SOCOTEC UK LIMITED

Company number: 02880501

Reporting period:
1 July 2022 to 31 December 2022

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This report was filed on 23 May 2023

and approved by Jason Goodwin

Payment statistics

Average time taken to pay invoices: 53 days

Invoices paid:

• within 30 days: 18%
• in 31 to 60 days: 59%
• in 61 days or more: 23%

Invoices due but not paid within agreed terms: 51%

Payment terms

Shortest standard payment periods

75 days

Longest standard payment period

Answer not provided

Standard payment terms

SOCOTEC UK's standard payment terms are 60 days EOM which are notified to suppliers by referring to the company's terms and conditions. The standard terms and conditions are referred to in each purchase order the company issues.

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

N/A

Dispute resolution process

All disputes on invoices are referred back to the supplier by the business unit that placed the order. Once purchase invoices are agreed they are passed to the central finance team to process.

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