GOV.UK
SIG TRADING LIMITED
Company number: 01451007
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 30 January 2020
and approved by Victoria George
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 45%
- in 61 days or more: 49%
Invoices due but not paid within agreed terms: 67 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms for stock suppliers are 60 days end of month (EOM) from the supplier invoice date and for our non-stock suppliers 30 days EOM. On average it takes two days from invoice receipt for the invoice to be booked on our ledger. We perform two payment runs per week.
Were there any changes to the standard payment terms in the reporting period?
Yes – Non-stock suppliers assigned to 30 days EOM, from immediate or net payment terms. During the reporting period we have reduced the number of suppliers on immediate, 7-day, or 14-day payment terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – New suppliers were put onto the new terms. Existing suppliers were contacted and new terms discussed and negotiated.
Maximum contractual payment period agreed
60 days
Maximum contractual payment period is 60 days end of month (EOM) therefore actual payment can take up to 90 days from invoice date if invoiced at the start of a month.
Any other information about payment terms
Whilst 67% of invoices appear not to be paid within the agreed terms, one of our key month end payment runs is generated on the 1st working day of the following month. This is accepted by our suppliers however the payment due date states the last working day.
Dispute resolution process
We aim to resolve all disputes promptly and will normally do so by raising an abeyance note (request for credit note) to the supplier detailing the query, followed by contacting suppliers directly. Invoice queries for our SIGD business are generated by our branches. Invoice queries for our SIGE business are generated by our outsourcing team in Chennai. Any disputes regarding payments are also directed to our outsourcing team. We have team in the UK to deal with queries or disputes unable to be resolved by the outsourcing team.
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