SEVERFIELD (UK) LIMITED

Company number: 02668795

Reporting period:
1 October 2019 to 31 March 2020

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This report was filed on 28 April 2020

and approved by Jennifer Magowan

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• 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%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

Longest terms are for payments to be made at the end of the month two months after invoice.

Any other information about payment terms

N/A

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, this business has signed up to: 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.

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