THE WORKS STORES LIMITED
Company number: 06557400
Reporting period:
6 May 2024 to
3 November 2024
This report was filed on 4 December 2024
and approved by Rosie Fordham
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 44%
- in 61 days or more: 23%
Invoices due but not paid within agreed terms: 56%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We don't have standard payment terms for our suppliers. 31% of our stock suppliers are on 30 days from invoice or less, 17.5 % 30 days EOM, 16% 60 days & 34% 60 days EOM. Largest stock suppliers are on 60 EOM. 16% of expense suppliers are on 14 days from invoice, 59% 30 days from invoice and 21% 30 days EOM.
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
90 days
Only 1% of suppliers are on the 90 day terms. These are historic and all suppliers going forward are on 30 or 60 day terms as explained above. Overseas suppliers tend to be 60 days to allow for stock to be delivered and checked
Any other information about payment terms
N/A
Dispute resolution process
Complaints relating to payments can be directed to the AP team at: accounts@theworks.co.uk or via phone. Complaints will initially be addressed by the Purchase Ledger Clerk and escalated to the Purchase Ledger Supervisor or Financial Process Controller as necessary. Suppliers will have buying contacts within the business and can also escalate any payment issues through that route to the Head of Buying or Chief Commercial Officer.
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