LEATHAMS LIMITED
Company number: 01689381
Reporting period:
1 May 2019 to 31 October 2019
Report filed on:
28 November 2019
Approved by:
Douglas Dunbar
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 57%
- in 61 days or more: 21%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 42%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
For stock invoices our standard payment terms are 'End of Month Following' (45 days) For non stock invoices our standard payment terms are 30 days
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
75 days
No further comment provided
Any other information about payment terms
We make two payments a month. Once mid month and once at the beginning of the month. As most of our invoices are end of month following we are usually a few days late with our standard payments. This is something our suppliers are comfortable with. If you calculate our Percentage of invoices not paid within agreed terms with a 5 day grace period then it is 29%.
Dispute resolution process
Non Stock - It is up to the budget / invoice holder to resolve any 'non-stock' invoice disputes. Stock - Price disputes on stock items (variances to the Purchase Order) are sent to our Procurement team to resolve directly with the supplier. Quantity disputes are largely dealt with by our Purchase Ledger teams. PODs are provided to validate any dispute.
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No