The data for ZF SERVICES UK LIMITED shows a consistent trend of paying invoices later than 60 days, with the percentage increasing from 23% in the first period (2018-01-01 to 2018-06-30) to a high of 58% in the tenth period (2022-07-01 to 2022-12-31). The average time to pay has also increased steadily from 42 days in the first period to 61 days in the eleventh period (2023-01-01 to 2023-06-30).
There is some volatility in the data for ZF SERVICES UK LIMITED, particularly in the percentage of invoices paid later than 60 days. This percentage fluctuates between a low of 19% in the fourth period (2019-07-01 to 2019-12-31) and a high of 58% in the tenth period (2022-07-01 to 2022-12-31). However, the overall trend is consistently high for this metric.
ZF SERVICES UK LIMITED has shown a steady increase in the average time to pay and the percentage of invoices paid later than 60 days over the past three years. In the latest period (2021-07-01 to 2021-12-31), the company had an average time to pay of 60 days and paid 55% of their invoices later than 60 days. This is a significant increase from the first period (2018-01-01 to 2018-06-30) where the company had an average time to pay of 42 days and only paid 23% of their invoices later than 60 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2023 - 30 Jun 2023 | 01 Aug 2023 | 61 | 6% | 37% | 57% | 4% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 58 | 8% | 42% | 50% | 6% |
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 61 | 7% | 36% | 58% | 5% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 60 | 6% | 43% | 51% | 5% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 59 | 8% | 36% | 55% | 8% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 59 | 6% | 45% | 49% | 5% |
| 01 Jan 2020 - 30 Jun 2020 | 03 Aug 2020 | 61 | 6% | 38% | 55% | 5% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 37 | 52% | 29% | 19% | 26% |
| 01 Jan 2019 - 30 Jun 2019 | 03 Aug 2019 | 49 | 26% | 35% | 39% | 15% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 42 | 39% | 38% | 23% | 35% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 42 | 38% | 39% | 23% | 37% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms 30 days end of month
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Invoice and Payments issues managed by account payables team
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
ZF Services UK Limited is registered as being engaged in wholesale trade of motor vehicle parts and accessories. It forms part of ZF, a global technology group that supplies mobility products and systems for passenger cars, commercial vehicles and industrial technology, including driveline, chassis and safety system components. The wider group also runs an aftermarket business supplying spare parts, digital solutions and services to workshops, distributors and fleets, alongside serving construction, agricultural, wind power, marine and rail sectors. The UK entity's own registered role centres on distributing these motor vehicle parts and accessories within the UK market, rather than manufacturing or group-level product development, which sits with the wider ZF organisation.
Generated from the company's website and Companies House records. Sources: zf.com