borne in mind when reviewing the Company’s responses above. If the Company was able to re-set the date of payment 3 days earlier than the payment due date (to ensure each supplier received payment of its invoice in cleared funds), then the actual statistic for overdue payments would be reduced to 36% for this reporting period.
The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. Our suppliers can contact Accounts Payable department via email: accountspayable.acuk@ppg.com and should receive reply within 2 working days. These contact details can be found on the purchase orders.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
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.
Yes
No
No