TOYOTA TSUSHO U.K. LIMITED
Company number: 02669193
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
24 April 2024
Approved by:
Hiroshi Hattori
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 54%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
90 days
Standard payment terms
TTUK pay for products within one month of receipt of invoice unless otherwise agreed in writing.
In the case of payments to companies within the Toyota group TTUK shall pay the invoice on the first Working Day after the twenty-fourth day of the month following the month in which the invoice is received.
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
56 days
25 days end of month following month of invoice = 56 days
Any other information about payment terms
No further comment provided
Dispute resolution process
Where an invoice or any part of it is disputed by TTUK in good faith, TTUK will provide the Supplier with a statement of the amount in dispute together with a list of any invoices which remain outstanding and have yet to be resolved on or before the fifteenth day of the following Month. The Supplier and the Buyer shall seek to resolve the dispute in good faith, in accordance with the escalation procedure set out below and in any event within 3 months of the date of invoice. TTUK shall not be obliged to pay any sums due to the Supplier until any dispute in relation to invoices is resolved. Any dispute arising in connection with any Contract which is stated to be required to be resolved by the escalation procedure shall be resolved as follows:
(a) the parties shall refer the dispute to their Directors;
(b) if the Directors fail to resolve the dispute within 21 days of referral then either party will be entitled to take such proceedings as they see fit.
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