COLORMATRIX EUROPE LIMITED
Company number: 02780189
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
8 February 2024
Approved by:
Zach Crawford
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 18%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
119 days
Standard payment terms
The Company negotiates and agrees payment terms with its third party suppliers as part of its procurement process and as a result payment terms vary by supplier. The most common payment terms entered into during the reporting period was 30 days from date of invoice.
In the reporting period, the average payment time, based on number of payments made, was 23 days.
The numbers presented above include payments to affiliate companies, with a standard payment term of net 15th following month of invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
119 days
No further comment provided
Any other information about payment terms
The Company has prescheduled payment runs that are processed regularly for all approved invoices.
Dispute resolution process
ColorMatrix Europe Limited has a dedicated Accounts Payable helpdesk in the event of a dispute with a supplier that offers them support through to query resolution. This query can be raised via email at AP.GB.Inquiries@avient.com. If required, the query is then forwarded to the ColorMatrix Europe Limited contract monitor or requisitioner for further investigation.
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.
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.
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