TEESSIDE GAS & LIQUIDS PROCESSING
Company number: 02767808
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 21 February 2024
and approved by Sayma Cox
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 3 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Standard payment terms are 30 days and agreed with the supplier. Other terms can be agreed with suppliers as required though are very small in volume.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
Invoice queries are handled by the Accounts Payable (AP) team. Administrative queries are resolved within the AP team with support from the Finance Manager. Technical queries are referred to the requestor of the item or service. In case of delay or absence, this can be referred to a more senior manager. Queries relating to contractual terms typically involve the Procurement & Contracts Management team. Suppliers are also invited to provide supporting information as may be required to assist and speed up 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