PREMIER FOODS GROUP LIMITED
Company number: 00281728
Reporting period:
31 March 2019 to 28 September 2019
Report filed on:
30 October 2019
Approved by:
Duncan Leggett
Payment statistics
Average time taken to pay invoices: 73 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 14%
- in 61 days or more: 78%
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: 13%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
90 days
Standard payment terms
Payment Due date is calculated from the date of receipt of a valid invoice, plus 60 days due at end of the month. If the payment due date of an invoice does not fall on a Business Day, payment shall become due on the Business Day following the due date
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
106 days
Standard payment terms 75 days are an average of 60-90 days depending on when the invoice is received from the Vendor. The maximum contractual period 106 days is also an average of 90-120 days depending on when in the month the invoice is received.
Any other information about payment terms
The percentage of invoices due but not paid within agreed terms have increased from 4% for the last two reports to 13% - this is due to a outage on our main IT system that affected the whole business & happened during our end of month BACS runs (May 19) - this issue delayed our BACS run for overnight & as such we were late paying our suppliers for this payment run. Without this incident our % would again be 4%.
Dispute resolution process
Suppliers with invoice queries can contact the AP team either via Web based Portal, or via direct contact with a member of the Accounts Payable team. The Accounts Payable team will investigate the query and will respond to the Supplier with a resolution. The Accounts Payable team will also get in contact with the Supplier if they find an issue with the invoice.
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