INEOS FPS LIMITED
Company Details
Registration Number
10660338
Registered Address
Hawkslease Chapel Lane Lyndhurst United Kingdom SO43 7FG
Company Status
Active
Employee Count
488
Turnover
£406,444,000
EBITDA
£74,316,000
Additional Information
Website
ineos.comCompany Type
Private limited Company
Incorporated on
8 March 2017
Nature of Business (SIC)
06100 - Extraction of crude petroleum
19201 - Mineral oil refining
Industries
Oil and gas
Region
South EastCompany Location
Financial Overview
£13,795,000
£144,126,000
Last Reporting Period
Filed
31 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
24 days
Payment Periods
Shortest
5 days
Longest
64 days
Max Contractual
90 days
Payment Timeline
Not Paid Within Terms
24%
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 2023 - 31 Dec 2023 | 31 Jan 2024 | 24 | 73% | 25% | 2% | 24% |
| 01 Jan 2023 - 30 Jun 2023 | 24 Jul 2023 | 23 | 77% | 21% | 2% | 18% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 23 | 75% | 22% | 3% | 24% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 26 | 72% | 22% | 6% | 21% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 24 | 77% | 19% | 4% | 23% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 22 | 78% | 18% | 4% | 27% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 23 | 78% | 18% | 4% | 20% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 23 | 80% | 15% | 5% | 25% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 22 | 80% | 16% | 4% | 23% |
| 01 Jan 2019 - 30 Jun 2019 | 23 Jul 2019 | 21 | 80% | 15% | 5% | 28% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 25 | 72% | 22% | 6% | 24% |
Company Summary
INEOS FPS LIMITED is a leading oil and gas transportation and storage company based in the UK
They operate a 500-mile pipeline system that transports crude oil and natural gas liquids from offshore platforms in the North Sea to onshore terminals
Their sustainability program includes a commitment to reducing their environmental impact through continuous improvement and innovation
They have implemented various initiatives such as reducing carbon emissions, improving energy efficiency, and minimizing waste and water usage
They also prioritize safety and have a strong health and safety culture
The company's products and services include pipeline transportation, storage, and terminal operations for crude oil and natural gas liquids
They also offer customized solutions for their customers' specific needs, such as blending and heating services
Key people at INEOS FPS LIMITED include Andrew Gardner, the CEO, and Steve Phimister, the Chairman
They have a team of experienced and knowledgeable professionals who ensure the smooth and efficient operation of their pipeline system
The company's website address is https://ineos.com/fps/ and their registered office address is INEOS FPS LIMITED, Grangemouth Refinery, Grangemouth, FK3 9XH, Scotland, UK
They also have offices in Aberdeen and Teesside, UK
In conclusion, INEOS FPS LIMITED is a sustainable and reputable company in the oil and gas industry that provides efficient and reliable transportation and storage services
With a strong focus on sustainability and a team of experienced professionals, they continue to play a significant role in the UK's energy sector
Company Review
Trend Analysis
The average time taken for INEOS FPS LIMITED to pay invoices to suppliers has remained relatively consistent over the past three periods, with only a slight increase from 2021 to 2022. However, there has been a consistent trend of improving payment times, with a decrease in the percentage of invoices paid later than 60 days and an increase in the percentage of invoices paid within 30 days.
Volatility Analysis
There has been minimal volatility in the average time taken to pay invoices for INEOS FPS LIMITED. The percentage of invoices paid within 30 days has fluctuated slightly, but overall there has been a consistent trend towards earlier payments.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The Company negotiates and agrees payment terms with its suppliers as one element of its procurement process. As a result, payment terms vary by supplier. The most common payment term in place is 30 days end of month, although payment terms range from payment on receipt to 64 days, end of month.
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
90
Dispute Resolution Process
Supplier invoices and payments are managed by our Accounts Payable team. Disputed invoices will be notified to the supplier by the individual who initiated the purchase transaction to ensure that they are investigated in a timely manner and resolved. Invoiced items that are subject to dispute will not be paid until resolution of the dispute, whereupon payment shall be made either within terms or in the next payment run, following resolution.
Other Payment Information
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?
❌
