CARPENTERS LIMITED
Company number: 06532413
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
22 July 2019
Approved by:
Donna Richards
Payment statistics
Average time taken to pay invoices: 106 days
Invoices paid:
- within 30 days: 21%
- in 31 to 60 days: 9%
- in 61 days or more: 70%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment terms are agreed with suppliers during contract negotiations. Our standard payment terms are 30 days from the date of invoice. Professional Disbursements however carry different terms for settlement. In accordance with standard procedures for law firms and in accordance with Solicitors Regulation Authority (SRA) Accounts Rules, Carpenters pays Professional Disbursements within two days of receipt of payment into client account. This approach leads to a higher percentage of payments appearing in the overall "61 days or more" category.
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
30 days
No further comment provided
Any other information about payment terms
Maximum days relates to trade payments. Professional disbursements, as noted above, are paid out within two days of receipt.
Dispute resolution process
The firm's Purchase Ledger team is the first point of call for any disputes regarding payment to suppliers. E-mails can be sent to FinanceHelpdesk@carpentersgroup.co.uk Complaints are escalated to the relevant department head and if necessary the Finance Director.
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