INEOS COMMERCIAL SERVICES UK LIMITED

Company number: 07445497

Reporting period:
1 January 2019 to 30 June 2019

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

This report was filed on 24 July 2019

and approved by Gerrard Hepburn

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

within 30 days: 51%
in 31 to 60 days: 37%
in 61 days or more: 12%

Invoices due but not paid within agreed terms: 31%

Payment terms

Shortest standard payment periods

15 days

Longest standard payment period

60 days

Standard payment terms

The Company negotiates and agrees payment terms with its suppliers as one element of its procurement process. As a result, payment terms vary by supplier. The most common payment term in place is 30 days, end of month, although payment terms range from payment on receipt to 90 days, end of month.

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

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Supplier invoices and payments are managed by our Accounts Payable team. Disputed invoices will be notified to the supplier by the individual who initiated the purchase transaction to ensure that they are investigated in a timely manner and resolved. Invoiced items that are subject to dispute will not be paid until resolution of the dispute, whereupon payment shall be made either within terms or in the next payment run, following resolution.

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.

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?