STERLING FURNITURE GROUP LIMITED
Company number: SC054090
Reporting period:
1 March 2019
to 31 August 2019
This report was filed on 7 November 2019
and approved by Gordon L Mearns
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 71%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 5 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30 days from Invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Supplier would generally contact our Purchase Ledger department, who would check with our warehouse and/ or Buyers, as to reason for holding up payment - eg. no goods received, or received damaged or short, etc. Payment would be made once dispute resolved.
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.
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