INGREDION UK LIMITED
Company number: 07315745
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
16 January 2025
Approved by:
Michael Levy
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 34%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Majority of our suppliers are on 30 days payment terms, whereas there are still a number on 60 days
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
No further comment provided
Dispute resolution process
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution as soon as possible. If no response is received this is escalated to their manager. The AP team will also request any necessary back up documentation from the supplier to help resolve the query. If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contracts.
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