TOWER TRANSIT OPERATIONS LTD
Company number: 08314506
Reporting period:
1 October 2020
to 31 March 2021
This report was filed on 7 April 2021
and approved by Paul Cox
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 11%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The Company agrees appropriate terms of payment with suppliers, prior to supply, and adheres to these terms provided satisfactory invoices are received, in a timely manner. The most frequent terms are 30 days however variations between suppliers do exist.
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 always looks to treat suppliers fairly and resolve disputes in a timely manner. If the dispute cannot be resolved by the Accounts Payable Team it will be escalated, in the first instance, to the Head of Department to seek resolution.
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