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HEYWOOD WILLIAMS COMPONENTS LIMITED

Company number: 02523354

Reporting period:
1 January 2019 to 30 June 2019

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

This report was filed on 22 July 2019

and approved by Mike Richards

Payment statistics

Average time taken to pay invoices: 47 days

Invoices paid:

• within 30 days: 20%
• in 31 to 60 days: 60%
• in 61 days or more: 20%

Invoices due but not paid within agreed terms: 33 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Our standard terms are 30 days end of month and 60 days end of month.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

85% of suppliers are paid within a week of the due date.

Dispute resolution process

Discrepancies relating to shortages, damage or price are communicated to the supplier at the earliest opportunity by the supply chain team. Finance produce a goods received not invoiced report each week to track any goods that have been received but invoices not yet posted. Statements are reconciled each month by Finance to detect missing invoices. Suppliers can call the Finance Department any working day between 8.30am and 5pm to enquire when the invoices are due to be paid. If the event that an invoice has been held for payment, the Finance team will communicate this to the supplier.

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.

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