PEABODY (SERVICES) LIMITED
Company number: 04627652
1 October 2018
to 31 March 2019
This report was filed on 30 April 2019
and approved by Amanda Holgate
Average time taken to pay invoices: 53 days
- within 30 days: 52%
- in 31 to 60 days: 20%
- in 61 days or more: 28%
Invoices due but not paid within agreed terms: 48 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The maximum standard payment term is 30 days however there are agreements in place for 1 / 7 / 14 day payments as well as ad hoc same day payments as required.
Peabody Services Ltd operate a No PO no Pay policy and operate a three way match on all invoices. Payment will be issued 30 days from the initial invoice date subject to a relevant goods receipt notice being placed by Peabody Services Ltd staff confirming that the Goods / Services or Works have been delivered successfully.
Full details of our payment policy and terms can be found here: https://www.peabody.org.uk/media/8140/purchase-of-goods-services-terms-and-conditions.pdf
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Many of Peabody (Services) Ltd’s suppliers are involved in development and construction works. Invoices are often submitted containing multiple future project milestones meaning that there can be a significant delay between the invoice date and the completion of the final milestone. This affects the overall payment days for individual line items in our report.
Any other information about payment terms
Dispute resolution process
. The process for resolving disputes related to payments is listed below, each escalation stage enables a higher threshold of authority so escalations will vary dependant on the payment dispute value.
a. Invoice sent to correct address:
FAO Group Payments
Peabody Services Limited, 45 Westminster Bridge Road
SE1 7JB b. Stage 1 – enquiry sent to email@example.com
c. Stage 2 – Escalation to Group Payments manager Mark Barrett.
d. Stage 3 – Escalation to the Head of Procurement and Payments Jody Adams.
e. Stage 4 – Escalation to Finance Director Amanda Holgate.
f. Stage 5 – Escalation to Chief Financial Officer Susan Hickey.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?