Published reports

HY-TEN GROUP LIMITED

Company number: 00862342

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 July 2019 to 31 December 2019

Report filed on:

31 January 2020

Approved by:

Michael Shattock


Payment statistics

Average time taken to pay invoices: 49 days

Invoices paid:

  • within 30 days: 51%
  • in 31 to 60 days: 43%
  • in 61 days or more: 6%

Late and disputed:

  • payments due in the reporting period which have not been paid within the agreed period: 1%

Payment terms

Shortest standard payment periods

10 days

Longest standard payment period

90 days

Standard payment terms

Our most common term is payment at the end of the month following the month of the invoice--"monthly account".

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

90 days

90 days refers only to the supply of our raw materials, (steel).

Any other information about payment terms

N/A

Dispute resolution process

Suppliers are notified immediately by telephone of discrepancies with our order, confirmed by email. Typically, these will comprise price queries, short deliveries and quantity problems. Prompt action avoids possible escalation into a dispute. The respective Branch Manager or Director will be involved at an early stage. Payment is made in the next payment run following the agreed resolution.

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.

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.

Yes

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