GOV.UK
SHARPS BEDROOMS LIMITED
Company number: 07685430
Reporting period:
1 April 2019
to 30 September 2019
This report was filed on 31 October 2019
and approved by Mike Galliford
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 43%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 4 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Sharps Bedrooms Limited splits its vendors into three main categories based on the nature of their supply. Payments are made on a weekly basis and the types and their most frequently used payment terms are:
1) Stock suppliers – Major stock suppliers are paid on specific trading terms typically being 60 days from invoice basis
2) Non- stock suppliers – Most non-stock suppliers are paid on 30 days from invoice basis
3) Specifics – A small number of specific suppliers are paid on individually negotiated terms
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Payments to suppliers under qualifying contracts are made once per week, clearing with that supplier, as expected, each Friday. Payments made on this day include amounts which are due up to and including the Sunday after that date. If a payment is due on a date which falls on the Monday to Thursday then this will not clear with the supplier until the Friday of that same week. This is normal practice for the Company and suppliers are made aware of it
Any other information about payment terms
N/A
Dispute resolution process
With regards to disputes, suppliers should contact the individual who placed the order from the Company. If the matter is not able to be resolved, it is then referred to either the Purchasing Manager or the Financial Controller.
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
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