NSK UK LIMITED

Company number: 02215151

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Tim Parker

Payment statistics

Average time taken to pay invoices: 27 days

Invoices paid:

• within 30 days: 72%
• in 31 to 60 days: 24%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 31%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

30 days

Standard payment terms

Standard payment terms are 30 days but a variety of terms have been agreed on a case by case basis where appropriate.

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

30 days

We run payment batches once a week, and therefore whilst the statistic above suggests that we pay 31% of our suppliers late, a proportion of this balance was not due on the prior payment run.

Any other information about payment terms

N/A

Dispute resolution process

We have a dedicated accounts payable team who will in the first instance investigate any supplier discrepancy. The team will review exception reports where suppliers have not been paid on agreed terms and will investigate with relevant business managers.

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.

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