NTT UNITED KINGDOM LIMITED
Company number: 01505004
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
26 April 2024
Approved by:
Steve Brown
Payment statistics
Average time taken to pay invoices: 64 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 52%
- in 61 days or more: 31%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard Payment Terms are 45 days + BACS. BACS runs are performed twice a month, ie invoices that are on 45 days are paid on the 5th or the 20th following the 45 days based on the invoice date (unless agreed as the date of receipt 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
60 days
No further comment provided
Any other information about payment terms
Improvements continue to be made in reducing the payment backlog NTT UK Ltd inherited following a merger. The Company with whom we merged had payment terms, structures, and processes there were not aligned to our own. Efforts are ongoing to create greater alignment and drive consistency across the business. We continue to prioritise the clean-up and are confident these legacy issues will reduce in the coming months. We are working closely with our third party outsource provider to improve the reported metrics, with additional control measures having been implemented to ensure significant payment backlogs do not resurface. Tooling/system enhancements have been deployed which, given time, will further improve the processes and related controls. What is not reflected in the data points is the high volume of intercompany payments. Given on-going validation of aged balances, these intercompany payments do deteriorate the overall payment data pertaining to NTT UK Ltd.
Dispute resolution process
All discrepancies are highlighted back to the Vendor upon receipt of the invoice. Both parties are expected to communicate to bring the query to a satisfactory conclusion. Disputed invoices are reviewed with the Internal Buyers. Invoices in query are held back from the Payment Runs. If the dispute is not resolved within the Contractual Payment Terms this will be reflected in the data provided in this report. The aim is to resolve queries within the Payment Period.
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