GOV.UK
LIBERTY PRESSING SOLUTIONS (COVENTRY) LIMITED
Company number: 10519118
Reporting period:
1 October 2018
to 31 March 2019
This report was filed on 30 April 2019
and approved by Nigel Preston
Payment statistics
Average time taken to pay invoices: 6 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 2%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
Terms are always agreed with Suppliers before goods/services are delivered.
Were there any changes to the standard payment terms in the reporting period?
Yes – Yes – Terms are always agreed with Suppliers before goods/services are delivered. Some of our Suppliers have agreed to revise our terms. As an example, some Suppliers we have been paying on proforma have now agreed 30 day terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – Yes – Terms are always agreed with Suppliers before goods/services are delivered. Our Purchasing Department liaise directly with our Suppliers to agree terms. Our Purchasing Department request email confirmation of agreed terms and retain these agreements to support what has been agreed.
Maximum contractual payment period agreed
90 days
90 day terms - we have one Supplier with 90 day terms - the terms were agreed at Group level and the Supplier delivers products to the Liberty Group.
60 day terms - we have a few 60 day terms Suppliers - these are typically large business that supply us.
30 day terms - the majority of our Suppliers are paid on 30 days.
Some of our Suppliers are paid on proforma.
Any other information about payment terms
I cannot find an area to add further general comments - so I am using this area for 2 comments.
No 1:
I require further clarification regarding the Average Number of Days for Making payment. I think our calculation is correct but the guidance is ambiguous - I have sent an email for clarification but had no reply.
No 2:
A small number of our Suppliers use Finance Providers and we pay the Finance Providers - however - we do not know what agreements our Suppliers hold with their Finance Providers and therefore do not know if our Suppliers receive payments sooner than the payments we make to their Finance Providers. I have therefore answered No to this question as I do not know if this constitutes us offering Supply Chain Finance.
Please advise on both comments.
Dispute resolution process
Our Purchasing department support our Finance department and liaise with our Suppliers to resolve disputes and complaints.
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