COLAS LIMITED

Company number: 02644726

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 30 July 2018

and approved by Mark Overton

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 46%
• in 31 to 60 days: 48%
• in 61 days or more: 6%

Invoices due but not paid within agreed terms: 13%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

Colas Limited now has standard payment terms of 45 days, historically payment terms were with suppliers as part agreed of contract negotiations.

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

With respect to contracts with 3rd party suppliers we are in the process of changing the payment period in our standard terms to 45 days. This change commenced during this reporting period. Our standard contractual payment period in our standard terms for new contracts with 3rd party suppliers is now 45 days.

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

Suppliers were consulted on an individual basis.

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Colas Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and accounts receivable departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.

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.

Yes, this business has signed up to: The 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.

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