GOV.UK
DRAX HYDRO LIMITED
Company number: 08654218
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 29 July 2022
and approved by Andrew Skelton
Payment statistics
Average time taken to pay invoices: 80 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 50%
- in 61 days or more: 32%
Invoices due but not paid within agreed terms: 32 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
We have excluded from the ‘Invoices due but not paid within agreed terms’ calculation, invoices that were received already past their due date. This amounts to c.9% of total invoices.
Drax Hydro standard contract payment terms are 60 days; however, terms are agreed with suppliers as part of contract negotiations.
Drax Hydro pays a number of suppliers via a credit card programme, this reduces the average time taken to pay down to 80 days, however, there was 1 invoice out of the 22 invoices paid within the submission period that if removed would reduce the average days to 62.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Drax Hydro maximum contractual payment terms are 60 days after month of invoice. Payment terms are agreed with suppliers as part of contract negotiations.
Any other information about payment terms
Drax Hydro offers reduced payment terms by credit card where accepted. Payment terms are agreed during contract negotiations.
Dispute resolution process
On receipt of an invoice, Accounts Payable perform standard checks to confirm: -
•The invoice is for Drax Hydro
•We have authorised supplier details and bank account for payment
•A Purchase Order (PO) number is quoted and matches an approved order number
•The invoice details match the approved PO for quantity, price, and description of supply
•The PO has been receipted
•The invoice has not already been paid
•We have received a copy of the invoice
We target to complete these checks within 5 days of invoice receipt. If invoices are received on a timely basis and no queries arise from these checks, payment will be schedule by BACS in accordance with terms.
Where queries arise, payment will be made by BACS once these queries are resolved. We target to resolve queries within 10 days and make payment on the next scheduled BACS run.
Disputes should be sent to the following email address; accountspayable@drax.com
This email is monitored daily by Accounts Payable.
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 – 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.
Yes
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