NEWS UK & IRELAND LIMITED
Company number: 01893198
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
20 January 2021
Approved by:
Christopher Longcroft
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 43%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 27%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
35 days
Standard payment terms
News UK & Ireland Limited shall pay the undisputed valid VAT invoice within 35 days of the end of the month in which a valid invoice is received.
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
35 days
News UK & Ireland Limited is the principal contracting and paying company in the News UK Group. The significant majority of suppliers contracting with News UK are required to agree to the News UK & Ireland Limited standard terms and conditions, which include the payment terms to which News UK will adhere. All purchase orders are issued in the name of News UK & Ireland Limited. There are very few contracts which involve a different News UK entity from News UK & Ireland Limited. Even where such contracts are in force, the responsibility for negotiating and making payments in respect of these companies to third party suppliers rests with News UK & Ireland Limited, and all invoices from suppliers are presented to News UK & Ireland. We believe that a sole report in respect of the principal News UK paying entity provides the most fair and accurate summary of what payment terms suppliers can expect when contracting with News UK.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Accounts Payable team will liaise with a vendor directly if there is a query on the invoice. Appropriate business units are also involved if required.
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