C SPENCER LIMITED

Company number: 02334308

Reporting period:
1 October 2018 to 31 March 2019

---

This report was filed on 30 April 2019

and approved by Gary Thornton

Payment statistics

Average time taken to pay invoices: 65 days

Invoices paid:

• within 30 days: 17%
• in 31 to 60 days: 34%
• in 61 days or more: 49%

Invoices due but not paid within agreed terms: 81%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

The Company aims to pay all correct invoices received in accordance with the individual payment terms agreed with each supplier, provided that a valid purchase order number has been quoted, and originator approval has been received by the Finance Team. Where no such payment terms have been agreed, invoices default to the maximum payment terms of 60 days end of calendar month. Subcontractor payment terms are agreed as part of contractual negotiations and reflect the terms of the main contract. Certificates for Payment are issued in line with the contractual Valuation timetable, and are subject to a valid Application for Payment being received from the Subcontractor within the Valuation period.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

The company raises payment instructions which make no allowance for fund transmission times. Funds are available to suppliers between 1 and 5 days after transmission depending upon the method used.

Any other information about payment terms

N/A

Dispute resolution process

The Finance Team collate all new invoice disputes and informs the accounting function of the supplier in order to provide the supplier with a single point of contact. The Finance team will actively seek to resolve the query, bridging the relationship between supplier and the business, to quickly resolve the disputed invoice. Monthly statement reconciliations are carried out across all supplier accounts to ensure that all liabilities are captured.

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.

Yes, this business has signed up to: Network Rail Fair Payment Charter

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