STATESIDE FOODS LIMITED
Company number: 02431656
Reporting period:
1 September 2019
to 29 February 2020
This report was filed on 26 March 2020
and approved by Jon Lucas
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 44%
- in 31 to 60 days: 54%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Standard payment period for qualifying contracts
45 days
Standard payment terms
Standard payment terms are 45 days, unless agreed otherwise.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Payment runs are processed once a week. Invoices are paid once they fall due. The bank then
takes 2 days to process into a supplier’s bank account.
Dispute resolution process
Stateside Foods are committed to working with its suppliers in a timely manner to resolve all
disputes quickly. In the event of a dispute between Stateside Foods Ltd and the supplier, the initial
dispute is raised by Stateside Foods’ accounts payable department with the supplier’s accounts
receivable department. If the information returned by the supplier does not resolve the dispute, the
dispute is escalated to the relevant invoice approver for follow up with the supplier and 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 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