CORNERSTONE TELECOMMUNICATIONS INFRASTRUCTURE LIMITED

Company number: 08087551

Reporting period:
1 October 2018 to 31 March 2019

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

This report was filed on 30 April 2019

and approved by Emanuele Tournon

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

within 30 days: 36%
in 31 to 60 days: 47%
in 61 days or more: 17%

Invoices due but not paid within agreed terms: 1%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

90 days

Standard payment terms

CTIL’s standard payment terms are 45 days measured from the date of receipt of a valid invoice, except Suppliers who qualify as Small or Medium Sized Entities (defined as Companies with turnover of less than £5m per annum) where 30-day payment terms are available upon request when the Supplier contracts with the CTIL. CTIL also has a number of Suppliers on 60 or 90-day payment terms which were inherited on the novation of contracts to CTIL’s from its UK shareholders (Vodafone and Telefonica) when CTIL first commenced operation and subsequently. CTIL makes a weekly payment run in which all valid invoices are paid based on their contractual due date. This takes place each Wednesday (except for Public / Bank Holidays) with payment received by Suppliers on Friday each week.

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

No further comment provided

Any other information about payment terms

Since 2017, CTIL have offered suppliers an electronic invoice solution called “Self Billing” which gives Suppliers the opportunity to submit claims for payment via an agreed bespoke submission template, for which CTIL produce and pay a system-generated invoice on contractual terms. This is a paperless process and was initially offered to a trial set of suppliers but is now available to a broader range of Suppliers where suitable. Over 80% of all invoices are now processed and paid using Self Billing and CTIL has received positive feedback from Suppliers regarding this process.

Dispute resolution process

In the event of an invoice dispute or query, CTIL suppliers are advised to contact the dedicated Accounts Payable team ( P2P@ctil.co.uk ) who will aim to resolve all disputes in a fair and timely manner. During the Supplier On-Boarding process, suppliers are provided with invoicing instructions which include direct contact numbers for the Accounts Payable 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.

Yes

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.

Yes

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?