SAFESTORE LIMITED
Company number: 05512707
Reporting period:
1 November 2017 to 30 April 2018
Report filed on:
31 May 2018
Approved by:
Andrew Jones
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 37%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 47%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
Safestore Limited’s standard terms are to pay all suppliers on qualifying contracts 30 days from the invoice date, except for third party storage suppliers who are paid 7 days from the date of invoice.
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
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Suppliers contact the Accounts Payable department and are then provided the email address of the relevant individual managing the qualifying contract. The Accounts Payable department is also copied into the correspondence. The responsible individual contacts the supplier to ascertain the reason for the dispute and resolve the dispute or concern. Generally, the target of the resolution process is 10 working days from the initial contact by the supplier. Once the dispute or concern is resolved, the invoice is typically released for payment within 7 working days from the date of resolution.
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