ED BROKING LLP
Company number: OC339735
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
Approved by:
Neil Perry
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 38%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 44%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
The majority of our suppliers have a 28 or 30 day payment term. We have a few taxi companies that have a 14 or 21 day payment term.
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
30 days
We are now using Concur. We was hoping that using an electronic system would mean we could speed up the process and pay our Suppliers more efficiently.
Regrettably the same Approvers that held onto invoices with the old system are doing the same with the new system. This has been highlighted to CFO.
Any other information about payment terms
No further comment provided
Dispute resolution process
No Disputes
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.
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