S.K. CHILLED FOODS LIMITED
Company number: 02052519
Reporting period:
1 October 2017 to 31 March 2018
Report filed on:
15 May 2018
Approved by:
Derek Hodgson
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 56%
- in 61 days or more: 25%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 83%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
77 days
Standard payment terms
Our standard payment terms are 60 days plus payment clearing. We also have a large proportion of suppliers on 30 days and net 45 days, plus small numbers on the shortest/longest days stated above.
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
77 days
It is possible for large capital - fixed asset - projects to have staged payments which will be in excess of 77 days, though these will only be for part payments, the weighted average number of days will generally be lower than 77.
Any other information about payment terms
We have a significant number of small value invoices which are from suppliers on our highest terms which will drive our payment days higher. Within the previous six months we processed 50 invoices which had been in dispute across two years which also abnormally increased our payment days.
Dispute resolution process
The initial dispute will be resolved between our buyer and the supplier. If no resolution then that will be escalated to the buyer's manager and the supplier and subsequently a director and the supplier if necessary. Legal action is only considered if no other alternative.
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