SWIFT GROUP LIMITED

Company number: 00832994

Reporting period:
1 March 2019 to 31 August 2019

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This report was filed on 1 October 2019

and approved by Richard Smeaton

Payment statistics

Average time taken to pay invoices: 84 days

Invoices paid:

• within 30 days: 8%
• in 31 to 60 days: 41%
• in 61 days or more: 51%

Invoices due but not paid within agreed terms: 65%

Payment terms

Shortest standard payment periods

10 days

Longest standard payment period

100 days

Standard payment terms

75 days end of month plus/minus 4 days

Were there any changes to the standard payment terms in the reporting period?

Suppliers were asked to provide an extra 30 days credit from 1st March for twelve months or 1% discount on their invoices up to 31st December 19.

Were suppliers notified or consulted about these changes before they were made?

Suppliers were negotiated with individually and given the option of extra credit terms or discount, most obliged.

Maximum contractual payment period agreed

100 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Any disputes or complaints can be raised with the Accounts department by either email or phone. The company makes every effort to resolve disputers as soon as possible.

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.

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