GOV.UK
GRAFTON MERCHANTING GB LIMITED
Company number: 04725313
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 29 January 2019
and approved by Bruce Van Der Waag
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 68%
- in 61 days or more: 18%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
32 days
Longest standard payment period
92 days
Standard payment terms
Payment terms negotiated on an individual supplier basis. Typically payment is made the week following the first full calendar month that the invoice is due (either 30,60 or 90 days)
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
92 days
Any other information about payment terms
N/A
Dispute resolution process
Regular supplier reconciliations and "Held Invoice" reports generated to verify missing/disputed documents.
A Purchase Order/Goods Received process facilitates dispute resolution.
Branches have administration assistants to deal with queries directly with the supplier.
All suppliers have an assigned Accounts Payable Clerk to liaise with. A relationship is established that speeds up dispute resolution and provides a fast track route for statements and replacement invoices.
Visits by Accounts Payable staff to supplier premises, or invitations to suppliers to Grafton offices, to resolve queries and disputes face to face.
Weekly payment schedules that allow flexiblity to settle comittments quickly when disputes are settled or missing invoices posted.
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.
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