AAK (UK) LIMITED
Company number: 01585686
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 23 January 2019
and approved by Damian Taylor
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 39%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 20 %
Payment terms
Standard payment period for qualifying contracts
0 days
Standard payment terms
AAK Group policy for standard supplier payment terms is 60 days unless specifically negotiated otherwise. Payment terms for oil contracts, which are a significant proportion of the company's expenditure, are typically much shorter than 60 days and can even be made in advance of delivery which significantly reduces our average number of days taken to make payment.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
N/A
Dispute resolution process
AAK (UK) Ltd will discuss any issues surrounding payment with the supplier direct to seek a mutually agreeable resolution. Payment will not be unreasonably withheld.
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.No
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