Ranked in 4 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time taken for ITHACA OIL AND GAS LIMITED to pay invoices has been increasing over the past three periods, with an average of 26 days in 2018, 28.5 days in 2019, and 36.5 days in 2020.
The volatility of ITHACA OIL AND GAS LIMITED's invoice payment time has also been increasing, with a difference of 1 day between the first two periods and a difference of 5 days between the last two periods.
| 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 Jul 2020 - 31 Dec 2020 | 12 May 2021 | 37 | 65% | 27% | 8% | 0% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 36 | 71% | 23% | 6% | 0% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 31 | 81% | 16% | 3% | 0% |
| 01 Jan 2019 - 30 Jun 2019 | 23 Jul 2019 | 30 | 84% | 13% | 3% | 1% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 25 | 88% | 10% | 2% | 1% |
| 01 Jan 2018 - 30 Jun 2018 | 13 Jul 2018 | 26 | 92% | 6% | 2% | 1% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard terms are either 30 days or 60 days from receipt of correctly prepared and adequately supported invoice depending on the form of contract entered into with the Supplier
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
60
The company has an email address for vendors to submit invoice and payment queries. A system-generated remittance advice is issued directly to the vendor as part of the payment process. Any disputes will be escalated to the relevant person for resolution.
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
ITHACA OIL AND GAS LIMITED is an active private limited company, incorporated on 20 February 1981, based in the Yorkshire and The Humber region. Registered business activity: Extraction of crude petroleum.
From Companies House records.