ROLLS-ROYCE POWER ENGINEERING LIMITED

Company number: 01305027

Reporting period:
1 January 2024 to 30 June 2024

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This report was filed on 15 July 2024

and approved by Helen McCabe

Payment statistics

Average time taken to pay invoices: 46 days

Invoices paid:

• within 30 days: 16%
• in 31 to 60 days: 79%
• in 61 days or more: 5%

Invoices due but not paid within agreed terms: 6%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

75 days

Standard payment terms

The Group operates a number of payment terms with its suppliers and they vary due to local laws, the products and services being sourced, the competitive global markets we operate in other commercial aspects of suppliers’ relationships. These terms are by mutual agreement and usually include the offer of access to the Group’s Supplier Finance Programme.

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

75 days

We offer reduced payment terms for smaller suppliers, so that they are paid in 30 days and also offer Supply Chain Financing where by suppliers can receive their payment sooner. Our terms with other suppliers vary on the products and services being sourced, the competitive global markets we operate in and other commercial aspects of suppliers’ relationships.

Any other information about payment terms

https://check-payment-practices.service.gov.uk/report/68881

Dispute resolution process

Queries and complaints relating to payments are handled by email by our Accounts Payable department. This email is managed each day and responses are duly made.

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.

Yes, this business has signed up to: Prompt Payment Code

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.

Yes

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?

Yes

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No