ITHACA OIL AND GAS LIMITED
Company number: 01546623
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
12 May 2021
Approved by:
Graham Forbes
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 27%
- in 61 days or more: 8%
Late and disputed:
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Standard terms are either 30 days or 60 days from receipt of correctly prepared and adequately supported invoice depending on the form of contract entered into with the Supplier
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
60 days
All major contracts (which is where the majority of our spend is) are on 60 day terms. There are some smaller value orders which have 30 day terms
Any other information about payment terms
No further comment provided
Dispute resolution process
The company has an email address for vendors to submit invoice and payment queries. A system-generated remittance advice is issued directly to the vendor as part of the payment process. Any disputes will be escalated to the relevant person for 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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Oil & Gas UK (OGUK) / Oil & Gas Authority (OGA) Supply Chain Code of Practice.
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.
Yes
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