PHOTOBOX LIMITED
Company number: 03906401
Reporting period:
1 November 2017 to 30 April 2018
Report filed on:
31 May 2018
Approved by:
Alan Burns
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 31%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 86%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
The majority of suppliers have 30/60 day standard payment terms, with a few exceptions on either 0 or 90 day settlement terms.
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
90 days
No further comment provided
Any other information about payment terms
We migrated to a new ERP in September 2017, resulting in a backlog of invoices and therefore an increase in late payments. Payment runs are performed weekly, based on invoices that are approved and due as at that date. This means that any invoices due between the time of the payment run and the date the following payment run clears (up to 10 days) will have been reported as overdue.
Dispute resolution process
Complaints are routed to the AP team via central mailbox. We endeavour to resolve all disputes within 10 working days.
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