GOV.UK
CONTRACT VEHICLES LIMITED
Company number: 00759126
Reporting period:
1 July 2021
to 30 June 2022
This report was filed on 17 August 2022
and approved by Martin Holland
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 1%
- in 31 to 60 days: 75%
- in 61 days or more: 24%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
75 days
Standard payment terms
Standard payment terms vary depending on the type of payment and range from 30 days to 75 days from invoice date in accordance with the relevant purchase order.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
We are currently unable to report on the date of receipt of invoices in this report. We have reported on the date of the invoice itself, as we consider this the most justifiable alternative.
All invoices are paid to term unless they are in query but will be paid immediately on resolution of query.
Dispute resolution process
We have a dedicated accounts payable team that offers support and advice to our suppliers on payment practices and query resolution.
Our team work in close collaboration with other key stakeholders in the business and are available between 8.45am and 5.30pm either by telephone or email.
All invoices submitted with a relevant purchase order number will be paid to term. Where purchase order is missing or incorrect invoices go in to query.
We aim to resolve all queries with Suppliers within 48 hours and are able to make same day payments where invoices are received late or disputes are resolved.
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