CENTRICA STORAGE LIMITED
Company number: 03294124
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 26 January 2022
and approved by Trine Thomsen
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 77%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days. We have special arrangements with several suppliers reflecting the requirements of CSL’s business and the suppliers we deal with. Our intention is to move towards compliance with the Prompt Payment Code and therefore we are looking to identify all small suppliers and move them to 30 day terms, this process has just begun and we aim to complete it by March 2022.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
To prevent a delay in invoice processing, invoices must be clearly legible, comply with HMRC regulations and should include supplier details, purchase order number, invoice number, invoice date and payment instructions, as well as the Centrica point of contact who requested the goods or services. Invoices should be issued either electronically to accounts.payable@centrica-sl.co.uk or be physically posted to our head office. Invoices issued without the above details may not be accepted and may be returned for amendment before being processed.
Dispute resolution process
Any disputes the suppliers should contact the CSL Accounts Payable team. The Accounts Payable team will consider the complaint and respond accordingly.
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