PGS EXPLORATION (UK) LIMITED
Company number: 02904391
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by Gottfred Langseth
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 33%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Standard payment period for qualifying contracts
45 days
Standard payment terms
Standard payment terms are 45 days from invoice date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices received from suppliers are entered onto invoice processing software. They are sent to the individual in the business responsible for the items or services received for review and approval within 3 days. If there is a problem with the invoice, the individual rejects the invoice in the system and contacts the supplier directly to amend the invoice or resolve the issue. The accounts payable department will follow up within one week. Invoices will only be paid with relevant approver authorisation.
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