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STREVENS VEHICLES HOLDINGS LIMITED

Company number: 02692287

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 6 February 2020

and 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%

Invoices due but not paid within agreed terms: 5 %

Payment terms

Standard payment period for qualifying contracts

45 days

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

Maximum contractual payment period agreed

180 days

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 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