U-POL LIMITED

Company number: 00464919

Reporting period:
1 January 2021 to 30 June 2021

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2021

and approved by MICHAEL J COOMBES

Payment statistics

Average time taken to pay invoices: 59 days

Invoices paid:

within 30 days: 9%
in 31 to 60 days: 44%
in 61 days or more: 47%

Invoices due but not paid within agreed terms: 86%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

U-POL LTD STANDARD PAYMENT TERMS STATE:- Payment shall be made by the Buyer within 60 days from the end of the term within which the relevant Supplier's invoice was received Terms may however may be concluded by the supplier and these terms are generally from 30 to 90 days Payments are made electronically

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

90 days

IF ALL CREDITORS WERE PAID ON DUE DATE OF INVOICE THE AVERAGE TIME TAKEN TO PAY INVOICES DROPS FROM 59 TO 54

Any other information about payment terms

N/A

Dispute resolution process

Disputes are resolved by discussion and agreement with the supplier and are typically managed by the Finance team and Procurement team

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, 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.

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.

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?