SPRINGFIELDS FUELS LIMITED
Company number: 03857770
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
29 January 2025
Approved by:
Craig Boothby
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 74%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 24%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
60 days nett or less as per customer flowdown.
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
In order to improve the UK payment process and align to UK requirements a new standard payment terms process has been implemented in the UK to ensure prompt payment to suppliers required for payment with in 30 days and to decrease the max payment terms for the UK to 60 days. Further to this practice in the first half of the year in the 2nd half of the year all small to medium suppliers were moved to 30 day payment terms as per the PPC requirements.
Dispute resolution process
For payment queries the suppliers are asked to email the accounts payable department or the suppliers account manager. Matters not resolved immediately with the accounts payable section can be referred to the Westinghouse procurement team. A new Accounts Payable process has been implemented to ensure invoice queries can be escalated and resolved more timely and effectively.
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.
Yes
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