GOV.UK
THE WORKS STORES LIMITED
Company number: 06557400
Reporting period:
1 May 2017
to 31 October 2017
This report was filed on 30 November 2017
and approved by Victoria Norrish
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 51%
- in 61 days or more: 40%
Invoices due but not paid within agreed terms: 85 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
The Works Stores Limited do not have standard payment terms.
The most popular terms for stock suppliers are as follows:
1st 30 days end of month
2nd 30 days from invoice
3rd 60 days end of month
The largest stock suppliers are on 60 days end of month
The most popular terms for expense suppliers are as follows:
1st 30 days end of month
2nd 30 days from invoice
The majority of our payments are made by cheque with few suppliers being paid by Bacs therefore there is an allowance within the calculation for cheques being received by the supplier.
Were there any changes to the standard payment terms in the reporting period?
Yes – Terms for expense suppliers were changed from 30 days from invoice to 30 days from end of month.
Were suppliers notified or consulted about these changes before they were made?
Yes – This was notified to suppliers through their relationships with the respective departments in the company.
Maximum contractual payment period agreed
60 days
Any other information about payment terms
The Works Stores Limited do 2 payment runs a month, 1 mid month and 1 end of month therefore this leads to payments being slightly later than the agreed terms.
Dispute resolution process
Complaints relating to payments would be directed to the AP team in finance. It will start off with the Purchase Ledger Clerk. If they can not resolve the problem it will be escalated to the Purchase Ledger Supervisor. Complaints can be made either via phone or by email to accounts@theworks.co.uk.
Where cheques haven't arrived the purchase ledger supervisor would either agree to raise a new cheque or agree with the Financial Accounting Manager,
FC or FD that a same day Bacs payment can be made.
Emails are reviewed the next day and a resolution would hope to be reached within 2 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 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