INEOS AROMATICS LIMITED
Company number: 06226624
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 31 January 2024
and approved by Matthew Atkins
Payment statistics
Average time taken to pay invoices: 19 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 10%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 43 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
30 days
Standard payment terms
The Company negotiates and agrees payment terms with its suppliers as one element of its procurement process. As a result, payment terms vary by supplier.
Over a third of these payments in this period are to vendors who are affiliate companies, in these cases payment terms and payment timings may be more flexible.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
Some vendors issue an invoice stating a due date but also a time and cost narrative for review and approval by the company prior to payment. This approval process can lead to some delay in payment but the vendor is kept informed of the process and, once approved, payment occurs promptly afterwards. However this can result in payment which follows outside of the credit period.
Dispute resolution process
Supplier invoices and payments are managed by our Accounts Payable team. Disputed invoices will be notified to the supplier by the individual who initiated the purchase transaction to ensure that they are investigated in a timely manner and resolved. Invoiced items that are subject to dispute will not be paid until resolution of the dispute, whereupon payment shall be made either within terms or in the next payment run, following resolution.
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