HYSTER-YALE UK LIMITED
Company number: 02636775
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
19 January 2022
Approved by:
Mark Trivett
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 49%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 29%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Nett 45 days, being end of month following invoice date
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
150 days
No further comment provided
Any other information about payment terms
Our processes and finance system does not enable capture of invoice receipt date, therefore the base date for the purposes of calculating the Payment Statistics is the invoice date.
Invoice date will normally be earlier than invoice receipt date, consequently we recognise the Payment Statistics reported are adversely impacted by this.
Our payment runs are monthly, taking place in the first week of a month. When calculating the Payment Statistics we have assumed our suppliers will receive cleared funds in their bank account four working days after the first working day of a month.
Dispute resolution process
A dispute or concern regarding invoices and payment should be made to the Accounts Payables department who will be able to advise further.
When an invoice dispute is received, it should if possible be resolved at point of contact with the Accounts Payable team. If this is not possible the query will be escalated to the business contact and a relevant senior finance contact if necessary.
For contractual disputes, not related to payment date enquiries, suppliers should follow the procedure contractually agreed with the business contact who ordered the good or service provided.
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.
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.
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