SOMERSET CARE LIMITED
Company number: 02548025
Reporting period:
1 October 2019
to 31 March 2020
This report was filed on 8 April 2020
and approved by Gary Ridewood
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 31%
- in 31 to 60 days: 63%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 54 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Somerset Care Ltd has started to negotiate payment terms with its largest suppliers and for some of these the terms are now payment by the end of the month following the date of invoice. Payments to all other suppliers remain at 30 days. Payment runs are made twice a month and will pay all invoices due at the time.
Were there any changes to the standard payment terms in the reporting period?
Yes – As above and these were communicated to suppliers.
Were suppliers notified or consulted about these changes before they were made?
Yes – Communicated to suppliers through supplier contacts.
Maximum contractual payment period agreed
61 days
Any other information about payment terms
N/A
Dispute resolution process
There is no formal process for resolving disputes regarding payments; suppliers are directed to the relevant department for discussion.
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