Company number: SC078081
and approved by Alistair Fear
Average time taken to pay invoices: 41 days
Invoices paid:
Invoices due but not paid within agreed terms: 61%
30 days
Answer not provided
Standard contractual length of payment of invoice is 30 days end of month (average is therefore 45 days)
Answer not provided
N/A
120 days
Maximum contractual payment period is 120 days after goods shipment (and is with a 3rd party raw material supplier). These payment terms were negotiated with the supplier during the contract renewal phase.
Vendor payments are processed on a weekly cycle, and our system automatically captures any invoices due for payment each week. The relatively high reported figure (61%) of invoices "not paid within agreed terms" predominantly relates to items paid less than 7 days late, as they are paid on the first available payment run after falling due.
The Company is committed to working with suppliers to resolve any disputes or complaints. Queries should be directed to our Accounts Payable team in the first instance, who will enlist the support of our Supply Chain team where necessary to ensure a satisfactory resolution.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No