CEREFORM LIMITED
Company number: 00346958
Reporting period:
17 September 2019 to 16 March 2020
Report filed on:
30 March 2020
Approved by:
Ian Smith
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 47%
- in 61 days or more: 20%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 36%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are 60 days DOI.
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
60 days
No further comment provided
Any other information about payment terms
• Cereform has demonstrated a significant improvement in the last 6 months with the % of invoices paid over 61 days reducing from 36% in the previous return to an average of 20% in the last 6 months. This improvement continues and is on target to be below 10% by the next return. • The % of invoices paid late also shows a significant downward trend from 79% previously reported to an average of 36% in the last 12 months. Our aim is to improve further to below 10% which we are confident of achieving in the coming months despite the multiple pressures arising as a result of Covid-19. • The business has introduced a number of system enhancements and process improvements as a direct effort in supporting our aim of paying all Suppliers on time.
Dispute resolution process
All disputes must be notified to the email address: purchaseledger@cereform.com. Extract from the standard terms issued to all suppliers upon set up of a purchase order: If a dispute or difference arises out of these terms and conditions, without prejudice to any rights either party may have (including but not limited to the right to obtain injunctive relief and any right of the Buyer if it reasonably believes that the Seller has repudiated the Contract or is in material breach), either party may request that the parties attempt to settle it first by negotiation. If the parties have not settled such dispute within 21 days of the commencement of negotiations the parties will attempt to settle it by referring the matter to their respective general manager (or other relevant senior manager as may be agreed by the parties) who will attempt to resolve such dispute.
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.
Yes, this business has signed up to: Prompt payment code
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