W.BOYES & CO.,LIMITED
Company number: 00066251
Reporting period:
27 January 2019 to 26 July 2019
Report filed on:
23 August 2019
Approved by:
R van der Heijden
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 30%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
62 days
Standard payment terms
The Company's standard payment terms are 30 days, however variations to these standards may be agreed with suppliers when contracting. Shorter terms may be agreed where settlement discount or discounted pricing are offered. Longer Standard payment terms offered by suppliers will be taken where a suppliers standard terms of trade are accepted. The longest standard terms agreed for goods and services (other than rates and utilities) is payment due by the end of the month following the date of the invoice (i.e. 62 days maximum).
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
62 days
No
Any other information about payment terms
No
Dispute resolution process
For stock purchases the Company will raise a debit note thereby deducting the value of any disputed amount from amounts due. This enables us to pay agreed charges on time and resolve any disputes later, therefore we will not delay payment whilst resolving any disputed charges. If the outcome of the dispute is that the deduction should not have been made either in full or in part then any amounts becoming due will be paid to the supplier. Disputes relating to Expense invoices will be raised with the supplier by the Company's member of staff responsible for the expense with a view to resolving the issues as soon as possible, ensuring that payments are accurate but not unduly delayed.
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, 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