GOV.UK
TNT EXPRESS ICS LIMITED
Company number: 06058166
Reporting period:
1 December 2021
to 31 May 2022
This report was filed on 21 June 2022
and approved by James Davies
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 51%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
80 days
Standard payment terms
The company does not use standard payment terms but has preferred payment terms of 45 days when negotiating qualifying contracts.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
80 days
Payment terms are agreed with each individual supplier based on the commercial situation and are not specifically dependent on their product/service or company size. The agreed payment terms with suppliers range from payable immediately to the longest agreed payment terms which are payable 80 days net. The most common agreed terms are payable net 60 days after invoice date. Individual payment terms are only changed with the agreement of the supplier or the renegotiation of the supplier's qualifying contract. This legal entity ceased invoice processing effective 1st April 2022, due to business reorganisation.
Any other information about payment terms
N/A
Dispute resolution process
To raise a complaint or concern related to payment of invoices suppliers should contact the company's Accounting and Controls Purchase to Pay team by email. The Accounting and Controls Purchase to Pay team will conduct an initial investigation into the reason for non-payment and where possible will resolve simple, straight forward issues, for example, unreceived invoices, administrative errors and purchase order discrepancies. Disputes involving more complex issues such as non-performance, pricing discrepancies or breach of contractual terms will be referred to the company's Sourcing and Procurement or Operations teams to liaise with the supplier and resolve. If required, disputes will be escalated to the company's Legal Counsel and/or senior management team to negotiate and resolve the issues arising. The Accounting and Controls Purchase to Pay team aim to resolve supplier complaints or transfer them to another team to investigate within 7 days of receipt.
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.
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