SEVERFIELD (UK) LIMITED
Company number: 02668795
1 October 2018
to 31 March 2019
This report was filed on 30 April 2019
and approved by Jennifer Magowan
Average time taken to pay invoices: 38 days
- within 30 days: 43%
- in 31 to 60 days: 43%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 16 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The standard terms are for payments to be made at the end of the month following date of invoice
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The longest terms agreed are for payments to be made at the end of month, two months after invoice.
Any other information about payment terms
Our standard terms are for payments to be made at the end of the month following receipt of invoice. These terms have not changed during the reporting period. The longest terms agreed are for payments to be made at the end of month, two months after invoice. Payment terms are agreed with suppliers as part of the supplier approval process, prior to the commencement of business.
We endeavour to pay all SME’s within 30 days from receipt of invoice. For all suppliers, the number of invoices (excluding intercompany transactions) which were settled within 60 days from receipt of invoice was greater than 95%
Dispute resolution process
Severfield (UK) Ltd actively resolves disputes as quickly as possible.
All invoice queries should be addressed to the Accounts Payable team in the first instance.
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 – Applied for Prompt Payment Code
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?