GOV.UK
INEOS RUNCORN (TPS) LIMITED
Company number: 06575668
Reporting period:
1 July 2021
to 31 December 2021
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 19 January 2022
and approved by J D Taylorson
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 3%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 22 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
61 days
Standard payment terms
The standard payment terms with the two main suppliers are 20 days from the end of the month of invoice.
The standard terms for other suppliers vary.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
N/A
Dispute resolution process
Any undisputed sums would be paid
Discussions would be held between ourselves and the supplier at multiple levels up to CEO
Formal dispute resolution processes beyond this are set out in each contract (ADR; court etc)
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.
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