OAKHILL GROUP LIMITED
Company number: 02477044
Reporting period:
1 December 2018 to 31 May 2019
Report filed on:
1 July 2019
Approved by:
Andrew Lemon
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 44%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30 days from end of month of invoice date
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
Different standard contractual payment periods exist with individual manufacturers with which the company enters into contracts with and also the category of purchases from these individual manufacturers.
Any other information about payment terms
N/A
Dispute resolution process
Any invoice query will be registered with the relevant supplier by either the manager authorising the invoice or the Accounts Payable department under instruction from the appropriate manager. All invoices, once received, are logged on to the accounts payable system but only scanned once approved. As and when a supplier chases payment on overdue invoices the AP department follow up internally and with the supplier. If the query is due to a lack of Proof of Delivery or back-up paperwork the AP department deals directly with the supplier to avoid a delay in payment. From the time the dispute arises the AP department acts immediately and endeavours to obtain resolution so that the invoice can be included on the next payment run.
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, 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.
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.
Yes
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