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THE FLANNELS GROUP LIMITED
Company number: 02318510
Reporting period:
1 November 2017
to 29 April 2018
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 29 May 2018
and approved by Rachel Stockton
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 41%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 52 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
61 days
Standard payment terms
The Flannels Group standard payment term is end of the month following which makes up 58% of the invoices. The remaining contracts are negotiated with individual supplier as part of their contract.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
N/A
Dispute resolution process
The Accounts Payable department is responsible for dispute resolution. Disputes are resolved by negotiation with individual suppliers to ensure that a resolution is reached before the payment due date.
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