GOV.UK
BEAVERBROOKS THE JEWELLERS LTD
Company number: 00321773
Reporting period:
1 September 2019
to 29 February 2020
This report was filed on 31 March 2020
and approved by Anna Blackburn
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 37%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 17 %
Payment terms
Shortest standard payment period
5 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms vary significantly across the business depending on the type and nationality of the supplier. Our payment terms range between 5 and 90 days.
We try to use local suppliers where possible, 45 % of our invoices were paid using end of month plus 24 days terms.
Our next group are standard terms of 7 days being 10% of our total.
We are permitted extended terms with several stock suppliers during the Christmas season which can extend our standard terms.
Were there any changes to the standard payment terms in the reporting period?
Yes – We have been allowed extended terms with several stock suppliers to aid our preparations for Brexit. This is in addition to being permitted our extended terms with several stock suppliers during the Christmas season. This has increased our average time to pay from 31 days, during normal trading periods, to 35 days during this period as well reduced the percentage of invoices paid in the 7 days payment terms category from 13.5% to 10%.
Were suppliers notified or consulted about these changes before they were made?
Yes – Extensive discussions and negotiations with regard to order quantities and payment terms were held with key suppliers during the Brexit and Christmas planning period. Extended payment terms for our Brexit and Christmas orders were agreed during these discussions and negotiations.
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Relationships with suppliers are held by individual senior managers throughout the business. Should a supplier complaint arise, this will be considered in the first instance by the senior manager of the relevant department. In the unlikely event that this does not satisfactorily resolve the issue, the matter would escalate to the Managing Director.
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