LBS BUILDERS MERCHANTS LIMITED
Company number: 00254946
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
15 February 2023
Approved by:
Philip Evans
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 55%
- in 61 days or more: 33%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 days
Standard payment terms
The majority of terms are 30 days from month end following 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
Two suppliers offer 60 days from month end following month invoiced.
Any other information about payment terms
This period experienced the company installing a new computer system across the company. The result from this is that some payments were delayed due to issues experienced with this integration. These issues are now rectified.
Dispute resolution process
LBS Builders Merchants Ltd works actively with its whole supplier network to ensure disputes are resolved at the earliest opportunity, this allows us to avoid any delay in payments.
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.
Yes
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