GOV.UK
SUN CHEMICAL LIMITED
Company number: 02647054
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 11 January 2024
and approved by Jon Kenneth Dench
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 27%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 8 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
Sun Chemical Ltd's standard payment terms are 60 days end of month but many of our vendors are on 30 days from end of month
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
The maximum payment terms on the ledger are 90 days end of month, there have been no changes to the standard payment terms in the reporting period
Any other information about payment terms
N/A
Dispute resolution process
Missing invoices - Copy invoices are requested and processed as priority, Vendors are asked how originals have been sent and offered an emailing option, if already emailing vendor is asked when the document was sent and checks are run to see why the invoice did not get processed and procedures put in place to stop this happening again.
Quantity Queries - If an invoice is received with a quantity greater than the receipt showing on the purchase order the business is asked if the extra quantity has been received if the business does not agree the vendors are asked to provide proof of delivery or work done , these are then forwarded to the business so that they can check that the goods have been received or the work completed and load the extra goods receipt, if no POD can be issued and the business is not in receipt of the goods a credit note to be requested from the vendor.
Price queries - Invoices are sent to the purchasing department to approve the difference in price, if the new pricings have not been agreed between the business and the vendor a credit note will be requested, if the prices on the invoice are correct the invoice will be paid as per payment terms.
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.
Yes
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.
Yes
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