HTC WOLFFKRAN LIMITED

Company number: 09472954

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 12 July 2018

and approved by Richard Coughtrey

Payment statistics

Average time taken to pay invoices: 78 days

Invoices paid:

• within 30 days: 32%
• in 31 to 60 days: 22%
• in 61 days or more: 46%

Invoices due but not paid within agreed terms: 49%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

75 days

Standard payment terms

The standard terms of payment are 30 days end of month. This gives average terms on these contracts of 45 days. The shortest payment term is 7 days, whilst the longest is 60 days end of month, which averages out at 75 days.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

75 days

No further comment provided

Any other information about payment terms

The average time to pay figure was higher than normal in the reporting period as there was a significant volume of Inter-group invoices that were unpaid for a considerable time. This issue has now been resolved and the average time to pay figure should reduce significantly in the next reporting period.

Dispute resolution process

There is no specific process for dispute resolution within the business. Normally, the individual responsible for placing the order with the supplier will be tasked with resolving any queries or disputes. A disputed invoice will be placed in query by the finance team who will monitor the progress with the resolution. We aim to resolve disputes within 30 days in order that any dispute does not affect the supplier payment. If resolution cannot be reached, the departmental manager who is responsible for the employee will assist with resolution, or in extreme circumstances, the Financial Director or Manager Director may become involved.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

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.

No

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No