GOV.UK
VASCUTEK LIMITED
Company number: SC079773
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 10 May 2022
and approved by Hendrik Pomp
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 27%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 38 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are dependent on the supplier.
Standard contractual terms are not depending
on trade of goods or services.
Were there any changes to the standard payment terms in the reporting period?
Yes –
3 businesses changed from 30 to 60 days
1 business changed from 30 to 45 days
Were suppliers notified or consulted about these changes before they were made?
Yes – Changes discussed and agreed in writing with the supplier
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Vascutek’s Accounts Payable department is the first point of contact for invoice disputes. Most queries are centred around pricing queries between the purchase order and the supplier invoice. For this to be resolved, our Procurement department would have to check that the prices on the purchase order are correct. This being the case, the supplier would have to credit the invoice and re-issue a new one. All PO numbers are communicated by Vascutek’s Procurement department to the supplier and the requisitioner when the order is placed.
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