Score of 94/100 qualifies for PaymentCheck Certification
The average time taken for B.B. ENERGY TRADING LIMITED to pay invoices has been decreasing over the past three periods, from 19 days in Jan 2019-Jun 2019 to 16 days in Jan 2021-Jun 2021. The percentage of invoices paid within 30 days has also been increasing, from 88% in Jan 2019-Jun 2019 to 91% in Jan 2021-Jun 2021. This shows that the company has been improving in terms of timely payments to suppliers.
The volatility in the company's payment patterns can be seen in the fluctuation of the percentage of invoices paid within 30 days and between 31 and 60 days. In Jan 2019-Jun 2019, 88% of invoices were paid within 30 days, which increased to 94% in Jul 2019-Dec 2019. However, in Jan 2020-Jun 2020, the percentage dropped to 89% before increasing again to 91% in Jan 2021-Jun 2021. Similarly, the percentage of invoices paid between 31 and 60 days fluctuated between 4% and 9% over the three periods.
The average time taken for B.B. ENERGY TRADING LIMITED to pay invoices has decreased from 19 days in Jan 2019-Jun 2019 to 16 days in Jan 2021-Jun 2021. The best period for timely payments was Jul 2019-Dec 2019, with 94% of invoices paid within 30 days. The worst period was Jul 2020-Dec 2020, with only 89% of invoices paid within 30 days and 12% of invoices paid 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 2021 - 30 Jun 2021 | 30 Jul 2021 | 16 | 91% | 7% | 2% | 9% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 17 | 89% | 7% | 4% | 12% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 14 | 89% | 9% | 2% | 11% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 13 | 94% | 4% | 2% | 8% |
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 19 | 88% | 7% | 5% | 8% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Petroleum contracts - from 1 to 30 days Services - 30 days Overheads - from prompt upon receipt to 60 days
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Payment statistics disclosed in this report can be affected by different factors, including: - late reception of an invoice, resulting in payment beyond the original due date - processing of an invoice within a short period after due date as part of the company's standard bi-monthly payment runs - request for additional supporting documentation and time taken to obtain from supplier, before payment can be effected -Covid-19 has also impacted timing of payments due to delays in receiving documents by post and consequently settling beyond due date
Maximum contractual payment period agreed
60
Any invoice dispute is communicated by the company's appropriate department [depending on invoice type] to the supplier and the two parties work on resolving any differences. Once concluded, the invoice is settled according to the agreed terms. If this process is not successful, then the contractual provisions for disputes are followed, involving at times the company's legal 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
B.B. Energy Trading Limited is the UK office of BB Energy, a global energy group involved in trading, distribution and supply of oil, gas and related products, with growing renewable and low-carbon activities. The registered UK entity, based in London and incorporated in 2002, is classified under wholesale of petroleum and petroleum products. It forms part of an international network of BB Energy offices spanning the UAE, Singapore, USA, Belgium, Switzerland and other countries, engaged in trading downstream fuels, power and gas, and environmental and carbon projects. The wider group reports multi-billion dollar revenues and handles large volumes of traded products, though these figures relate to the global group rather than this UK subsidiary specifically.
Generated from the company's website and Companies House records. Sources: bbenergy.com