GOV.UK
INTERNATIONAL PROCUREMENT AND LOGISTICS LIMITED
Company number: 05104448
Reporting period:
31 December 2022
to 30 June 2023
This report was filed on 27 July 2023
and approved by Paul Grover
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 55%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 3 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
71 days
Standard payment terms
International Procurement and Logistics Limited ('IPL')’s standard contractual payment terms state that IPL will pay each correct invoice on next weekly payment run following 45 days after the later of receipt of goods and receipt of invoice (for the majority of IPL’s goods for resale suppliers), on its next weekly payment run following 60 days after receipt of invoice (for goods not for resale suppliers) or 30 days (cash in bank) after receipt of invoice for small suppliers.
In certain specific circumstances, IPL may agree to shorter and longer payment terms with its suppliers as part of an overall commercial agreement. In particular, 60 day payment terms are often agreed for suppliers of wine and nuts and dried fruit.
Were there any changes to the standard payment terms in the reporting period?
Yes –
During the reporting period IPL changed its standard payment terms for the majority of its goods for resale suppliers from the next weekly payment run following 30 days after the later of receipt of the goods and receipt of a valid invoice to the next weekly payment run following 45 days after the later of receipt of the goods and receipt of a valid invoice. Relevant suppliers remained on their current payment terms until expiry of their contracts with any change in payment terms being discussed with them in advance of entering into a new contract.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
71 days
Any other information about payment terms
Under IPL’s standard contractual terms, IPL may set off monies payable to a supplier against any monies owed to IPL (and in some cases, any group company) by that supplier.
Dispute resolution process
If an IPL supplier raises a query in respect of an outstanding invoice, payment or deduction, in the first instance it is handled by the Accounts Payable team through a clear query process.
If necessary the Accounts Payable team will refer to other business areas within IPL to resolve the enquiry.
If the matter remains unresolved within the target turnaround time it is escalated to senior leadership.
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