GOV.UK
WILLIS LIMITED
Company number: 00181116
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 22 July 2021
and approved by Richard Goff
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 66%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 42 %
Payment terms
Standard payment period for qualifying contracts
45 days
Standard payment terms
The Company’s standard contractual payment terms for all qualifying contracts are payments within 45 days after the date of invoice. Other payment terms may apply. Agreed payment terms are reflected in our contractual documentation and accounting system.
Of the 42% of invoices due but not paid within agreed terms, 1% were intercompany (i.e. to companies under common control) and 99% were external to the Willis Towers Watson group. Excluding these intra-group invoice settlements, the average time to pay invoices was 61 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
Payments only fall due in our accounting system once terms are exceeded. The overdue statistics include a large proportion of invoices that were settled within a few working days of the due date. The average time taken to settle invoices in the period was adversely impacted by a very small number of invoices settled in relation to long-overdue.
Dispute resolution process
Payment processing is managed by the Accounts Payable function and any supplier queries are actioned by that team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and relevant colleague to ensure satisfactory resolution for both the supplier and the Company.
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