GOV.UK
SIG TRADING LIMITED
Company number: 01451007
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 29 January 2019
and approved by Nick Maddock
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 47%
- in 61 days or more: 35%
Invoices due but not paid within agreed terms: 66 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days end of month (EOM) from the supplier invoice date. On average it takes two days from invoice receipt for the invoice being posted to our ledger. We perform weekly payment runs.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Whilst 66% of invoices appear not to be paid within the agreed terms, we have a proportion of suppliers set to immediate payment terms, which will always, in effect, be paid late due to us making weekly payment runs. We are currently going through a process to review this.
Any other information about payment terms
N/A
Dispute resolution process
We aim to resolve all disputes promptly and will normally do so by raising an abeyance note (request for credit note) to the supplier detailing the query, followed by contacting suppliers directly. Invoice queries for our SIGD business are generated by our branches. Invoice queries for our SIGE business are generated by our outsourcing team in Chennai. Any disputes regarding payments are also directed to our outsourcing team. We have an escalation team in the UK to deal with queries or disputes not resolved by the outsourcing team.
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