EDEN PROJECT LIMITED
Company number: 03278093
Reporting period:
1 October 2018 to 31 March 2019
Report filed on:
30 April 2019
Approved by:
Peter Wroe
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 66%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 21%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
The majority of our suppliers have terms of 30 days from the end of the month in which the invoice is raised, this averages at 40 days. Our aim is to pay in line with suppliers' terms, though we prioritise payments for small local traders.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
The most common reason for delays in payments are: 1. Suppliers failing to follow purchase order system properly. 2. Invoices not submitted electronically by suppliers and lost in transit.
Any other information about payment terms
No further comment provided
Dispute resolution process
This is initially dealt with directly between the Purchase Ledger team and supplier, all suppliers have named telephone and email contact within the Finance team. Disputes can be escalated firstly to our Head of Finance, and secondly to the Finance Director, to facilitate prompt resolution.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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