L'OREAL (U.K.) LIMITED
Company number: 00271555
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
26 July 2023
Approved by:
Erin Schaffner
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 51%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
60 days. In respect of Goods, the Supplier shall invoice the Customer on or at any time after completion of delivery. In respect of Services, the Supplier shall invoice the Customer on completion of the Services. Each invoice shall include such supporting information required by the Customer to verify the accuracy of the invoice, including but not limited to the relevant Purchase Order number and date of invoice which shall be a condition precedent to the payment of the invoice, and sent to L'Oréal (UK) Ltd. Calle De Alcala, 546, 28027 Madrid, Spain or emailed to corpukaccountspayable@loreal.com. In consideration of the supply of Goods and/or Services by the Supplier, the Customer shall pay, within the period specified in the Order, or if no such period is specified in the Order, payment is due within 60 days of the receipt of a correctly rendered invoice, including but not limited to the relevant Purchase Order number which shall be a condition precedent to the payment of the invoice, to a bank account nominated in writing by the Supplier 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 invoices are received into the Finance Department and recorded on our Accounts Payable system. The vast majority of invoice submissions are made via email to corpukaccountspayable@loreal.com. A matching process occurs to ensure there is a valid, approved and goods receipted Purchase Order. Assuming the invoice satisfies the matching criteria, it is then released for payment. Invoices are sent to the PO originator for approval in the case of any invoice discrepancies. Any disputes are settled between the supplier and the PO originator. Supplier accounts are periodically reviewed for invoice ageing.
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