COLT TECHNOLOGY SERVICES

Company number: 02452736

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 30 July 2018

and approved by Gary Carr

Payment statistics

Average time taken to pay invoices: 36 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 39%
• in 61 days or more: 10%

Invoices due but not paid within agreed terms: 50%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

The Company’s standard contractual payment terms for all qualifying contracts are 60 days from invoice date, however, specific terms can be negotiated and agreed with a supplier. The agreed payment terms are reflected in our contractual documentation and accounting system. There were no changes to standard payment terms in the reporting period.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

Invoices paid late percentage reduces to 21% taking account of payments paid within 10 days of the agreed Payment terms. [There are number of reasons why remaining payments are delayed including for example suppliers sending invoices late, internal approvals, and disputes.]

Dispute resolution process

Supplier invoices are processed and passed to business approvers who can approve or reject an invoice. In the event of a dispute, it is logged with the supplier via email or on their portal wherever applicable. The supplier and the relevant Colt authorised person work towards dispute resolution. If the dispute is ruled in favor of Colt, a credit note may be issued by the supplier. In case the dispute remains unresolved within a reasonable period, the supplier can contact the relevant Colt business contact. The supplier may further contact the Colt Divisional / Finance Head. For any payment related queries, the supplier can also write to APQueryUK@colt.net.

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, 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