GOV.UK
COLAS LIMITED
Company number: 02644726
Reporting period:
1 January 2024
to 30 June 2024
This report was filed on 22 July 2024
and approved by Steven Florance
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 47%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 24 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Colas limited has standard payment terms of 45 days from receipt to invoice. However payment terms were agreed with suppliers as part of contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
During the first half of 2024 Colas Limited has not met its target to pay 95% of all suppliers within 60 days. During 2024 Colas has implemented a no PO no Pay policy which ensures Purchase orders are raised in advance of services received so that invoices can be promptly matched on receipt.
Any other information about payment terms
N/A
Dispute resolution process
Colas Limited actively seeks to resolve disputes by discussing them with the relevant suppliers, typically involving member of the accounts payable and accounts receivable departments and/or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolutions methods may be used. For example, mediation, adjudication, expert determination, litigation and / or arbitration.
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 – 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.
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