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KOITO EUROPE LIMITED

Company number: 00945580

Reporting period:
1 July 2023 to 31 December 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 24 January 2024

and approved by Y Aoshima

Payment statistics

Average time taken to pay invoices: 57 days

Invoices paid:

• within 30 days: 16%
• in 31 to 60 days: 40%
• in 61 days or more: 44%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

60 days Nett end of Month following delivery unless

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

No

Maximum contractual payment period agreed

99 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers must submit monthly statements which allows us to check we have all invoices.

Any invoices received where no Purchase Order was raised OR {for Supplies - if no Good received note generated} / {for Services - Invoices not authorised by managers} OR invoice price does not agree to Purchase Order are placed on hold until supplier can submit further documents, i.e. Order note, proof of delivery etc.

If the issue is related to quality of goods or services, this will be discussed by the manager who requested the goods/services and the Supplier.

If required this will be escalated up the management chain.

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