NEW BALANCE ATHLETIC SHOES (U.K.) LIMITED
Company number: 01616165
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Simon Au
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 56%
- in 61 days or more: 15%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Are standard payment terms to suppliers is 30 days for anything that doesn't relate to stock invoices. We have 60 day terms with all our factories when paying for stock.
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
When dealing with disputes and complaints we would contact the customer either by e-mail or by telephone. Queries could be such as invoices not matching to the purchase orders in price or quantity, if we haven't received the invoice, the stock hasn't been delivered etc. If we felt the invoice was incorrect we would either ask for a credit note and then process the invoice for payment at the correct amount or if it was found we were incorrect we would process the invoice in full. If we hadn't received an invoice we would ask the supplier for a copy and then process for payment if this matches to our purchase order.
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