VASCUTEK LIMITED

Company number: SC079773

Reporting period:
1 April 2023 to 30 September 2023

---

This report was filed on 31 October 2023

and approved by Gordon Du Cane

Payment statistics

Average time taken to pay invoices: 56 days

Invoices paid:

• within 30 days: 34%
• in 31 to 60 days: 37%
• in 61 days or more: 29%

Invoices due but not paid within agreed terms: 55%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

Payment terms are dependent on the supplier. Standard contractual terms are not depending on trade of goods or services.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Vascutek’s 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, our Procurement department would have to check that the prices on the purchase order are correct. This being the case, the supplier would have to credit the invoice and re-issue a new one. All PO numbers are communicated by Vascutek’s Procurement department to the supplier and the requisitioner 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