PETROGAS GROUP UK LIMITED
Company number: 05952225
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
15 March 2022
Approved by:
Niall Dolan
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 55%
- in 61 days or more: 21%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 43%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
90 days
Standard payment terms
30 Days
Were there any changes to the standard payment terms in the reporting period?
for our fuel supplier Greenenergy, we had a an agreement with the bank that we could upload their invoices and these would be settled within terms, and we would have 110 days to repay the bank. this changed in Sept 2021, and we now on a 35 days payment terms with this supplier.
Were suppliers notified or consulted about these changes before they were made?
these terms were discussed via normal communication channels. i.e. email, letter, phone calls /meetings.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
we use Purchase order system for all the suppliers other than Councils and Rent. No PO on invoice, the invoice will not be processed. If the price agrees and items on the invoice agree to the purchase order, the invoice is passed for payment, if not the invoice is highlighted and communicated back through email, to the supplier and a revision to the invoice is required. in some cases this is a credit note or revision to the invoice vs what has been delivered.
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.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No