TIMET UK LIMITED
Company number: 00530589
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Stephen McCarthy
Payment statistics
Average time taken to pay invoices: 70 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 15%
- in 61 days or more: 77%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
75 days
Standard payment terms
Suppliers are paid on 75 days unless negotiated differently.
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
75 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Before the provision of goods or services, a purchase order (raised by an internal requisitioner and approved by management and purchasing) is sent to the vendor. Vendors are advised not to provide goods or services without a valid purchase order however in the event this process is not followed, the query is sent via email to the internal requisitioner to resolve. This is done by the accounts payable clerks as soon as the issue is found. In instances where there is no resolution these items are sent out on a report to escalate further. Price issues are investigated by the purchasing department. A report is sent out at least weekly detailing invoices where the requisitioner has not confirmed delivery of an item or service. If the requisitioner is satisfied, they will confirm delivery and the invoice will be paid. If the requisitioner is not satisfied, they will work with the accounts payable department to resolve with the supplier.
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.
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