ASCO UK LIMITED
Company Details
Registration Number
SC029934
Registered Address
Asco Group Headquarters Unit A 11 Harvest Avenue D2 Business Park Dyce Aberdeen AB21 0BQ
Company Status
Active
Employee Count
829
Turnover
£523,594,000
EBITDA
£6,935,000
Additional Information
Website
ascoworld.com/Company Type
Private limited Company
Incorporated on
15 March 1954
Nature of Business (SIC)
96090 - Other service activities not elsewhere classified
Industries
0
Region
AberdeenCompany Location
Financial Overview
£8,580,000
£82,167,000
Last Reporting Period
Filed
31 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
40 days
Payment Periods
Shortest
45 days
Longest
0 days
Max Contractual
60 days
Payment Timeline
Not Paid Within Terms
29%
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 | 40 | 32% | 60% | 8% | 29% |
| 01 Jan 2023 - 30 Jun 2023 | 24 Jul 2023 | 38 | 34% | 58% | 8% | 28% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 38 | 34% | 59% | 7% | 29% |
| 01 Jan 2022 - 30 Jun 2022 | 25 Jul 2022 | 36 | 42% | 51% | 7% | 24% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 42 | 28% | 56% | 16% | 35% |
| 01 Jan 2021 - 30 Jun 2021 | 16 Jul 2021 | 42 | 27% | 56% | 17% | 35% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 40 | 31% | 57% | 12% | 29% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 38 | 37% | 52% | 11% | 32% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 37 | 38% | 52% | 10% | 26% |
| 01 Jan 2019 - 30 Jun 2019 | 24 Jul 2019 | 38 | 36% | 54% | 10% | 29% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 39 | 33% | 55% | 12% | 33% |
| 01 Jan 2018 - 30 Jun 2018 | 24 Jul 2018 | 38 | 35% | 57% | 8% | 33% |
Company Summary
ASCO UK LIMITED is a leading provider of supply chain management and logistics services for the oil and gas industry in the United Kingdom
The company offers a wide range of services including procurement, marine and port operations, and transportation
ASCO UK LIMITED is committed to sustainability and has implemented various programs to reduce its environmental impact
This includes using renewable energy sources, reducing waste and emissions, and promoting sustainable practices among its employees and suppliers
The company's products and services are tailored to meet the specific needs of the oil and gas industry, including supply chain management, warehousing, logistics, and materials management
They also provide specialized services such as decommissioning and waste management for the energy sector
The key people at ASCO UK LIMITED include the managing director, Craig Lennox, who has over 20 years of experience in the oil and gas industry, and the chairman, Peter France, who has extensive experience in logistics and supply chain management
The company's website, www.ascoworld.com, provides detailed information about its services, sustainability initiatives, and company news
The registered office address is ASCO UK LIMITED, 6th Floor, 20 Chapel Street, Aberdeen AB10 1SP, United Kingdom
Company Review
Trend Analysis
The trend for ASCO UK LIMITED's average time to pay invoices has remained relatively consistent over the past three periods, with a slight decrease in 2021-2022 followed by an increase in 2022-2023. However, there has been a noticeable increase in the percentage of invoices paid within 30 days from 2019-2020 to 2021-2022, followed by a decrease in 2022-2023. The percentage of invoices paid between 31 and 60 days has also shown a similar trend, with an increase in 2021-2022 followed by a decrease in 2022-2023. The percentage of invoices paid later than 60 days has remained consistent, while the percentage of invoices not paid within agreed terms has shown a slight decrease in 2022-2023 compared to the previous period.
Volatility Analysis
The volatility of ASCO UK LIMITED's average time to pay invoices has been relatively low, with only a 4-day difference between the highest and lowest periods. The most significant change in percentage of invoices paid within 30 days occurred in 2021-2022 with a 7% increase, while the largest decrease occurred in 2022-2023 with a 4% decrease. The biggest change in the percentage of invoices paid between 31 and 60 days also occurred in 2021-2022 with a 6% increase, followed by a 5% decrease in 2022-2023. The volatility of the percentage of invoices paid later than 60 days and not paid within agreed terms has been relatively low, with only a 2% difference between the highest and lowest periods.
Summary Analysis
Over the past three periods, ASCO UK LIMITED has maintained an average time to pay invoices of around 38 days. However, there has been a significant increase in the percentage of invoices paid within 30 days in 2021-2022, followed by a decrease in 2022-2023. The percentage of invoices paid between 31 and 60 days has also shown a similar trend. The percentage of invoices paid later than 60 days and not paid within agreed terms has remained relatively consistent. The shortest (or only) standard payment period for ASCO UK LIMITED is 45 days.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
ASCO has separate contracts in place with its core suppliers with a variety of payment terms. However, where no such contracts are in place, the standard payment terms are 45 days from receipt of a valid and fully supported invoice.
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
60
Dispute Resolution Process
Disputes related to payments are dealt with in first instance by the finance shared services team via email (accountspayable@ascoworld.com). In the event that a resolution is not achieved, disputes may be escalated as appropriate.
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.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
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