FAROL LIMITED
Company number: 04157398
Reporting period:
1 August 2025 to 31 January 2026
Report filed on:
13 February 2026
Approved by:
MATTHEW BALCH
Payment statistics
Average time taken to pay invoices: 45 days
Total value paid:
- within 30 days: £16,728,898 (96%)
- in 31 to 60 days: £181,193 (1%)
- in 61 days or more: £430,274 (2%)
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 54%
- in 61 days or more: 21%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £2,124,666
- payments due in the reporting period which have not been paid within the agreed period: 4%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
180 days
Standard payment terms
It is the company policy to agree appropriate terms of payment with suppliers and to abide by those terms based on the timely submission and approval of satisfactory invoices.
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
180 days
As a machinery dealer we have a wide range of payment terms varying from 30 through to 180 days, with options to extend.
Any other information about payment terms
The data we have provided includes invoices that have only been paid late due to us receiving these invoices late from our suppliers and in addition to this also includes invoices that are in dispute. As a business we will always try and pay to our agreed supplier payment terms. To this end, and to ensure timely payments are made, we run a payment run once a week. However, this in itself, will invariably will result some our payments to appear late, even if only by one or two days.
Dispute resolution process
Individuals approving invoices will notify both our accounts department and the supplier themselves if an invoice is in dispute. We aim to resolve queries as quickly as possible to everyone's satisfaction prior to payment being made. Depending on the nature of the dispute, will determine the timescale and next steps for each individual queried invoice.
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