INEOS AROMATICS LIMITED
Company number: 06226624
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 28 July 2022
and approved by Matthew Atkins
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 75%
- in 31 to 60 days: 25%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 42 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The Company negotiates and agrees payment terms with its suppliers as one element of its procurement process. As a result, payment terms vary by supplier. The most common payment term in place is 30 days end of month or 30 days from invoice receipt.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
This report covers transactions with 3 vendors. Our primary vendor is an INEOS Group entity. Our company and this INEOS group entity have just been through a divestment and transition period which has affected payment processes. In addition our company introduced a new SAP payment system in Q42021 which has impacted some payments.
Dispute resolution process
Supplier invoices and payments are managed by our Accounts Payable team. Disputed invoices will be notified to the supplier by the individual who initiated the purchase transaction to ensure that they are investigated in a timely manner and resolved. Invoiced items that are subject to dispute will not be paid until resolution of the dispute, whereupon payment shall be made either within terms or in the next payment run, following resolution.
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