COLLOIDS LIMITED
Company number: 05058123
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
14 July 2023
Approved by:
Russell Livesey
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 30%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 80%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms vary according to the supplier. Colloids typically operate on 30 days from date of invoice but there are an array of payment terms ranging from 0 to 90 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
100 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Suppliers can contact the accounts team for any invoice or payment queries via email to invoices@colloids.com. If a satisfactory resolution is not found, this would be escalated to a Manager and/or Director in order to close the dispute in a fair and professional manner.
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 Fair 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.
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