BINKS U.K. LIMITED
Company number: 07656273
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
18 June 2025
Approved by:
John Borrows
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 74%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
75 days
Standard payment terms
Range of payment terms we have vendors who are 0 days - prepayment/Proforma, while the majority are 30-60 days, dependent on credit terms offered by the Vendor."
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
75 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
Payment Process and Dispute Resolution If an invoice cannot be matched against receipted items in the ERP system, it will be placed on hold while the issue is investigated internally by the Goods In and Purchasing departments. If the issue is resolved internally, the invoice will be released and processed for payment. If the issue cannot be resolved internally, contact will be made with the vendor to address the query or problem (e.g., missing delivery, short shipment, quality or quantity discrepancies, pricing issues, etc.). Once resolved, the vendor may issue a credit note or alternatively dispatch an additional shipment to cover any shortfall. The invoice will then be removed from hold and processed for payment. Please note: if the resolution of an invoice dispute extends beyond the standard payment terms, the invoice will be included in the next available payment run. Invoices for Expensed Items In the case of a dispute involving an expensed invoice, the budget holder who authorised the expenditure must approve the invoice before payment can be made. The invoice will be reviewed by both the budget holder and the vendor to resolve.
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