CAPSTICKS SOLICITORS LLP
Company number: OC340360
Reporting period:
1 May 2019 to 31 October 2019
Report filed on:
2 January 2020
Approved by:
Martin Hamilton
Payment statistics
Average time taken to pay invoices: 11 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 7%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Capsticks Solicitors LLP negotiates and agrees payment terms with suppliers as necessary. Our general terms are to settle all valid invoices within 30 days although this can be dependent upon the nature of the goods / services being supplied.
A significant proportion of payments relate to third party disbursements which are settled in accordance with the terms set out by the Solicitors Regulatory Authority ie within two days of receipt of the funds from our client.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any disagreements with amounts invoiced by suppliers will be raised by the senior individual responsible for the expenditure. Complaints by suppliers should be directed in the first instance to the individual responsible for the expenditure or their Head of Department. Should the matter remain unresolved this will be escalated to the Director of Finance.
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