GOV.UK
TOYOTA(G.B.) PLC
Company number: 00916634
Reporting period:
1 October 2022
to 31 March 2023
This report was filed on 26 April 2023
and approved by Agustin Martin
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 42%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 8 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
86 days
Standard payment terms
Toyota (GB) PLC's standard payment terms for third party suppliers are 30 days, however other terms are operated in exceptional circumstances by prior agreement of our Procurement department. Payment runs are made weekly, paying all approved invoices that are due, or falling due, prior to the next payment run.
Standard payment terms for inter-group transactions with other Toyota entities are either 25th following month (maximum 55 days) or 25th following 2 months (maximum 86 days) depending on the type of supply.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
86 days
Our maximum contractual payment terms relate to inter-group Toyota transactions only.
Any other information about payment terms
Toyota (GB) PLC operate a strict Purchase Order policy and suppliers should not accept an order without an official accompanying Purchase Order. Invoices that are received without quoting a valid Purchase Order number will inevitably be delayed for payment.
Dispute resolution process
In the first instance queries related to payment should be directed to our Accounts Payable team who are able to deal with the majority of queries. Escalation thereafter is with the relevant business area to whom the goods or services were supplied and then ultimately our Procurement department.
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