GOV.UK
CVS (UK) LIMITED
Company number: 03777473
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 29 January 2019
and approved by Richard Fairman
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 27%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 43 %
Payment terms
Standard payment period for qualifying contracts
30 days
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
Maximum contractual payment period agreed
60 days
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. 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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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