GOV.UK
SIGNET TRADING LIMITED
Company number: 03768979
Reporting period:
4 August 2018
to 1 February 2019
This report was filed on 1 March 2019
and approved by Shaun Carney
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 36%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 6 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
90 days
Standard payment terms
There are two types of standard payment terms, one for contracts related to merchandise and the other for non-merchandise expenses.
The former has standard terms of EOM+30 Days at 2.5% Discount. Effectively this means that payments are made 60 days from the invoice date.
It is up to the supplier to negotiate outside of these payment terms. Other terms commonly used for merchandise contracts are as follows:
Inv+30 Days at 2.5% discount (payments made 30 days from the invoice date); Inv+90 Days at 1% discount (payments made 90 days from invoice date);
Inv+7 days at 3.5% discount (payment made 7 days from invoice date).
For non-merchandise expenses, the standard payment terms are 30 days from the date of the invoice.
Generally, this varies only for electricity and telephone contracts which are often due immediately upon receipt and water bills which must be paid within
14 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Before payment, invoices must be approved by a member of the department that placed the order. Generally there are designated people from each
department who place orders; suppliers are provided with the contact details for these representatives. If the department has a query with the invoice they flag this with the supplier for clarification or ammendments.
If a supplier would like to discuss a payment dispute, they must contact the relevant department directly.
Failing action from the relevant department, the accounts team are available via telephone and email to resolve any outstanding 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 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