Over the past three periods, there has been a consistent decrease in the average time taken for GATES (U.K.) LIMITED to pay their invoices. In the first period, the average time was 70 days, which decreased to 64 days in the second period and then to 68 days in the most recent period.
The volatility of the average time taken to pay invoices has been relatively stable, with a maximum change of 4 days between periods.
Overall, there has been a slight decrease in the average time taken for GATES (U.K.) LIMITED to pay their invoices over the past three periods. However, there has been a significant increase in the percentage of invoices paid later than 60 days, with a peak of 71% in the most recent period. This could indicate potential issues with cash flow and may impact supplier relationships. It is also worth noting that the company has consistently met their agreed payment terms, with only 5-6% of invoices not being paid within the agreed timeframe.
| 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 | 13 Mar 2020 | 68 | 12% | 16% | 71% | 6% |
| 01 Jan 2019 - 30 Jun 2019 | 22 Oct 2019 | 64 | 13% | 30% | 57% | 0% |
| 30 Jun 2018 - 31 Dec 2018 | 11 Jan 2019 | 70 | 18% | 64% | 18% | 5% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Min contract payment terms - 30 days Max contract payment terms - 90 days
Were there any changes to the standard payment terms in the reporting period?
The company has introduced payment Virtual Card ( VCA). This is offered to suppliers and when signed up to this payment method they will receive payment upon approved invoice. This allows the supplier to receive payment much quicker and not wait for the full payment terms before receiving funds.
Any other information about payment terms
n/a
Maximum contractual payment period agreed
1825
Invoices are three way matched to the purchase order. If there is any issue on price and delivery charge the invoice is held pending manager approval. Invoices which are not three way matched such as traffic and utilities invoices are approved by relevant managers
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
Gates (U.K.) Limited is a Scottish-registered company based in Dumfries, incorporated in 1888. It previously traded as Uniroyal Limited until 1987 and then as The Gates Rubber Company Limited until 1992, before adopting its current name. Companies House records its nature of business as manufacture of footwear, manufacture of other rubber products, and activities of head offices, indicating it operates as a rubber products manufacturing site and head office function within a wider corporate group. No further detail on specific products, customers or trading activity is available from the supplied evidence.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk