SEVERFIELD (UK) LIMITED

Company number: 02668795

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Jennifer Magowan

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• 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%

Payment terms

Shortest standard payment periods

31 days

Longest standard payment period

59 days

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?

Answer not provided

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

N/A

Maximum contractual payment period agreed

90 days

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, this business has signed up to: 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.

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