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T.M.LEWIN & SONS LIMITED

Company number: 00340508

Reporting period:
24 February 2019 to 24 August 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 11 December 2019

and approved by Marc Lombardo

Payment statistics

Average time taken to pay invoices: 67 days

Invoices paid:

• within 30 days: 11%
• in 31 to 60 days: 31%
• in 61 days or more: 57%

Invoices due but not paid within agreed terms: 84 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

T.M.Lewin's payment terms vary depending on the product or service and the supplier. Standard payment terms for overhead costs are between 30 and 60 days and are agreed with suppliers as part of negotiations. The most common payment term for stock purchases is 60 days, and occasionally up to 90 days.

T.M.Lewin is implementing a new purchasing system to automate invoice matching and approval, and reduce the number of invoices which are not paid within agreed terms.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

T.M.Lewin is committed to building honest, long-term relationships with suppliers. Any questions or disputes are resolved through communication with all relevant parties - the supplier, buying team and accounts payable. Any concerns are escalated to the Head of Finance to investigate and resolve.

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