SEVERFIELD (UK) LIMITED
Company number: 02668795
1 October 2019
to 31 March 2020
This report was filed on 28 April 2020
and approved by Jennifer Magowan
Average time taken to pay invoices: 42 days
- within 30 days: 18%
- in 31 to 60 days: 77%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 16 %
Standard payment period for qualifying contracts
Standard payment terms
The standard terms are for payment to be made at the end of the month following invoice. These terms have not changed during the reporting period. The longest terms agreed are for payments to be made at the end of the month two months after invoice. Suppliers are notified of the payment terms as part of the supplier approval process, prior to the commencement of business.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Longest terms are for payments to be made at the end of the month two months after invoice.
Any other information about payment terms
Dispute resolution process
Any invoice disputes are promptly communicated to the supplier by the finance or buying team and necessary follow up taken as needed.
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.
Yes – Prompt Payment
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?