OXFORD INSTRUMENTS NANOTECHNOLOGY TOOLS LIMITED
Company number: 00704320
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
30 October 2018
Approved by:
A Jaufurally
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 60%
- in 61 days or more: 32%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 90%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Payment terms differ between suppliers but are typically between 30 and 60 days. In practice each division makes two payment runs per month and as a result many payments which are only marginally late have been as reported late in accordance with para 94 et seq of the guidance.
Were there any changes to the standard payment terms in the reporting period?
The NanoAnalyis and NanoScience divisions have been seeking to bring consistency and move to 60 days.
Were suppliers notified or consulted about these changes before they were made?
Discussions with suppliers on a one to one basis.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
This will depend on the reason for the dispute. The general approach will be to make contact as soon as possible and discuss the issue.
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 Fair 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