TAYLOR WIMPEY UK LIMITED

Company number: 01392762

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 28 January 2022

and approved by Chris Carney, Group Finance Director

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 45%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 15%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Our payment terms depend on the nature of the supply and order placed by the company. Supplier payment terms: Payment terms for suppliers are by the last working day in the month following the later of: the month in which the goods and/or services were received/supplied; or the month of receipt of a valid invoice. Contractor payment terms: Payment terms for approved works comply with the Local Democracy, Economic Development and Construction Act 2009 in which the final payment date is 7 days following the due date, with the due date being 30 days after the later of the date the application/invoice is received or the relevant month end. Consultants: Payment terms for consultants’ services comply with the Local Democracy, Economic Development and Construction Act 2009 in which the final payment date is 30 days following the due date, with the due date being the later of: date of receipt of a valid application/invoice for payment; or by a contractually agreed payment profile date.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

62 days

No further comment provided

Any other information about payment terms

Self-billing is available for certain suppliers.

Dispute resolution process

Our standard contractual frameworks provide for a dispute resolution process which adopts the Construction Industry Council Model Adjudication Procedures and as per the Local Democracy, Economic Development and Construction Act 2009, either party may refer a dispute to adjudication. Either party has the right to initiate legal proceedings in the UK Courts. Outside of adjudication, there is a dispute escalation procedure, namely (i) the authorised representatives of each party are to attempt to settle a dispute first (ii) failure to settle is referred to regional managing directors to attempt to resolve (iii) if still not resolved the dispute is to be referred in good faith to mediation.

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, 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