WABTEC UK LIMITED

Company number: 02923485

Reporting period:
1 July 2023 to 31 December 2023

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This report was filed on 1 February 2024

and approved by Nichola Bramley

Payment statistics

Average time taken to pay invoices: 59 days

Invoices paid:

• within 30 days: 16%
• in 31 to 60 days: 41%
• in 61 days or more: 43%

Invoices due but not paid within agreed terms: 54%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

120 days

Standard payment terms

It is the Company policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions. Our general standard terms are 65 days following the month in which a satisfactory invoice is submitted.

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

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

120 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. In the event that a dispute cannot be resolved by our Accounts Payable team, Wabtec UK Limited follows an established escalation process with Finance / Procurement leads who work to resolve any outstanding dispute.

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, 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