| 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 |
|---|---|---|---|---|---|---|
| 31 Oct 2023 - 27 Apr 2024 | 27 May 2024 | 34 | 35% | 63% | 2% | 4% |
| 30 Apr 2023 - 30 Oct 2023 | 23 Nov 2023 | 37 | 43% | 53% | 4% | 8% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
It is the Company’s policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions, and to abide by those terms based on the timely submission of satisfactory invoices. The Company normally settles trade payables on 30 day terms, however variations to these terms do exist based on agreements with certain suppliers.
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 is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. In the event that a dispute cannot be resolved by our Accounts Payable team, it would escalated in the first instance to the relevant Head of Department to seek a 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
Cleveland Transit Ltd is a registered company forming part of the Stagecoach group of bus operators, with its registered office administered via Stagecoach Services Limited. Its Companies House classification covers other urban, suburban or metropolitan passenger land transport. The wider Stagecoach group describes itself as "one of the UK's largest bus operators, proudly connecting communities since 1980", running local, interurban, school and sightseeing bus services across the UK, supported by ticketing apps, journey planning and live tracking tools. As a subsidiary within this group, Cleveland Transit Ltd's own registered activity relates to operating passenger bus services rather than any separate independent trading identity of its own.
Generated from the company's website and Companies House records. Sources: stagecoachbus.com