A. SHARE & SONS LIMITED
Company number: 00323778
Reporting period:
29 July 2018 to 28 January 2019
Report filed on:
27 February 2019
Approved by:
Chris Muir
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 61%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
A Share & Sons Ltd (trading as ScS) splits its vendors into three main payment types based on the nature of their supply. The types and their most frequently used payment terms are: - Stock suppliers - Most major stock suppliers are paid on the last day of month. These are then either: - on balances up to the 25th of current month - on balances up to 25th of prior month - on balances up to the end of the prior month - Most non-stock suppliers are on 30 day from invoice terms. - A small number of specific suppliers are reviewed weekly and paid based on specific trading terms.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are dealt with by the Accounts Payable function within the Company. Electronic Data Interchange (EDI) invoices, used for most stock purchases, are immediately flagged for dispute on receipt if they are not automatically matched through the purchase order matching process. The supplier is notified of this discrepancy and communication with the Accounts Payable team begins to resolve it. Standard (Non-EDI) invoices are flagged for dispute with the vendor at the time of invoice entry if there are discrepencies with the expected value/purchase order. In all dispute cases, an appropriate accounts payable assistant will respond to the query. Invoices in query are tracked and logged, and monitored in weekly updates with the Financial Controller, and in a monthly review with the CFO.
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