VASCUTEK LIMITED

Company number: SC079773

Reporting period:
1 April 2018 to 30 September 2018

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This report was filed on 25 October 2018

and approved by Hendrik Pomp

Payment statistics

Average time taken to pay invoices: 26 days

Invoices paid:

• within 30 days: 64%
• in 31 to 60 days: 21%
• in 61 days or more: 15%

Invoices due but not paid within agreed terms: 37%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

Payment terms are dependent on the supplier.

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

1 supplier was changed from proforma to 30 days. 1 supplier was changed from 30 to 45 days. 14 suppliers were changed from 30 to 60 days.

Were suppliers notified or consulted about these changes before they were made?

Changes are discussed and agreed in writing with the supplier.

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The Accounts Payable department is the first point of contact for invoice disputes. Most queries are centred around pricing queries between the Purchase Order and the supplier invoice. For this to be resolved, the Procurement department would check that the prices on the original Purchase Order were correct. If this is the case, the supplier would credit the invoice and re-issue with the correct pricing. If this is not the case, the difference would be discussed with the supplier and a final price agreed. All Purchase Order numbers are communicated by the Procurement department to the supplier and the internal requester when the order is placed.

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.

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