POLAR SPEED DISTRIBUTION LIMITED
Company number: 03155092
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 7 November 2022
and approved by PETER RAOUL STEWARDSON
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 59%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
5 days
Longest standard payment period
90 days
Standard payment terms
45 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
UPS policy releases payment on the due date and only pays during US business days.
Under invoice creation date (ICD) policy, invoices are received when they are available in UPS’s accounts payable processing sites. An invoice creation date is assigned when the invoice is available in the payment system.
Dispute resolution process
UPS’ dispute resolution process is outlined in contractual agreement with each supplier.
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