COLAS LIMITED

Company number: 02644726

Reporting period:
1 January 2022 to 30 June 2022

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This report was filed on 29 July 2022

and approved by Geoffroy-Romain Renaud

Payment statistics

Average time taken to pay invoices: 72 days

Invoices paid:

• within 30 days: 9%
• in 31 to 60 days: 48%
• in 61 days or more: 43%

Invoices due but not paid within agreed terms: 86%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

Colas Limited has standard payment terms of 45 days from receipt of invoice. Historically payment terms were agreed with suppliers as part of contract negotiations.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

At the start of the year Colas Ltd implemented the Colas Group ERP system and a new invoice scanning solution, which requires system generated purchase orders to be issued for all goods and services which are then 3-way matched resulting in an improved purchase to pay process. There were delays and teething problems in the implementation which has impacted on our supplier payment performance. We have recruited additional resources and have made good progress in tackling the problems encountered. Efforts are still ongoing, and we are committed to making improvements. We have a target of paying 95% of invoices within 60 days by the end of 2022.

Dispute resolution process

Colas Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and accounts receivable departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.

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.

Yes, this business has signed up to: Prompt Payment Code

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