Industry ranking
Score of 86.4/100 qualifies for PaymentCheck Certification
There is a general trend of improvement in the time taken for Thanet Offshore Wind Limited to pay their invoices. The average time to pay has decreased from 22 days in 2018 to 9 days in 2018-2019, and then increased to 23 days in 2019-2020. However, it has since decreased again to 15 days in 2021-2022. This shows that the company has been making efforts to pay their invoices faster.
The data shows that there is some volatility in the time taken for Thanet Offshore Wind Limited to pay their invoices. The average time to pay has fluctuated between 9 and 43 days over the past three periods, indicating that there may be some challenges in consistently paying invoices on time.
Over the past three periods, there has been a general improvement in the time taken for Thanet Offshore Wind Limited to pay their invoices. The average time to pay has decreased from 43 days in 2020-2021 to 15 days in 2021-2022. This is a significant improvement and shows that the company is making efforts to pay their invoices faster.
| 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 2024 - 31 Dec 2024 | 11 Feb 2025 | 34 | 100% | 0% | 0% | 80% |
| 01 Jan 2024 - 30 Jun 2024 | 15 Aug 2024 | 22 | 98% | 2% | 0% | 0% |
| 01 Jul 2023 - 31 Dec 2023 | 04 Feb 2024 | 9 | 100% | 0% | 0% | 40% |
| 01 Jan 2023 - 30 Jun 2023 | 04 Feb 2024 | 27 | 100% | 0% | 0% | 95% |
| 01 Jul 2022 - 31 Dec 2022 | 13 Feb 2023 | 21 | 100% | 0% | 0% | 60% |
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 32 | 100% | 0% | 0% | 60% |
| 01 Jul 2021 - 31 Dec 2021 | 02 Feb 2022 | 15 | 92% | 5% | 3% | 44% |
| 01 Jul 2020 - 31 Dec 2020 | 17 Feb 2021 | 23 | 74% | 21% | 5% | 24% |
| 01 Jan 2020 - 30 Jun 2020 | 05 Aug 2021 | 32 | 83% | 8% | 9% | 37% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Aug 2020 | 43 | 79% | 14% | 7% | 38% |
| 01 Jul 2019 - 31 Dec 2019 | 11 Feb 2020 | 20 | 89% | 7% | 5% | 33% |
| 01 Jan 2019 - 30 Jun 2019 | 21 Aug 2019 | 23 | 98% | 1% | 1% | 48% |
| 01 Jul 2018 - 31 Dec 2018 | 12 Feb 2019 | 9 | 98% | 2% | 0% | 43% |
| 01 Jan 2018 - 30 Jun 2018 | 09 Aug 2018 | 22 | 73% | 19% | 8% | 31% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Payment terms are 60 days from the issue of the invoice. Exemption is reviewed depending on the particular scope of the contract.
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
Payment related disputes are handled by the respective Contract Manager or if such role does not exist for the given activity the Project Manager.
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.
❌
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Thanet Offshore Wind Limited is a company registered in the UK with SIC codes covering the production, transmission and distribution of electricity. Its name indicates a link to the Thanet offshore wind farm. The registered office is in London, and the evidence gathered, drawn from Vattenfall's UK newsroom, indicates that it forms part of the wider Vattenfall group, a company active in renewable energy generation including offshore wind in the UK. No further detail on this specific entity's day to day operations, turnover or asset ownership is available from the evidence supplied, so its role should be understood as part of Vattenfall's UK offshore wind interests rather than as an independent trading business.
Generated from the company's website and Companies House records. Sources: corporate.vattenfall.co.uk