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FIRSTPORT RETIREMENT PROPERTY SERVICES LIMITED

Company number: 01614866

Reporting period:
1 July 2019 to 31 December 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 9 January 2020

and approved by Ouda Saleh

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 83%
• in 31 to 60 days: 8%
• in 61 days or more: 9%

Invoices due but not paid within agreed terms: 17 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

We operate standard payment terms of 30 days with small to medium enterprises and 60 days with large enterprises. Other payment terms have been agreed for bespoke contracts.

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

No

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

FirstPort Retirement Property Services Limited holds customer money in separate trust bank accounts. All its supplier payments are made when funds are available in the trust accounts and the business carries out its best endeavours to ensure that accounts have sufficient liquidity to support this.

Dispute resolution process

If a dispute arises between the parties, the parties will attempt, in good faith, to reach settlement as soon as possible between the FirstPort contact and the Supplier contact (who shall be authorised to settle such a dispute). This dispute resolution procedure will be followed prior to commencing any legal proceedings.

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.

Yes

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