GOV.UK
THE WORKS STORES LIMITED
Company number: 06557400
Reporting period:
1 November 2017
to 30 April 2018
This report was filed on 31 May 2018
and approved by Victoria Norrish
Payment statistics
Average time taken to pay invoices: 0 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 46%
- in 61 days or more: 46%
Invoices due but not paid within agreed terms: 88 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
55 days
Standard payment terms
We don't have standard payment terms for stock suppliers. The majority of stock suppliers are on 30 days end of month, 2nd is 30 DI, 3rd 60 EM
Largest stock suppliers are on 60 EM
Majority of expense suppliers are on 30 EM, 2nd 30 DI
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
We don't have standard payment terms for stock suppliers. The majority of stock suppliers are on 30 days end of month, 2nd is 30 DI, 3rd 60 EM
Largest stock suppliers are on 60 EM
Majority of expense suppliers are on 30 EM, 2nd 30 DI
Any other information about payment terms
N/A
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 (JV). 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 FAM, 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