GOV.UK
SEDDON CONSTRUCTION LIMITED
Company number: 03578140
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 30 January 2020
and approved by CHRISTOPHER WILCOX
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 72%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
Suppliers are paid on the shorter of a) 12 days after the month-end following invoice receipt or b) 60 days from invoice date.
Subcontractors are paid 35 days after the payment valuation is received. In some cases, subcontractors are paid weekly as standard.
Were there any changes to the standard payment terms in the reporting period?
Yes – Previously suppliers were paid on a standard 12 days from month-end following invoice receipt. This has been changed to the shorter of this previous basis and 60 days. This change was implemented in October 2019.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Any disputes or inconsistencies will initially be addressed by the project surveyor (for subcontractor payments) or a purchase ledger assistant (for supplier payments). The majority of these matters are resolved such that the payment can be made within pre-agreed terms.
If a resolution cannot be found through this process, an escalation process exists through line management and ultimately Directors to resolve and mediate where possible.
Should this process not achieve a resolution then, in very rare circumstances, contractual dispute resolution processes are adopted.
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.Yes – Prompt Payment Code although we are currently suspended from the code whilst we implement an improvement plan.
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