GOV.UK
TIMET UK LIMITED
Company number: 00530589
Reporting period:
1 January 2022
to 30 June 2022
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 26 August 2022
and approved by Lee Brough
Payment statistics
Average time taken to pay invoices: 74 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 12%
- in 61 days or more: 76%
Invoices due but not paid within agreed terms: 17 %
Payment terms
Standard payment period for qualifying contracts
120 days
Standard payment terms
Standard Terms are 120 days days from date of invoice
Were there any changes to the standard payment terms in the reporting period?
Yes – Standard terms changed from 75 days to 120 days from date of invoice.
Were suppliers notified or consulted about these changes before they were made?
Yes – For existing Vendors terms remained as previously agreed. For new Vendors terms agreed as part of placing Purchase order.
Maximum contractual payment period agreed
120 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices that differ from our Purchase order will be referred to the Vendor for clarification.
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