B.B. ENERGY TRADING LIMITED
Company number: 04511776
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
30 July 2021
Approved by:
Fadi Kabalan/Omayma Murtada
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 7%
- in 61 days or more: 2%
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
1 days
Longest standard payment period
60 days
Standard payment terms
Petroleum contracts - from 1 to 30 days
Services - 30 days
Overheads - from prompt upon receipt to 60 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
60 days
No further comment provided
Any other information about payment terms
Payment statistics disclosed in this report can be affected by different factors, including:
- late reception of an invoice, resulting in payment beyond the original due date
- processing of an invoice within a short period after due date as part of the company's standard bi-monthly payment runs
- request for additional supporting documentation and time taken to obtain from supplier, before payment can be effected
-Covid-19 has also impacted timing of payments due to delays in receiving documents by post and consequently settling beyond due date
Dispute resolution process
Any invoice dispute is communicated by the company's appropriate department [depending on invoice type] to the supplier and the two parties work on resolving any differences. Once concluded, the invoice is settled according to the agreed terms.
If this process is not successful, then the contractual provisions for disputes are followed, involving at times the company's legal team.
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