FORD & SLATER LIMITED
Company number: 02495131
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
6 February 2020
Approved by:
Haroon Patel
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 80%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
payment 30 days, month following invoice provided/provision of service
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
180 days
No further comment provided
Any other information about payment terms
The Group has always adopted a fully supportive role with its creditors. Any dispute arising with invoices is communicated directly by the department to the supplier. The department also notifies the accounts payables team with notes relating to the dispute being recorded on the Group management information system.
All disputed invoices are dealt within an openly and timely manner.
Dispute resolution process
The company follows its ISO9001 procedures with respect to dispute resolution. Payment refusal would always be a last resort and the company will always seek to avoid legal routes.
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.
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