The average time taken for BRITISH STEEL LIMITED to pay invoices has remained relatively consistent over the three periods analysed, with a slight increase in the most recent period. However, there has been a decrease in the percentage of invoices paid within 30 days and an increase in the percentage of invoices paid later than 60 days.
The volatility of BRITISH STEEL LIMITED's invoice payment process is relatively low, with only small changes seen in the average time to pay and percentages of invoices paid within different time frames.
Between Apr 2018 and Sep 2018, BRITISH STEEL LIMITED had an average time to pay of 70 days, with 14% of invoices paid within 30 days, 29% paid between 31-60 days, and 57% 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 Apr 2018 - 30 Sept 2018 | 29 Oct 2018 | 70 | 14% | 29% | 57% | 80% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are the end of the month 60 days after the date of the invoice. Longest standard payment terms are the end of the month 90 days after the date of the invoice.
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
90
A supplier will be made aware as early as possible if there is a dispute with their invoice. The invoice will be parked until the dispute is resolved. Once resolved the invoice will be paid in accordance with the terms of the order or on the next available payment run if the dispute makes the invoice overdue.
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
BRITISH STEEL LIMITED is a liquidation private limited company, incorporated on 13 February 2015, based in the North West region. Registered business activity: Manufacture of basic iron and steel and of ferro-alloys.
From Companies House records.