FREEMANS OF NEWENT LIMITED
Company number: 00745426
Reporting period:
1 June 2019 to 30 November 2019
Report filed on:
30 December 2019
Approved by:
Deborah Foster
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 53%
- in 61 days or more: 11%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
70 days
Standard payment terms
45 days from date of invoice
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
70 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices are received and are entered by the Purchase Ledger team on the Business Management System.
Invoice variances (i.e. those not matching to a receipted purchase order) are sent to the buyer for approval on an internal intranet site.
The buyer reviews the variance and if in agreement approves the variance and this goes to the necessary higher authority for further approval.
On full approval the invoice is then paid within 7 days.
If disputed the buyer requests proof of delivery and/or price confirmation.
If no evidence is provided a credit note is requested by the buyer before the invoice is paid (net of the credit).
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