GOV.UK
JOY GLOBAL (UK) LIMITED
Company number: 02546087
Reporting period:
1 October 2020
to 31 March 2021
This report was filed on 20 October 2021
and approved by Philip Schley
Payment statistics
Average time taken to pay invoices: 60 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 43%
- in 61 days or more: 42%
Invoices due but not paid within agreed terms: 64 %
Payment terms
Shortest standard payment period
41 days
Longest standard payment period
71 days
Standard payment terms
The Company’s standard terms and conditions of purchase provide that Joy Global will pay for any goods and services within ten business from the last day of the month following the month in which:
a) the goods are received by Joy Global;
b) the services are provided to Joy Global; or
c) a correct invoice for the goods or services that complies with the provisions of the purchase order is received by Joy Global,
whichever is the latest.
These terms only apply in the absence of a separately negotiated agreement upon which different payment terms may have been agreed.
The Company makes a significant volume of payments to other related group companies, which are included in the calculations. On average the Company takes 54 days to pay third party suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
The reported maximum contractual payment period relates to specifically negotiated contracts or inter-group invoices.
Any other information about payment terms
As a manufacturer, the majority of our invoices are inventory related and therefore 3 way matched, meaning payments are automatically approved for payment if the quantity, price and part number on the invoice match the delivery note and purchase order data. When these elements don’t match further investigation is required to determine why and correct the situation with the supplier, if required, before payment is made.
As part of a large multi-national organisation, whose ultimate parent Company is a listed Company, Joy Global UK has additional internal compliance requirements requiring a 2-party invoice approval for certain invoices, typically being service or non-inventory related invoices.
Dispute resolution process
With respect to supplier relationships, we encourage our buying teams to first attempt to resolve disputes commercially. Our buying team seek to deal with any disputes promptly (escalating to management as needed). In the event that the situation remains unresolved, the matter may be further escalated to executive management and/or the Legal Department. Formal legal proceedings are very rare.
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