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AXMINSTER TOOL CENTRE LTD

Company number: 03326979

Reporting period:
1 May 2018 to 31 October 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 17 May 2019

and approved by Michael Trimble

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 50%
• in 31 to 60 days: 35%
• in 61 days or more: 15%

Invoices due but not paid within agreed terms: 64 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

The most common term (applying to 58% of payments) is 30 day following the month of the invoice

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

No

Maximum contractual payment period agreed

101 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers providing stock for resale are allocated to our Product Management team and responsibility for dispute resolution belongs to that individual and team. Other suppliers will be contacted by the manager of the team raising the purchase order/responsible for ordering those goods or services. Directors will become involved at the request of either the supplier or the department's manager.

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.

Yes

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