UTAC UK LTD

Company number: 02230262

Reporting period:
1 July 2023 to 31 December 2023

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This report was filed on 31 January 2024

and approved by Adam Watson

Payment statistics

Average time taken to pay invoices: 55 days

Invoices paid:

• within 30 days: 20%
• in 31 to 60 days: 51%
• in 61 days or more: 28%

Invoices due but not paid within agreed terms: 54%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

30, 60, MNS2

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

Where disputes related to payments arise, the business will liaise with the supplier to firstly identify the invoices in dispute. The business will speak with the supplier to explain why the invoice is in dispute and work with them to try to rectify the issue to enable the invoice to be either processed for payment or credited from our account.

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