COMPASS CONTRACT SERVICES (U.K.) LIMITED
Company number: 02114954
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
29 October 2021
Approved by:
Gareth Sharpe
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 78%
- in 61 days or more: 12%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms are 60 days. This is payment of invoices on the 28th of the month following processing, subject to pre determined cut off days, normally two days prior to period end, Invoices are paid on time based on invoice date, this equates to 60 days on average. All small businesses with employees of 50 or less are paid on 30 day terms
Were there any changes to the standard payment terms in the reporting period?
All small businesses identified with employees of 50 or less are paid on 30 day terms. These terms were amended earlier in 2021
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
There are no vendor accounts with terms greater than 60 days and since September 2019 no vendor is set up with terms greater than 60 days. From May 2021 all identified small vendors are set up and paid on 30 day terms.
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputed invoices are managed locally by the operating units, challenges are made directly with suppliers. Ordinarily quantity disputes are resolved by supplier providing the necessary signed "proof of delivery" to support invoice quantity.
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: Prompt payment code
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.
Yes
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