PETER VARDY LIMITED
Company number: SC297001
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
30 July 2019
Approved by:
Peter Vardy
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 45%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The standard payment terms for the business is monthly. For example, all of the invoices received from suppliers on monthly payment terms in January will be paid by the end of February. This is our standard terms and is how we pay the majority of our suppliers. This means that the standard payment period will be between 30 and 60 days.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
On the rare occasions when there is a dispute in relation to the payment of invoices, these disputes will be dealt with through meetings and discussions involving the appropriate people. These people being; the purchase ledger team and the supplier initially, and then if a resolution is not met, the purchase ledger manager will become involved and so on until the situation is resolved. It is the aim to resolve disputes as soon as possible, generally within a few days.
There is no specific documentation detailing how disputes are resolved due to disputes being rather infrequent. Each dispute will be dealt with accordingly based on the situation of that particular dispute, there is no blanket process.
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.
Yes
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