LAY & WHEELER LIMITED
Company number: 05730318
Reporting period:
2 April 2019 to 30 September 2019
Report filed on:
21 October 2019
Approved by:
Kathryn Keating
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 54%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 50%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Lay & Wheeler does not have standard payment terms, and aims to pay suppliers (both for stock and for services rendered) by their requested date. It should be noted that invoices are frequently received closer to the due date than the agreed terms allow, and we are working with our suppliers for more timely receipt of their invoices.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any invoice disputes are raised directly with the supplier, and the invoice in question is placed on hold until the dispute is resolved. We aim to resolve disputes as quickly 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 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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
Yes