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TANGENT TRADING LIMITED

Company number: 01900671

Reporting period:
1 July 2022 to 31 December 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2023

and approved by A Nelson

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 61%
• in 31 to 60 days: 38%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 43 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Tangent deals on third party suppliers’ terms rather than its own and therefore does not have standard payment terms, nor does it require that particular sets of payment terms are included in third party supplier contracts depending on the supplier’s size. Tangent does however generally engage with third party suppliers on the following terms: (a) a payment period of 30 days of receipt of the relevant invoice; (b) payment of interest at the rate specified by the supplier in the relevant supplier agreement; and (c) submission to settlement discussions/the English courts (as provided for under the relevant supplier agreement) to determine any dispute if such cannot be resolved amicably between Tangent's Accounts Payables and Legal departments and the relevant supplier.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

The maximum payment period Tangent has agreed to is the same as the standard period based on the information in the Ledger and confirmation from Legal / Accounts Payable, i.e. 30 days.

Any other information about payment terms

N/A

Dispute resolution process

Tangent Trading Ltd deals on third party suppliers’ terms rather than its own. Invoices must be made out to the correct company name and address and sent via email to the Accounts Payables department; any invoice queries are then directed to the relevant person within the business. Disputes are resolved per the process set out in the relevant supplier agreement involving Tangent's Accounts Payables and Legal departments and the relevant supplier. Any dispute would be governed by the governing law/jurisdiction clause in the relevant supplier agreement which is generally English law/English courts.

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