THORNTONS LIMITED
Company number: 00174706
Reporting period:
1 March 2018 to 31 August 2018
Report filed on:
5 October 2018
Approved by:
Salvatore Castelli
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 22%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 35%
Payment terms
Shortest standard payment periods
90 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment by BACS transfer for the Goods unless otherwise agreed and detailed in the PO, shall be 90 days Nett monthly (ie 90 days from end of month that invoice is received in) by the purchaser
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
90 days
90 days end of month that invoice is received in
Any other information about payment terms
The average payment days for Thorntons is 21 which is lower than our standard reported terms due to: 1) Suppliers who have individually negotiated different payment terms contracts predominantly nett monthly ( end of month following the month the invoice was raised in)
Dispute resolution process
Suppliers are able to contact the business regarding a complaint or concern on the following email address Alfretonfinanceaccountspayable@thorntons.co.uk where a team of experts will direct the query to the relevant dept. The complaint or concern will be considered by that department. The length of time taken to resolve the complaint or concern is dictated by its nature. If a resolution cannot be agreed upon the business will use an escalation process both within the business and with the supplier until a resolution by both parties is found and agreed
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