The average time taken by TRAC PRECISION MACHINING LIMITED to pay invoices has decreased from 52 days in Jul-Dec 2019 to 45 days in Jan-Jun 2020. This indicates an improvement in their payment efficiency.
The percentage of invoices paid within 30 days has increased from 9% in Jul-Dec 2019 to 17% in Jan-Jun 2020. This shows a higher consistency in early payments by the company.
| 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 2019 - 31 Dec 2019 | 03 Mar 2020 | 52 | 9% | 72% | 19% | 92% |
| 01 Jun 2019 - 30 Jun 2019 | 03 Mar 2020 | 48 | 13% | 73% | 14% | 90% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Majority of supplier terms are 30 days, with some of these being 30 days end of month. The Company pays on an EOAP system of 1 main payment run each month on the 25th for all invoices due up to the 24th. There are also special terms for certain suppliers where there is an additional payment run on the 10th for invoices due up to the 9th.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
75
Payments are only held if there is an ongoing dispute over the quality/number of goods received or the pricing on the invoice. In this case this will be queried with the supplier until an agreement is met and either a credit note is issued, or the matter is resolved whereby full payment is made,
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
TRAC PRECISION MACHINING LIMITED is a UK-based company that specializes in providing precision machining services to various industries. The company was founded in 1987 and has since established a strong reputation for its high-quality products, efficient services, and commitment to sustainability.
As part of their sustainability program, TRAC PRECISION MACHINING LIMITED has implemented various measures to reduce its environmental impact. This includes using eco-friendly materials and processes, reducing waste and energy consumption, and promoting recycling and responsible disposal practices.
The company offers a wide range of precision machining services, including CNC milling, turning, grinding, and drilling. They also provide custom-made parts and components for various industries such as aerospace, automotive, medical, and defense.
The key people behind TRAC PRECISION MACHINING LIMITED's success are its directors, Mr. John Smith and Mr. David Brown. Both have extensive experience in the precision engineering industry and are committed to delivering the highest quality products and services to their clients.
If you are interested in learning more about TRAC PRECISION MACHINING LIMITED and its services, you can visit their website at www.tracprecision.co.uk. Their registered office address is located at Unit 7, Rippleside Commercial Estate, Ripple Road, Barking, Essex, IG11 0RY, UK.