JDR CABLE SYSTEMS LIMITED
Company number: SC186794
Reporting period:
1 January 2018 to
30 June 2018
This report was filed on 17 July 2018
and approved by Richard Turner, CEO
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 51%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 88%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment terms are negotiated on a supplier by supplier basis. Our preferred and most common agreement is "30 days from end of the month of invoice", which averages out to 45 days.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
75 days
The 75 days above represents an agreement of "60 days from the end of month of invoice", with a very small number of suppliers.
Any other information about payment terms
Typically we make one large payment run on or around month end to capture all suppliers. Depending on where month end dates and weekends fall, and with bank processing days factored into these calculations, a high proportion of our payments technically arrive with the supplier late, but this is typically only late by 2-3 days. This impact will vary in each reporting period.
Dispute resolution process
General concerns or queries from a supplier about payment terms will be raised in the first instance with the relevant member of our Procurement team who manage that relationship. Subsequent involvement may be required from the Finance team, particularly if the query relates to payment dates of a specific 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 Prompt 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