GOV.UK
INDUSTRIAL TURBINE COMPANY (UK) LIMITED
Company number: 09003402
Reporting period:
1 April 2018
to 30 September 2018
This report was filed on 30 October 2018
and approved by Michael Gray
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 16%
- in 61 days or more: 24%
Invoices due but not paid within agreed terms: 35 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The payment terms are assigned by the business on a case by case basis. Intercompany invoices are paid immediately = 48%. Please note intercompany clearing terms are available to Siemens group companies only and payment method for such transactions without any transmission of money external to Siemens cash pool. 3rd party payment terms = 75 days = 29%, 60days =11%, 30days =5%, 45days =3%, 0 days=2%, 90 Days = 2%. The payment statistics excluding intercompany transaction are: Average time to pay invoice = 52 days. Payment split: 0-30days = 22%, 31-60days = 31%, 61+days = 47%. Invoice paid late = 30%
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
90 days is the standard payment terms used for projects with a long term and agreed on a case by case basis. This includes foreign suppliers with payments in letters of credit.
Any other information about payment terms
0% of the overall transactions showed pre-agreed discounts with suppliers.
Dispute resolution process
1) Central Accounts Payable (AP) team for payment enquiries, contact points via phone/e-mail/supplier portal. Relevant details are on Purchase Orders and are as follow :-
A) Tel: 0044 192 630 6269 B) E-mail:ap.industrialturbine.cz@siemens.com
2) AP liaise with supplier to obtain and process missing invoices / Check existing systems provider/e-invoice process queue to see if invoice already in query and/or returned to suppler)
3) AP liaise with suppliers to confirm payment details (past and upcoming)
4) AP liaise with approvers to release overdue invoices for payment
5) Special team deals with ‘final demand’ cases and legal notices
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