AALCO METALS LIMITED

Company number: 03551533

Reporting period:
1 July 2021 to 31 December 2021

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2022

and approved by Andy Roberts, Finance Director

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

within 30 days: 24%
in 31 to 60 days: 17%
in 61 days or more: 59%

Invoices due but not paid within agreed terms: 7%

Payment terms

Shortest standard payment periods

32 days

Longest standard payment period

121 days

Standard payment terms

One of Aalco Metals' core values is a strict adherence to agreed supplier payment terms. The company negotiates payment terms with suppliers on an individual basis. Standard payment terms range from 32 days to 121 days following end of month.

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

180 days

No further comment provided

Any other information about payment terms

Invoices due but not paid within agreed payment terms: Accurate information is not readily available in the system, but is estimated to be no more than 7%.

Dispute resolution process

Supplier queries are resolved in a timely and professional manner by a dedicated Accounts Payable Team.

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.

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.

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?