| 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 2018 - 31 Dec 2018 | 23 Jan 2019 | 29 | 57% | 39% | 4% | 20% |
| 01 Jan 2018 - 30 Jun 2018 | 25 Jul 2018 | 27 | 61% | 37% | 2% | 16% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
AAK Group policy for standard supplier payment terms is 60 days unless specifically negotiated otherwise. Payment terms for oil contracts, which are a significant proportion of the company's expenditure, are typically much shorter than 60 days and can even be made in advance of delivery which significantly reduces our average number of days taken to make payment.
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
75
AAK (UK) Ltd will discuss any issues surrounding payment with the supplier direct to seek a mutually agreeable resolution. Payment will not be unreasonably withheld.
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
AAK (UK) Limited, registered at King George Dock in Hull, is the UK manufacturing operation of the AAK group, incorporated in 1981 and classified under manufacture of oils and fats. The wider AAK group specialises in plant-based vegetable oils and fats supplied as ingredients to food, bakery, chocolate, dairy, personal care and other manufacturers, working with customers through a co-development approach to create tailored ingredient solutions. Group activities span sourcing raw materials such as shea, palm, coconut, rapeseed and soy, and processing these into products used across bakery, confectionery, dairy, infant nutrition, animal feed and technical applications including candles and lecithin. AAK (UK) Limited forms part of this international group's UK-based production and supply activities within the food ingredients sector.
Generated from the company's website and Companies House records. Sources: aak.com · aak.com