INEOS RUNCORN (TPS) LIMITED

Company number: 06575668

Reporting period:
1 July 2022 to 31 December 2022

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This report was filed on 12 January 2023

and approved by Julie Taylorson

Payment statistics

Average time taken to pay invoices: 15 days

Invoices paid:

• within 30 days: 98%
• in 31 to 60 days: 2%

Invoices due but not paid within agreed terms: 44%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

61 days

Standard payment terms

The standard payment terms with the two main suppliers (also shareholders) are 20 days from the end of the month of invoice. The standard terms for other suppliers vary.

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

61 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Any undisputed sums would be paid Discussions would be held between ourselves and the supplier at multiple levels up to CEO Formal dispute resolution processes beyond this are set out in each contract (ADR; court etc)

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, this business has not signed up to a code of conduct or standards on payment practices.

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