CVS (UK) LIMITED
Company number: 03777473
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
26 July 2018
Approved by:
Nick Perrin
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 43%
- in 61 days or more: 28%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are 30 days from date of invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
60 days from end of month following invoice date
Any other information about payment terms
CVS (UK) Limited endeavours to process all payment of invoices from all suppliers by their due date whilst at the same time making use of weekly payment runs to consolidate payments into batches of an efficient size. As a result of the use of weekly payment runs invoices are scheduled for payment using the BACS payment run closest to the invoice due date. 84% of all invoice payments (based upon invoice volume) are made within a week of the payment becoming due, with 45% of invoice payments being made on time or before. All invoices received by CVS are processed by the centralised Accounts Payable team, located at the company’s Head Office at CVS House, Owen Road, Diss, Norfolk, IP22 4ER (email: purchase.ledger@cvsvets.com). To maximise the prompt payment of invoices, CVS (UK) Limited encourages all suppliers to send their invoices directly to the Accounts Payable team in order that the invoice is registered on the company’s accounting system and promptly sent for authorisation.
Dispute resolution process
CVS (UK) Limited does not have a published dispute resolution documentation. However, all payment disputes are resolved in the same manner regardless of the size of the supplier. The company’s Accounts Payable team will refer all disputed invoices to the member of staff requisitioning the goods or services for resolution. If required the matter will be escalated within the company including involvement of Executive Directors where required. CVS (UK) Limited endeavours to resolve all invoice disputes prior to payment becoming due in order that no impact is made on expected payment terms.
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 Fair 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